Binance Smart Chain DeFi TVL Catching Up With Ethereum

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In Brief
  • TVL in DeFi on the Blockchain Smart Chain currently totals at $43 billion.

  • PancakeSwap transactions exceed both UniSwap and SushiSwap combined in the past 24 hours.

  • BNB nears a new all-time high, hitting the $620 mark in the late morning of April 30.

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Binance is firing on all cylinders, from the Smart Chain to the coin. As Binance coin (BNB) comes close to hitting an all-time (ATH) high today, it is also shown that the Total Value Locked (TVL) in decentralized finance (DeFi) on the Binance Smart Chain (BSC) is catching up to that on Ethereum (ETH).

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Mati Greenspan, founder and CEO of Quantum Economics, tweeted earlier today that the BSC TVL is currently at $43 billion. Meanwhile, Ethereum sits at $65 billion. 

In addition, reports indicate that the BSC-based decentralized exchange (DEX) PancakeSwap (CAKE) transacted more than four DEXs on Ethereum’s blockchain, including frontrunners Uniswap (UNI) and Sushiswap (SUSHI).

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PancakeSwap traded $1.6 million in a 24-hour period, while Uniswap trailed behind, with $1.1 billion. In the same time period, Sushiswap traded $300 million.

This marks the first time PancakeSwap has exceeded both Uniswap and Sushiswap combined in terms of transactions.

Nearly a new all-time high for BNB

Upon reaching a price of $620.12, BNB has come close to hitting an all-time high today. Just two weeks on from its last milestone, achieved when it hit $638.50.

According to data, Binance’s native token, which is also the third-most valuable cryptocurrency by market capitalization, has been on a steady climb, in the last 24 hours.

In the evening of April 29, BNB’s low was $572.76, after which it continued to clamber past the $600 mark, until hitting $620 in the late morning of April 30. The same data also revealed that BNB was up 20% from the last seven days, marking one of the best recoveries since last week’s crash.

Binance and the BSC in other news

It hasn’t been all about value increases for Binance this week. For reasons good and bad, it has been an eventful seven days for the exchange and its blockchain network. 

Most recently, on April 28, the exchange came under scrutiny from regulators, in response to its stock token offering. It sparked an investigation by European regulators, who are now debating whether or not the tokens adhere to rules regarding corporate disclosures and transparency.

Binance had previously announced that they would offer tokens giving exposure to MicroStrategy, Apple, and Microsoft investors. 

Meanwhile, on the same day, it was reported that Uranium Finance had been exploited in the middle of a migration, with $50 million worth of crypto assets stolen. Uranium Finance is an automated market maker based on the BSC.

However, there was some good news for the BSC, this week. Particularly as their first NFT platform Initial DEX Offering (IDO) sold out in less than five minutes.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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