What is Binance?
In 2017, developer Changpeng Zhao, also known by the handle @cz binance, established Binance.
As a centralized exchange enabling users to swap, trade, and deposit/withdraw money, Binance was initially introduced. Binance introduced its own coin, $BNB, together with the CEX on the Ethereum Network.
Binance only 180 days from its start to become the biggest and most well-known #CEX in the world! Binance continues to keep that position and appears to be saturating the market.
The Binance CEX quickly rose to prominence as the best platform to invest, farm, stake, and even trade using leverage! Binance chose to grow after dominating the Crypto CEX market by developing its own blockchain, which was formerly termed the Binance Smart Chain but is now known as the #BNB Chain!
The BNB Chain is a community-driven, Proof-of-Stake (PoS), network made up of two chains:
BNB Smart Chain - Supports smart contracts and decentralized apps, and is EVM compatible (DApps).
By allowing users to vote and stake on the network's suggestions, BNB Beacon Chain is utilized to govern the network.
The main network we utilize for trading, swapping, and other activities is the BNB Smart Chain. One of the quickest, least expensive, and safest networks available is this one.
To ensure a seamless experience for the community, the Beacon Chain and the Binance Smart Chain are cross-chain interoperable.
Another network that competes with the Ethereum blockchain is BNB Smart Chain. The BNB Chain provides users with a far less expensive way to exchange tokens, collect NFTs, make money, and do so much more!
Over 570 decentralized apps can be found on the BNBChain, and that figure keeps rising. As you can see, a sizable number of developers have decided to construct on the Binance network!
Given that it reaches $5.37B, the Binance Smart Chain is now listed as the third-largest chain by TVL! Additionally, according to Coinmarketcap, the $BNB cryptocurrency is placed fifth.
PancakeSwap is the most popular protocol on the BNB network, accounting for $2.85B (53%) of the TVL.
The BNB Smart Chain now supports over 830k active addresses and over 600k transactions each day, which is amazing!
We will go in-depth into PancakeSwap, Binance's top DEX, and the $CAKE coin in another post.
The $BNB cryptocurrency now has a price of $270.83 and a staggering market worth of almost $43.6 billion.
With a market worth above $109 billion, $BNB has an ATH of $690.93.
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