Cryptocurrencies are seeing a massive sell-off after Bitcoin (BTC) and Ethereum (ETH) hit all-time highs last week.
But Binance (BNB) has seen a surge in trading volume, with Binance futures daily volume hitting an impressive $100 billion on Feb 23.
BNB currently the third-largest cryptocurrency by market cap
The coin had a market capitalization of $35 billion in the morning, which makes it the third-largest crypto asset by market cap.
Its parent company Binance rolled out its BNB ICO in 2017, raiding $15 million in the process. However, the coin is the native token of BSC, which was rolled out in September last year. BSC is compatible with ETH through the support of the ETH virtual machine. This has enabled projects to easily move on from ETH to BSC for more scalability.
Binance’s $100 billion 24-hour volume was also confirmed by data aggregators CoinMarketCap and Coingecko.
Binance needs to cope with the needs of clients
Vice president of Binance Futures Aaron Gong noted that the landmark achievement presents a challenge despite the good news about the situation.
“Whilst exciting, the significant increase in user activity and trading volume also provides a challenge in our industry,” he said.
He stated that the increased adoption of Bitcoin and other crypto-assets by whales has increased the public awareness of the virtual assets. As a result, the exchange needs to maintain the momentum caused by the rapidly increasing needs of its clients. All users want a fast and efficient trading experience. That means the exchange need to be committed to providing the level of experience users expect from a top exchange.
The Binance network has been beaming with series of activities and high trading volumes within the past few months. On Friday, the network recorded 3.2 million transactions, which is an all-time high.
Smart contracts on BSC also record the highest value
There was also a record level of total value locked in smart contracts on BSC, hitting $7.1 billion on Friday. According to defitstaion.io, its locked capital hit $26 million last month, which is still a record performance.
On Friday, Binance announced that the DODO DeFi platform, built on BSC and ETH, will be integrated into Launchpool, Binance’s staking services. The integration will enable users to stake on BUSD, BETH (representing ETH on BSC), as well as BNB, to earn DODO tokens. But users would gain the highest yield on BNB.
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