Binance Chain Attracts 24 Assets, Tokens Migrate for Liquidity, Lower Fees
Projects previously dependent on the Ethereum network or their own blockchains have migrated to the new Binance Chain, gaining access to the decentralized market Binance DEX.
Binance Chain, the newly launched delegated proof-of-stake network, has already attracted 24 projects which migrated their coins or tokens from other networks.
The most notable ones are Mithril (MITH), a popular payment system. Harmony Protocol (ONE) has launched as a Binance chain token from the start, after the token sale this May 28.
Moving to Binance Chain means the relatively obscure tokens get representation on Binance DEX, as well as potentially lower fees and easier transfers. Binance has become one of the hubs for both Asian and international trades, with the recently launched DEX allowing wider access to traders.
Binance Coin (BNB), the first asset to move to the new network, has been setting price records in the past few days. BNB peaked at $35.29, later to retreat to $34.63 as of 8:30 UTC on Thursday. The asset also recently peaked at 0.0046 BTC, with expectations the coin has the potential to move to three-digit prices.
The asset is instrumental to the projects that Binance supports in its IEO token sale program. Additionally, BNB is instrumental to the functioning of Binance Chain, where transactions are not entirely free.
“Simply put, as BNB is the native token of Binance Chain, all transactions involving tokens on the Binance Chain will use BNB to pay for fees on the network. As more projects use Binance Chain and more people use the tokens on the blockchain, more BNB ends up being used,” explained Binance in a popularization post.
BNB has been accepted to multiple wallets and other partner products and is also seen as one of the digital assets with high potential to bring robust returns. The Binance centralized exchange carried the equivalent of $2.26 billion in trades in 24 hours and is one of the largest holders of Tether (USDT) stablecoins.
Digital assets with access to Binance also enjoy robust volumes, and in separate cases see significant trading activity and price appreciation.
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