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The Binance Smart Chain

The Binance Smart Chain has recently been gaining traction, thereby contributing to BNB’s rise. Unveiled in September 2020, it supports smart contracts and staking of BNB coins.

The blockchain’s scalability, as well as low transaction fees, means that it is now being used by more DeFi projects. The latest adopters include Value DeFi, Harvest Finance, and PancakeSwap, and they have brought millions of users on to the system.

The BSC protocol validates BNB as a proof of stake cryptocurrency, thereby contributing to its popularity.

Direct Promotion from Binance

Binance has been promoting the use of BNB coin on its platform for some time now. It presently encourages the use of the coin to pay platform fees, including on Binance DEX, by offering a 25 percent discount. It has also placed it on the Binance Earn program, which allows crypto users to earn passive income by staking cryptocurrencies.

Lastly, the Binance Card powered by Visa can be topped up using BNB coins besides Bitcoin. Customers can use the card to make online shopping and regular bill payments. Over 35 million vendors worldwide accept BNB card payments, and this increases its use cases.

Coinbase went public on April 14, 2021, to much fanfare and hype. It was seen as crypto’s acceptance into the mainstream. That same day Bitcoin reached an all-time high of roughly $64,000.

It’s been a bloodbath ever since then for both crypto and Coinbase. Though Coinbase shares soared to as much as $429 on the very same say the crypto exchange did a direct listing of its shares, from that first day sugar high, COIN’s shares are down nearly 50%.

Bitcoin has also been cut in half over the past two months, briefly falling below $30,000 Tuesday morning. Ethereum is more than 50% off its highs from early May. Many other crypto assets have fallen even further with a number of tokens down 70% to 90% in value.

If you’re new to investing in the crypto space or just interested now that prices have fallen substantially, there are a number of lessons we can take away from the current crash.

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