$BNB hits USD 1,000. The chain no one talks about is doing a lot better than you would think.
In July 2017, Binance launched BNB as an ERC-20 (ETH) token.
The ICO price was $0.10.
Now it has hit $1,000 for the first time.
In 2019, Binance launched BNB (then known as Binance Chain and later Binance Smart Chain).
It was effectively a modified Ethereum clone.
So, BNB migrated to the Binance Chain.
I recall vividly how the cryptocurrency world was divided between Ethereum and BNB. Ethereum was decentralised (then PoW), BNB was not. But the latter was cheaper and faster. Yes, there were other chains, but most new projects were built on one of these two.
Today, Solana is considered the main competitor to Ethereum, and other L1s and L2s get a lot more attention than BNB.
Yet, the price hit $1,000.
Why?
I think this is due to two things.
1️⃣ BNB is actually doing well. If you look at the metrics, it has been rather successful at attracting new users and projects. It is usually not the projects that we talk most about, but the ecosystem is thriving.
2️⃣ Institutional and corporate interest in BNB is starting to appear. Around 50 DATs have reportedly expressed interest in gaining exposure to BNB. Some, like CEA Industries, Nano Labs, and Windtree Therapeutics, have already disclosed long-term holdings.
So, where do I see this going from here?
I think BNB will do well.
Yes, it is not decentralised, and I still perceive it as a corporate chain (although Binance have worked hard to brand it as a community-driven chain). But then again, most L2s are not any better.
