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Binance Coin Market Cap Surpasses $100 Billion for the First Time Ever

Key highlights:

  • BNB reached a $100 billion market cap for the first time ever
  • BNB is the third largest crypto asset by market capitalization
  • Binance Smart Chain is gaining traction as an alternative to Ethereum

BNB reaches $100 billion market cap

BNB, the exchange token of Binance and the native asset of Binance Smart Chain (BSC), has reached a market capitalization of $100 billion for the first time in its history. The coin recorded a new all-time high at around $656 earlier today after quickly spiking from the $635 price level.

BNB’s $100 billion milestome highlights the scale of coin’s ascent this year. Even though Bitcoin is worth over $1 trillion now, its market capitalization briefly dipped below $100 billion in March last year in the market-wide crypto crash. Ethereum spent the entirety of 2020 with a market cap of less than $100 billion. 

Binance Coin is now up a whopping 1,621% since January 1. Follow the BNB exchange rate live on CoinCodex.

Besides being the token issued by the world’s largest cryptocurrency exchange, BNB also benefited tremendously from the Binance Smart Chain’s rise in popularity. Binance Smart Chain is essentially a more centralized version of Ethereum where users can make transactions at high speeds and relatively low costs. BSC has become the blockchain of choice for many cryptocurrency and DeFi enthusiasts who have been priced out of using Ethereum due to its high transaction fees. 

According to, the total value locked (TVL) of DeFi projects on Binance Smart Chain is currently ar $47.19 billion. Meanwhile, shows that the TVL of DeFi projects on Ethereum is $72.42 billion.

The largest project on BSC in terms of TVL is Venus, which shares a lot of features with the Ethereum-based protocols Maker and Compound. The second largest is PancakeSwap, which is an automated market maker similar to Uniswap. 

However, it’s not like ETH has been suffering at the expense of BNB’s success. ETH also reached a new all-time high today at just under $3,200. 

While DeFi protocols on Binance Smart Chain booming, they are also becoming an attractive contract for attackers. Last week, BSC-based Uranium Finance lost $50 million in an exploit, while Spartan Protocol was exploited just yesterday to the tune of $30 million.

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