Binance Is Aiming To Enter The DeFi Sector

In the past few weeks, BakerySwap, BurgerSwap, and Cream Finance have all migrated to the Binance blockchain. Changpeng Zhao, the exchange's CEO, announced the shift on Twitter: "#Binance Smart Chain (BSC) transaction volume is now 14% of ETH. BNB market cap is 10% of ETH. In addition to #BSC, #BNB has a native fast DEX blockchain, burn, discount fees on #Binance, and more…"

BSC processed nearly 140,000 transactions at the beginning of the week, compared to Ethereum's roughly one million per day. Much of the BSC action stems from BurgerSwap, which saw almost $400 million in BNB staked on its opening day.

Another clone, BakerySwap, is preparing its own launch and could spark similar momentum. Zhao positioned Binance's move into DeFi as good for the whole industry. "Love to see more DeFi projects migrating over, and lessen the load on ETH, and hopefully, reduce the gas fees there a little too," he wrote.

Yield farming has turbocharged BNB. The token reached an all-time high of $32 yesterday, up nearly 30% from a week before, pushing its market cap above $4 billion, roughly 10% of Ethereum's current value.