The creation of Binance’s own blockchain has pushed the price of the exchange’s BNB token towards an all-time high, and the company’s CEO is excited.
Changpeng Zhao (CZ), who is also Binance’s Founder, said sentiment is so positive it “feels like December 2017 again.”
“Got a flood of congratulation messages, thanks!” he tweeted.
“Feels like December 2017 again, but let’s keep our heads down and keep building!
“That’s the only thing we know how to do, in bear and bull markets.”
Wow, really? Got a flood of congratulation messages, thanks! Feels like Dec 2017 again. But let's keep our heads down and keep #buidling. That's the only thing we know how to do, in bear and bull markets. https://t.co/o0uGEH1ywl
— CZ Binance (@cz_binance) April 19, 2019
About Binance Chain
The Binance Chain explorer and wallet will be publicly available on April 23, with the platform considered a “holy grail” by many cryptocurrency observers.
Mithril, an ERC20 token that rewards users for creating content on their platform, was one of the first projects that announced support for the platform. This was revealed in a tweet by Changpeng Zhao.
Following the announcement, the coin saw a mammoth 69.5% gain from US$0.046 to $0.078 within just a few hours.
Also experiencing the so-called ‘Binance Chain Effect,’ was Enjin Coin, which is an Ethereum-based token that allows users to tokenise various game-related items on the blockchain.
The team announced on Twitter that they would be listing on Binance Chain, along with support Binance DEx functions and the coin saw a 13% surge in price from $0.175 to $0.198.
Red Pulse, a coin that is focused on Chinese business intelligence, also announced that it would be moving to the chain. This prompted a spike in price for the mostly latent coin, which jumped in value from $0.016 to $0.0.21. This was a 31% gain.
Binance coin nears all-time high
The launch of Binance Chain has, in turn, increased the utility of BNB in the eyes of many traders and investors.
Over the past month, BNB has increased in value by 65% from US$14.5 to $24.06.
Another 3.5% increase could put the coin back at it’s all-time high of $24.91.
Where to from here?
The Binance chain network recently transitioned to its mainnet and will be made available to public starting from April 23.
On this day, Binance also aims to carry out the token swap, meaning BNB will go from an ERC20 token to a token with its own network.
Experts believe that since Binance has prior experience in creating an exchange platform that the decentralised exchange (DEXO will not undergo the same issues as DEXs in the past.
Binance is also one of the world’s largest cryptocurrency exchanges, which gives it sufficient liquidity to handle a decentralised exchange market. This is an area that other decentralised exchanges have fallen behind in.