Aave Joins Binance’s BNB Chain Ecosystem – Here’s How Users Benefit
February 22 2024 - 8:30PM
NEWSBTC
In a significant development for the Binance Smart Chain (BSC)
ecosystem, Aave (AAVE), one of the largest decentralized finance
(DeFi) market protocols, has announced its integration with BNB
Smart Chain. Aave joins prominent projects such as Uniswap, Ambit
Finance, PancakeSwap, and Lista DAO. BNB Chain Welcomes Aave
According to the announcement, this latest development opens up new
opportunities for BNB Chain users, giving them access to what the
protocol calls “top-tier lending platforms” and enhanced liquidity.
With the launch of First Digital USD (FDUSD), users can now
leverage “robust” liquidity, allowing them to explore different
applications and opportunities in the Binance ecosystem. Related
Reading: Fundstrat Exec Predicts Bitcoin Will Reach $150,000,
Here’s When On the other hand, Aave users can now benefit from BNB
Chain’s fees and the ability to integrate with one of the largest
DeFi ecosystems, fostering increased collaboration between the two
communities. The announcement also noted the following about the
Aave integration: This not only complements but strategically
aligns with BNB Chain’s 2024 outlook. Focused on mass adoption,
high-frequency DeFi applications, and network efficiency
improvements, the ecosystem is set for an exciting evolution. 2024
Goals Looking ahead, BNB Chain has set numerous goals for 2024. The
introduction of opBNB – the Layer 2 (L2) scaling solution for the
BNB Smart Chain – aims to achieve a transaction processing capacity
of 10,000 transactions per second (TPS) by doubling the gas limit
to 200 M/s. Enhanced security measures accompany this increase in
capacity through multi-proof mechanisms. In addition, implementing
Ethereum’s EIP4844 and Greenfield’s data availability upgrades will
reduce gas fees by 5-10 times, providing users with a more
cost-effective experience. In a move called “BNB Chain Fusion,” the
BNB Beacon Chain will be merged with the BSC, further enhancing the
efficiency and security of the network. The expansion of the number
of validators, which will increase from 40 to 100 by 2024, is also
expected to contribute to the stability of the network. Market Cap
And Token Holders On The Rise According to Token Terminal data, the
BNB chain has experienced significant growth, evidenced by several
key metrics. Related Reading: Polygon Could See Bull Rally To $1.73
If This Happens: Analyst One notable metric is the fully diluted
market cap, which stands at $75.71 billion, representing a
significant increase of 23.9% over the past 30 days, highlighting
the confidence in the protocol. The circulating market cap,
another crucial indicator, currently sits at $54.73 billion,
showing a solid 11.6% growth over the same 30-day period. On
the other hand, the number of BNB token holders has shown a
positive trend, reaching 113.51 million, with a significant
increase of 3.5% in the last 30 days, demonstrating interest in the
ecosystem. Featured image from Shutterstock, chart from
TradingView.com
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