Binance Coin price nears $500 as fund announcement boosts the ecosystem
The Binance Coin price is hovering near its highest level since September as investors react to the large fund announced by Binance on Tuesday. The BNB coin is trading at $440, a few points below its week’s high of $467, bringing its total market capitalization to more than $72 billion, making it the third biggest cryptocurrency in the world after Bitcoin and Ethereum.
BNB coin recovers
BNB is the native currency for the Binance Smart Chain (BSC) ecosystem, a network that is relatively similar to Ethereum and Solana in that it allows developers to build decentralized applications including other cryptocurrencies.
Data compiled by DeFi Llama shows that there are about 123 decentralized finance (DeFi) applications built using the network, with a total value locked (TVL) of more than $18 billion. In contrast, there are about 258 DeFi apps built on Ethereum that have a TVL of more than $140 billion.
Binance announced that it will spend about $1 billion to support the BSC ecosystem, the biggest such fund ever announced. About $300 million of these funds will go towards a builder program, and another $100 million will go towards