Markdown
Binance Coin price surges 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, which is a few points below this week’s high of $467. This brings its total market capitalisation to more than $72 billion, making it the third biggest cryptocurrency in the world after Bitcoin and Ethereum.
BNB coin is the native currency for the Binance Smart Chain (BSC) ecosystem. This is 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. These apps have 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.
In a statement on Thursday, Binance announced that it will spend about $1 billion to support the BSC ecosystem. This is the