“Golden Shovel” BNB breaks through $630, what has it been doing recently?

On March 14, Binance platform currency BNB rose more than 14%, once exceeding $630. It has risen nearly 50% in the past seven days, and its market value exceeded $90 billion.

Looking back on the second half of 2023, Binance was blocked by major U.S. regulatory agencies, and finally paid out a huge compensation of up to 4.3 billion US dollars, and the founder CZ was also forced to resign as CEO. On October 9, 2023, BNB almost fell below $200. At that time, how many people thought that Binance would go downhill? In less than half a year, BNB has returned to $600 and is not far from refreshing its all-time high of $690.

Although BNB's strength is not unrelated to the current market trend, BTC has just hit a record high of $73,000, and ETH has stood above $4,000. However, Binance itself has also been "very busy" recently, and successive new actions have become the main catalyst for BNB's rise.

Binance has done two big things

1. New currency mining makes BNB a veritable “golden shovel”

Binance Lauchpad New Coin Mining has been very busy recently, new projects are being launched one after another, and they are all hot at the moment. Since January 1, 2024, Binance’s new currency mining section has launched 8 projects, and BNB has also risen from US$310 to a maximum of US$630 today, successfully doubling. In the entire new currency mining, BNB users can be said to have eaten and taken the project's tokens in vain, and the shovel itself has also appreciated in value.

8) eth.fi

Ether.Fi is a new infrastructure-based staking protocol on Ethereum. Ether.Fi allows participants to retain control of their keys while proxy staking. Depositing to Ether.Fi will automatically re-stake with Eigenlayer. Eigenlayer uses staked ETH to support external systems (such as rollups, oracles) and establish an economic security layer, which increases the income of ETH stakers in the process.

The total supply of ETHFI is 1 billion, and the circulating supply at the time of listing will be 115.2 million, accounting for approximately 11.52% of the total token supply.

7)Aevo

Aevo is a decentralized derivatives trading platform and Ethereum Layer 2, focusing on options and perpetual trading. It runs on Aevo L2 and is an Ethereum roll-up based on OP Stack. As of March 13, 2024, the maximum supply of AEVO will be 1,000,000,000 tokens, with a circulating supply of 110,000,000 tokens.

Financing: Raised a total of US$16.6 million in 3 rounds of financing.

AEVO was launched for spot trading on Binance on March 13, and is currently trading at US$2.98, with a circulating market value of approximately US$3.3.

6) Portal

Portal is a Web3 cross-chain game platform. The Portal platform makes discovering and playing Web3 games seamless and easy. Gamers can finally access the largest Web3 gaming network with a smooth experience. Players will be able to play on all chains without the need to bridge/swap/purchase additional tokens to play.
Financing: Private placement and public sale raised a total of $29 million, selling 33% of PORTAL token supply

PORTAL is currently trading at US$2.37, with a circulating market value of US$398 million.

5) Pixels

Pixels (PIXEL) is a social casual browser game powered by Ronin Network. It is an addictive open world game that revolves around farming, exploration and creation.

Funding: $4.8M raised through 3 rounds of private token sales

PIXEL is currently trading at US$0.77, with a circulating market value of US$596 million.

4)AltLayer

AltLayer is an open and decentralized protocol designed for rollups. AltLayer brings a novel idea - re-staking Rollups, which takes rollups from any rollup stack (such as OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, etc.) and provides them with enhanced security by leveraging the re-staking mechanism sex, decentralization, interoperability, and the rapid finality of the crypto-economy.

Funding: $22.8M raised through two rounds of private token sales

ALT is currently trading at US$0.55, with a circulating market value of US$617 million.

3) Manta

Manta Network is a gateway for modular ZK applications, leveraging modular blockchain and zkEVM to establish a new paradigm of L2 smart contract platforms.
Funding: $60.4 million raised through private and public token sales

MANTA is currently trading at US$3.65, with a circulating market value of US$928 million.

2)XAI

Xai is the first layer 3 blockchain in the Arbitrum ecosystem, designed to guide traditional gamers to web3 gaming.

Funding: Raised approximately $10 million through three rounds of funding at prices of $0.01, $0.032, and $0.035 per XAI.

XAI is currently trading at US$1.38, with a circulating market value of US$387 million.

1) Sleepless AI

Sleepless AI is a Web3+AI companion game platform. Its goal is to use artificial intelligence and blockchain technology to bring unprecedented innovation to the gaming industry
AI is currently trading at US$1.95, with a circulating market value of US$277 million.

2. BNB Chain launches airdrop alliance plan

On March 13, BNB Chain announced the launch of its "Airdrop Alliance Plan", which is an initiative of the BNB Chain ecosystem to conduct airdrops for BSC and opBNB retroactive users. Specific details will be announced in the near future.

However, judging from the current information, the plan will cover cooperation between BNB Chain and ecological partners in the ecosystem that have not yet issued tokens, by providing them to retroactive users on BNB Smart Chain (BSC) and opBNB Airdrop to give back to the community.

BNB Chain core development team stated:

“The Alliance Airdrop is a strategic initiative to enhance participation and incentivize users within the community. We are using this program as an additional tool and thank the BNB Chain community for their support of BSC and opBNB. We look forward to working with more ecosystem partners to launch Airdrop alliance plan. Snapshot time and alliance details will be announced in the near future.

In fact, there is a trick here. The plan was announced but the details were not announced, and snapshots were taken. Doesn’t this imply that users should come in and get their hands dirty?

This is a big benefit for BNB Chain ecological participants and the BNB token itself. With the Solana ecosystem currently in full swing and on-chain activities even exceeding the Ethereum ecosystem, there is no doubt that BNB Chain needs to do something.

BNB's market value currently ranks 4th on the list, while SOL has risen to 5th. The difference in market value between the two is currently less than US$20 billion.

Solana has fully recovered from the crash of Luna & FTX with the craze of AI, Meme and so on this year. SOL has increased by more than 800% in the past year and more than 50% in the past month.

After almost completely "disappearing" in the Meme & AI craze, the BNB Chain ecology seems to hope that this airdrop alliance plan can get off to a good start. Whether it can really heat up the ecology remains to be seen, but judging from the rise of BNB, it seems that the community Still very confident.