Altcoins on Binance Smart Chain Could Skyrocket, Says Davis

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Popular crypto YouTuber Lark Davis talked about Binance Smart Chain (BSC) many opportunities for investors. With its low fees and fast transactions, Davis believes this ecosystem provides the kind of experience that the people want.

BSC flagship product PancakeSwap (CAKE) has given its competitor a run for their money and even managed to “eclipse Ethereum” in terms of transaction volume, according to Davis.  The analyst cited data from DappRadar that claims BSC outperformed Ethereum on this metric, at least for a 24-hour period.

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Source: DappRadar

PancakeSwap experienced an all-time high number of users during the past week and registered some issues due to the high congestion. Davis said:

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Binance Smart Chain hit a an all-time of 8.5 million transactions. I think it is pretty obvious what we are seeing right here. People want exposure, they want to get into DeFi. They want to get into crypto and use the different products.

The analyst reiterated Ethereum’s disadvantages and the high number of users that have been price out of the platform. When it comes to adoption, the “numbers speak for themselves”. PancakeSwap’s native token trading volume sits at $1.1 billion in the daily chart. Ethereum DEX Uniswap record a similar number but has been lagging behind its competitor. David added:

I suspect that we’re going to continue to see Pancakeswap moving up the charts and becoming a more and more prominent decentralized exchange. The users are there. The daily volume’s there. Just the market cap is a bit behind in comparison to Uniswap which only does half the daily volume right now.

Binance Smart Chain (BSC) Expansion And New Opportunities

This ecosystem is anything but static and will be making an entry into other crypto trends, like non-fungible tokens (NFT). For that, they will launch the BSC Station to allow users to do auctions for these assets to a “wide” audience. The platform will also integrate a BSC Swap feature along with the NFTs.

This development will be supported by Morningstar Ventures, NGC, BSCPad, x21, and many others. Its growth could positively impact PancakeSwap (CAKE), and the other projects on Davis’ list, Refinable (FINE), and Smoothy Finance (SMTY).

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Refinable seeks to leverage the NFT’s nascent period. Davis believes this project could “get a good share of the market”. The platform is supported by Mr. Beast, a YouTuber with 60.4 million subscribers, in cooperation with Binance.

The platform’s native token FINE will give power to their holders, the NFTs creators trading on Refinable. For example, FINE holders can increase the royalties and distribution of an asset and participate in the governance model.

Davis’ second project, Smoothy Finance (SMTY) is also doing some “serious stuff”. Users can leverage their swap feature with 0 slippages to trade different dollar-pegged coins. Davis added:

(…) this is the infrastructure that actually allows DeFi to work in a smooth fashion for people. It allows it to be a good user experience where you’re not getting crushed on fees, you’re not getting crushed on slippage and so this kind of product actually allows users to have that nice user experience.

Binance native token BNB is trading at $500 moving sideways in the daily chart. In the weekly and monthly chart, BNB has a 3.1% loss and a 113% gain in respectively.

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BNB with sideways movement in the 24-hour chart. Source: BNBUSDT Tradingview

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Author: Reynaldo Marquez


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