The market bulls are getting ready to take over as the pressure builds around crypto prices going higher. In a bid to reduce its supply and raise demand, Binance has burnt about $575 million worth of Binance Coin (BNB). However, Ethereum (ETH) clinched an intra-day low and is still down by 3.45%.
In contrast, Snowfall Protocol (SNW) has seen more support as it releases a working DEX prototype ahead of launch. The protocol, built to improve chain-to-chain communication, has seen massive demand with a $5 million raise in presale. This article will take you through the recent developments with blockchain protocols.
Binance Completes Quarterly Burn for Binance Coin (BNB)
Binance is the world’s largest crypto exchange platform. Since its launch in 2017, the platform has been committed to providing more value for the Binance coin (BNB) by reducing its supply in a Quarterly Burn. The burn aims to remove half of the total supply or 100 million BNB from supply – and in the last one, Binance burned up to $575 million worth of Binance coin (BNB).
The 22nd burn concluded in January 2023 saw the destruction of 2,064,494.32 Binance Coin (BNB) from the Auto-Burn, Pioneer Burn Program, and some part of gas fees incurred by the BNB Chain. The burn is especially important to reduce BNB supply after it rose in the BNB Chain Token Hub bridge hack in 2022. The hack resulted in the addition of an extra 2 million BNB coins to circulation.
Following the event, Binance Coin (BNB) gained 27% after retaining its position as the fourth biggest asset by market cap after Bitcoin, Ethereum, and USDT. The coin is currently trading at $304 but remains nearly 54% below the all-time high price of $689.
Ethereum (ETH) Price Down By 3.45%
Unlike BNB Coin, Ethereum (ETH) has seen a slowdown in price growth in 2023. The coin hit a 52-week low of $833 following the FTX drama in November 2022. According to Coinmarketcap, Ethereum (ETH) hit an intraday low of $1623 from $1683 – the day’s high. So far this year, Ethereum (ETH) has managed to gain 39.14% but is still down by 66% from all-time low.
While Ethereum’s (ETH) trading volume is at $9.4 billion in the past 24 hours, positive sentiments are building around the coin, especially since the completion of its Merge in 2022. The change from the energy-consuming, inefficient, high-cost, and low-speed Proof of Work (PoW) consensus mechanism is a blessing for Ethereum (ETH) and its users. The new Proof of Stake (PoS) will give room for scalable changes and low-fee solutions.
Snowfall protocol (SNW) Releases Working DEX, Experts Speculate a 1000x Rise Soon
The launch of Snowfall Protocol’s dApp prototype is considered one of the monumental achievements in crypto space. The dApp prototype has seen many positive reactions that have built a lot of bullish sentiments for the token at launch. As the first multi-chain bridging solution for fungible and nonfungible tokens, Snowfall Protocol (SNW) connects more than 200 EVM-compatible and non-EVM chains to improve their interoperability.
Snowfall Protocol (SNW) is designed to make the transfer of funds easier between chains. Aside from its scalability and interoperability, it provides enhanced security with light-speed and low-fee transactions. The new dApp features a canonical token bridge system for crypto asset transfer. It also has a swap/wrap model for ERC-20, ERC-223, and ERC-1155 NFT transfer.
Due to the numerous features of Snowfall Protocol (SNW), it has seen a surge in demand, with Ethereum and BNB investors flocking to the protocol’s presale. Snowfall Protocol token (SNW) is in the final presale round with a current price of $0.191. Experts have confirmed that the token will rise by 1000x and has already shot up by 3700%. Sign up for the presale and have a chance at the next blue chip investment with Snowfall Protocol token (SNW).
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.