Binance Coin Dubbed “Winner Of 2021” By Crypto Research Firm
2021年12月29日 - 2:20PM
NEWSBTC
It’s official, this was Binance Coin’s year. There are no two ways
about it, BNB crushed it throughout 2021 and cemented itself as the
third more popular coin in the world by market capitalization. Not
a small feat, considering the phenomenal year that altcoins had.
Several projects had their moment in the sun, capturing capital,
headlines, and attention. No one got near Binance Coin, though.
Binance Coin's stellar performance | Source: The Weekly Update
According to Arcane Research’s The Weekly Update: “Bitcoin may have
beaten the stock market in 2021, but it has been left in the dust
by other cryptocurrencies. Binance Coin (BNB) is the best performer
of the three biggest cryptocurrencies by market cap, with a 1344%
gain. The Binance Smart Chain ecosystem has seen massive growth in
2021, taking some market share from Ethereum.” That’s why they
dubbed Binance Coin as “the winner of 2021,” and their point is
well taken. However, there’s more to the story. Binance as a
company was in hot water for a while there. And their own
validators blasted the Binance Smart Chain, saying things like,
“There doesn’t appear to be any reasonable testing process in
place. Every update appears to make things worse.” Let’s explore
the Binance Coin ecosystem’s tumultuous year. Big Projects Decided
To Operate On The Binance Smart Chain There’s no denying it. As The
Weekly Update says, “Ethereum has lost its indisputable position as
the “one and only” smart contract platform.” And Binance has a lot
to do with that. A controversial project from the start, the
Binance Smart Chain has been dubbed a centralized Ethereum clone.
And the critics have a point. However, even though the Binance team
did fork Ethereum’s code, they were always upfront with the
direction of the project. In BSC’s documentation, the team
shamelessly claims that the “Binance Smart Chain uses a consensus
model called Proof of Staked Authority (PoSA). (…) This consensus
model can support a short block time and low fees, and it only
requires 21 validators to run.” Contrast that with the 11.000 nodes
that reportedly support the Ethereum ecosystem.
However, their plan worked and projects flocked to it: “Binance
Smart Chain was developed explicitly to solve Ethereum’s rising gas
fees and offers faster, scalable, and cheaper transactions. In the
past, several alternative blockchains have tried to become
‘Ethereum Killers’ but couldn’t succeed in capturing new project’s
interest. However, Binance Smart Chain is hosting numerous
blockchain, Defi, and crypto projects.” Problems And Connection To
The Binance Coin However, as in Ethereum’s case, success came with
scalability problems. A set of validators took to GitHub to raise
concerns about the state of the network and how running a complete
node’s cost has increased tremendously. “There is no code
review, patches are simply committed, in most cases even without a
proper description of what they do or what problem they try to
solve,” the original poster said. “I’ve rarely seen something
handled so unprofessionally,” the OP accused. “I have many full
nodes running there and now all of them are unable to sync. Each of
these servers costs me $800 per month (previously only $200), then
you told me that I need faster bandwidth and disk which means the
cost will keep rising,” a commenter claimed. What does this
have to do with the Binance Coin? Everything. As the native
currency of the Binance ecosystem, BNB’s success is tied to the
success of the whole network. Binance is still doing amazing, but,
can Binance Coin holders count on that to be the case in 2022? BNB
price chart for 12/29/2021 on Binance US | Source: BNB/USD on
TradingView.com Make No Mistake, Binance Coin Won 2021 It was an
action-packed year, but Binance Coin rose to the test. Besides the
validators uprising, the Binance team took care of these flash loan
hacks and kept BNB’s price rising throughout the year. When CZ
himself called for other entrepreneurs to create their own coins,
NewsBTC was the voice of reason: “Binance is not only the biggest
exchange in the world; it also has the most activities, features,
things to do. BNB powers all of that. How many coins support that
huge of an ecosystem? How many coins have that many use cases? And
yes, BNB provides its user with superpowers while in the Binance
ecosystem and helps them save money. How many other coins can do
something similar?” Let’s not kid ourselves, the Binance Coin AKA
BNB is a unicorn. A one-of-a-kind project that did many things
right and rewarded the early believers with a phenomenal year. A
1344% increase in price is not something we see every day.
Congratulations to Binance Coin for owning 2021. Featured Image:
Foundry on Pixabay | Charts by TradingView & The Weekly Update
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