Binance retained its position as one of the leading crypto exchanges. Much of that is due to the active building during the bear market of 2018-2019.
Once the market turned bullish, an extended product line helped the project to capture more retail users. Binance Smart Chain (BSC) played a key role in this success. However, the project’s institutional prospects are stagnating because of its evasive regulatory practices. While it can conduct some basic operations, it lags behind rivals like Coinbase.
BNB token supply became more predictable, and burns accelerated. This should help improve the supply and demand ratio to help if the price action worsens. So far, though, BNB did exceptionally well in terms of price, and for good reasons. Given the project’s progress so far, it will likely stick at the top of the rankings by market capitalization.
Key Takeaways
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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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