What’s happening this week?
Binance is under regulatory scrutiny, putting pressure on $BNB. CZ calls for more competition between DEXes on BNB Chain. (Thena Finance might be what he's looking for.) Radiant Capital successfully launched on BNB, immediately entering the top 10 in BNB total value locked (TVL).
Let’s dive in!
TLDR
- BNB has been facing a tough time lately as authorities have put Binance under the regulatory microscope.
- While Uniswap and PancakeSwap battle for the position of largest decentralised exchange on the BNB Chain, Thena Finance may prevail despite its current position as underdog.
- Radiant Capital recently launched successfully on BNB. It has experienced the highest TVL growth on the chain
Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your responsibility and yours only.
Key developments
- BNB chain to undergo hard fork upgrade: The BNB Chain will undergo a hard fork upgrade on April 12, 2023. The Planck Fork will implement the security enhancements outlined in Binance Chain Evolution Proposal-171. These improvements aim to strengthen the cross-chain bridge between the Beacon Chain and Smart Chain, which make up the BNB Chain network. The upgrade is expected to enhance BNB Chain's security, efficiency, and interoperability.
- US regulator sues crypto exchange Binance: The US Commodity Futures Trading Commission has filed a lawsuit against Binance and its CEO, Changpeng Zhao. The complaint alleges that the defendants have committed "willful evasion of US law," leading to charges of operating an unregistered exchange and violating anti-money laundering regulations.
- Level Finance voted on transferring $200M to treasury: Level Finance, a decentralised crypto derivatives exchange built on the BNB Chain, voted to transfer $200 million of its native LVL tokens to its DAO, which should reduce inflation by increasing token value while further decentralising the protocol.
- Aave plans expanding to BNB Chain: In order to cater to a bigger user base, Aave Chan Initiative creator Mark Zeller has proposed deploying Aave version 3 on the BNB chain.
How will Binance's regulatory trouble impact the future of BNB?
BNB has faced a tough time lately as regulatory authorities scrutinise Binance, the exchange that houses the coin. The CFTC's lawsuit against Binance has only intensified the situation.
Interested in diving into the nitty-gritty details of the CFTC lawsuit and its potential ramifications? Check out our comprehensive report on it by clicking here. Although the extent of the suit’s impact is subject to debate, one thing is clear - the lawsuit has had a negative effect on the value of BNB.
The impact on price hasn't been as severe as expected, suggesting that traders aren't anticipating Binance's downfall in the near future.
Nonetheless, the situation underscores the fact that BNB, unlike many other native currencies of layer 1 blockchains, is still closely linked to a centralised entity. As long as this remains the case, any pressure on Binance will also translate to pressure on BNB.
Keep an eye on Thena Finance
PancakeSwap, the leading DEX on the Binance Smart Chain, has made headlines by becoming the first major protocol to clone the codebase of Uniswap V3. This development occurred just two days after the expiration of Uniswap V3's Business Source License, which had previously prohibited unauthorized use of its code. Interestingly, this happened soon after the launch of PancakeSwap V3.
In response to the growing dominance of PancakeSwap and Uniswap in the DEX market on the BNB Chain, Binance founder CZ tweeted that he believes there should be more decentralisation. He suggested that new DEXes should enter the market to provide healthy competition.
Although CZ did not explicitly mention Thena Finance, it seems that this DEX may fit his criteria, as it is the top Solidly fork on the BNB Chain. Solidly forks are projects based on the principles behind Solidly, an innovative AMM created by DeFi wizard Andre Croje. Thena is currently in an underdog position compared to larger DEXEs like PancakeSwap and Uniswap.
Thena Finance has responded to the launch of PancakeSwap and Uniswap V3 on the BNB Chain with "fusion pools." The team explains in a Medium post that these pools combine Gamma's automated active liquidity management with Algebra's concentrated liquidity and dynamic fees model.
Thena's recent upgrade is worth noting, as it puts the DEX in a position to offer features like those of Uniswap V3 and PancakeSwap. What really sets Thena apart is that it claims to have improved on the Uniswap V3 codebase instead of merely copying it.
In the competitive landscape of DEXes, CZ's observation that Uniswap and Pancakeswap are the dominant players should not discount the potential for Thena Finance to gain ground. After all, many people root for the underdog.
$BNB’s price action
Earlier this week, BNB tested the bottom of its current support region at $300. If we look at the wick, we can see that selling pressure is present but almost entirely invalidated. This is a sign of demand, and BNB closing above $310 (the top of this area) could put it on track for $335.
Unfortunately, this will require Bitcoin to perform well, and the opposite might happen in the short-term because it is at resistance ($28,750). More on that can be found here.
BNB’s ecosystem
TVL on the BNB Chain has finally increased from $4.77B on March 21 to $5.02B, which is not a big spike but does indicate that despite concerns about Binance, many users are not planning to leave the BNB Chain anytime soon.
Largest TVL growth:
- Radiant Capital: A lending protocol best known for its presence on Arbitrum, Radiant recently launched successfully on BNB Chain and has experienced the highest TVL growth across the chain. Since its launch on March 28, the protocol has reached $62 million TVL, placing it among BNB Chain’s top 10 DeFi protocols - with a 72% increase in TVL in just seven days.
- Linear Finance: A decentralised exchange that allows anyone to trade synthetic assets (assets that allow investors to gain exposure to stocks, bonds, commodities, and currencies without directly purchasing the underlying assets), saw TVL increase 33% from $9.93M to $13.27M between March 20 and April 7. The main reason for the interest seems to be a Medium post that teases an upcoming upgrade that will allow additional assets to be used as collateral on the platform
Other News
- ApeSwap has announced the launch of ApeSwap V3
- Alpaca Finance launches perpetual futures exchange on BNB Chain
- BNB Chain claims to have identified Allbridge’s $570,000 exploiter
Cryptonary’s take
If you are trading $BNB, it is important to be aware of the ongoing legal battle between Binance and the CFTC, as it appears to be the primary driver behind the coin's current price fluctuations.Despite finding support at $300, $BNB is currently trading just above $310, and it remains to be seen whether it can return to $335 amid the uncertainty surrounding Binance and the decreased volatility of Bitcoin.
Additionally, it's worth monitoring Thena Finance, an underdog protocol on the BNB Chain that is introducing upgrades. With CZ advocating for more competition against PancakeSwap, Thena's native BNB status and underdog positioning could prove beneficial in the long run.
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