Can the BNB market finally return to the intermediate bullish trend given the significant developments around the ecosystem? Its recent upgrades have incorporated security aspects to strengthen their wall and stand firm against hacks.
Even so, it is worth pondering – Are there cracks within these built walls?
Binance Coin (BNB) was in bullish territory at the time of writing, as the altcoin’s price hovered above the $292 mark. So, the question – Can the exchange token go higher as development upgrades see two major faces?
Less than 48 hours ago, Binance Coin (BNB) was launched. the Binance Account Bound (BAB) token, a soul bond used as proof of identity for Binance users who full KYC verification. After that, BNB recorded gains of over 6% on the charts. In fact, the altcoin even recorded >1 billion trading volume within the same period.
In the early hours of September 10, 97,464 accounts cut Binance Account Bound (BAB). At press time, that balance had reached 116,524 on BSCscan.
That said, is the number of accounts LARGE enough? Consider this – In July 2022, Binance claimed that the total number of users exceeded 120 million. Simply put, only 0.08% of users have cut BAB.
According to journalist Colin Wu’s tweet,
“It shows that the role of the BAB is currently unclear and participation is low. There are also community members reporting that the mint process is not smooth enough.”
Needless to say, BNB supporters were quick to take offense. One of his supporters added,
“The real reason is that it didn’t spread to everyone. Not all registered members know about this…”
It’s worth noting, however, that such observations didn’t quite prevent the platform from accelerating to new heights. The Binance platform as well unfolded the new and revolutionary zkBNB, which has the exact level 1 security level with which BNB Smart Chain promotes secure construction mechanisms.
We are excited to announce a breakthrough for #BNBChain scaling and ZK innovation.
Presenting #zkBNB a leading zero-knowledge scaling solution that provides:
— BNB Chain (@BNBCHAIN) September 7, 2022
The aforementioned update would help the platform speed up transaction times while reducing fees. Additionally, it would allow BNB to process between 5,000 and 10,000 transactions per second. Thus, far exceeding the current capabilities of the blockchain.
Developers count on contributing to the good cause grew alongside BNB’s trading volume. Both of these metrics highlighted the growing interest in the aforementioned platform and token.
Additionally, other metrics such as average daily/weekly trades also echoed a similar scenario.
— BNB Chain (@BNBCHAIN) September 10, 2022
And yet, the price of BNB failed to reciprocate the sentiment. In fact, at the time of writing, the exchange token is down 3% in a 24-hour window.