Binance Coin (BNB) has been enjoying an influx in trading volumes despite the slow performance of the rest of the cryptocurrency market. The BNB token has surpassed 1 billion in trading volumes following a recent network upgrade. The rising trading volumes have also contributed to some price gains for the token.
BNB surpasses $1B in trading volumes
Binance, the world’s largest exchange by trading volumes, launched the Binance Account Bond (BAB) to assist in Know-Your-Customer (KYC) verification. The exchange also unveiled the BAB token that will be used to ease the user identification process.
The BAB token is used to identify users of BNB that have completed the KYC verification process. The launch of BAB tokens was announced through a tweet, triggering community excitement, as seen from the trading behavior for BNB.
Besides the update allowing users to have a seamless identification process, it will also facilitate the creation of different projects and allow users to earn rewards on the platform.
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The project announcement has triggered gains for the BNB token, up by around 1% during the past 24 hours. BNB is one of the largest cryptocurrencies in the crypto space, with a market capitalization of $48 billion, according to CoinGecko. This makes it the fifth-largest cryptocurrency by this metric.
Besides the slight price gains, news of this upgrade has also increased BNB trading volumes, which have now surpassed $1 billion. The Market Value Realized Value has also increased significantly and is expected to continue rising in the coming days.
Several BNB on-chain metrics have shown a bullish trend for BNB. The gains made by BNB have also been significant, with the token nearing the $300 level.
The CEO of Binance, Changpeng Zhao, has commented on this development in a tweet saying that the BAB token does not hold any data and it does not have any utility besides showing that the wallet holders have passed the KYC checks through the Binance exchange, and this is expected to be the norm for now.
Binance unveils new zkBNB
The Binance exchange has launched a new zkBNB with the same layer one security level as BNB Smart Chain. The layer will foster secure building mechanisms.
The past few days have also reported a spike in development activities on the network, which have coincided with the latest upgrade of BAB tokens, showing the seriousness of developers in enhancing the tech capabilities of the network.
BNB is the native token of the Binance exchange, and since its launch, it has been on a spiraling growth. The token is used to support transactions on BNB Smart Chain. Those wishing to join the Binance Launchpad are also required to own the token.
One of the main reasons BNB has been gaining since 2020 is because of the growing adoption of the BNB Smart Chain. Amid a rise in DApps on the network, BNB could be in for long-term gains.