Altcoins on Binance Smart Chain could skyrocket, Davis says

Popular crypto YouTuber Lark Davis spoke about Binance Smart Chain (BSC), many opportunities for investors. With its low rates and fast transactions, Davis believes this ecosystem provides the kind of experience people want.

BSC’s flagship product PancakeSwap (CAKE) has given its competitor a run for their money and even managed to “eclipse Ethereum” in terms of transaction volume, Davis said. The analyst quoted data from DappRadar claiming that BSC outperformed Ethereum on this metric, at least for a 24-hour period.

Binance Smart Chain BNB CAKE
Source: DappRadar

PancakeSwap has had a high number of users in the past week and registered some issues due to the high congestion. Davis said:

Binance Smart Chain hit a record 8.5 million transactions. I think it’s pretty clear what we’re seeing here. People want exposure, they want to get into DeFi. They want to get into crypto and use the different products.

The analyst reiterated the drawbacks of Ethereum and the large number of users not priced on the platform. When it comes to adoption, the “numbers speak for themselves”. PancakeSwap’s native token trading volume is at $ 1.1 billion on the daily chart. Ethereum DEX Uniswap registers a similar number but is lagging behind its competitor. David added:

I suspect we’ll continue to see Pancakeswap on the charts and become an increasingly prominent decentralized exchange. The users are there. The daily volume is there. Only the market cap is a bit behind compared to Uniswap, which currently only does half of the daily volume.

Binance Smart Chain (BSC) Expansion and New Opportunities

This ecosystem is anything but static and will make an entrance into other crypto trends, such as non-replaceable tokens (NFT). To that end, they will launch the BSC Station so that users can run auctions for these assets to a “wide” audience. The platform will also integrate a BSC Swap feature along with the NFTs.

This development is supported by Morningstar Ventures, NGC, BSCPad, x21 and many others. The growth could have a positive effect on PancakeSwap (CAKE) and the other projects on the Davis list, Refinable (FINE) and Smoothy Finance (SMTY).

Refinable is trying to capitalize on the nascent period of the NFT. Davis believes this project “could gain good market share.” The platform is supported by Mr. Beast, a YouTuber with 60.4 million subscribers, in partnership with Binance.

The platform’s native token FINE empowers their holders, the creators of NFTs trading on Refinable. For example, FINE holders can increase the royalties and distribution of an asset and participate in the governance model.

Davis’s second project, Smoothy Finance (SMTY), is doing some “serious stuff” too. Users can use their trading feature with 0 slippages to trade different dollar linked coins. Davis added:

(…) This is the infrastructure that actually enables DeFi to work smoothly for people. It ensures that it is a good user experience where you are not crushed by fees, you are not crushed by slippage and so users with these types of products can have that nice user experience.

Binance native token BNB is trading at $ 500 moving sideways on the daily chart. In the weekly and monthly chart, BNB has a loss of 3.1% and a gain of 113% respectively.

Binance Smart Chain BNB CAKE PancakeSwap
BNB with sideways movement on the 24-hour chart. Source: BNBUSDT Tradingview

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