Binance Coin (BNB) powers the Binance Ecosystem and offers incentives for transactions on Binance’s mainnets—Binance Chain and BSC. This also means that the coin appears in two standards—Bep2 and Bep20 (BSC).
Nevertheless, below are some cryptos with the potential of reaching Binance Coin’s (BNB) feats in the long term. Remember, BNB was once worth about $0.096 during its early years. These coins—Solana (SOL), FTX Token (FTT), and Calyx Token (CLX) —could reach the same milestone because they offer trending value propositions in the DeFi space.
Solana network often dubbed an “Ethereum Killer,” is one of the preferred choices of DeFi developers. However, following the security vulnerability it had faced in the past (and kind of continually faces), developers have gradually sought alternative options like Cardano, Avalanche, Tezos, BSC, etc.
Why did developers fall in love so much with Solana (SOL)?
- Low fees: Solana offered little or no cost transactions for its tokens, despite having utility crypto valued at over $50 per unit.
- High throughput rate: Solana has a larger throughput than Ethereum—50,000 transactions per second, which is way more than the present Ethereum’s TPS of 100.
- Faster transaction: Couple with the largest throughput size, Solana transactions are super fast! On the other hand, Ethereum transactions take a little longer.
Looking at the facts mentioned above, you could see why developers were all rooting for Solana to become the next Ethereum or even better. However, cross-chain protocols—not just Solana—have been vulnerable to bugs, which could have caused developers to be a little reluctant to use Solana recently.
SOL—Solana utility coin—has been on the receiving end of all of Solana’s glory, including its negativities. However, as long as developers and enthusiasts continue preaching the goodness of Solana, SOL will likely pump to newer highs when there are favourable crypto market conditions.
SOL once attained an all-time high of about $260 but has tanked considerably, losing about 80% of its unit value. This is following a general crypto market crash. However, a positive market trend will likely push the coin soaring to greater highs back to its all-time high and above.
FTX Token (FTT)
FTX Token (FTT) is another crypto following BNB’s trail. You can see that in the behaviour of the crypto in the market charts.
FTT is the utility coin of the mega crypto exchange, FTX, and powers a huge part of the Ecosystem, including DAO and staking protocol.
FTX Exchange launched the FTT token in September 2019 at about $0.83 just after presales. In September 2021, just two years after launch, the coin reached a current all-time high of $85.
However, the general market crash in 2022 reduced its unit price considerably, just like every other crypto out there.
Looking at FTX's value propositions, you can picture its plans to compete among the best ecosystems by targeting blockchain and DAO startups and empowering more developers to build scalable crypto products—this is one of the strategies Binance has always employed.
Another protocol worthy of note is Calyx Token (CLX). It is one of the new protocols aiming to disrupt the DeFi Lending and DEX space with invaluable value propositions.
Calyx Token will offer a multi-chain DEX and lending protocol to encourage easy and quick liquidity supply and borrowing. As a result of the cross-chain interoperability, Calyx Token will be able to maintain a steady flow of liquidity in its vault.
Calyx Token’s utility coin called CLX will power the ecosystem like many DEXs and their utility tokens. It will also provide added benefits—such as staking rewards and discounted trades—to holders of the token on the CalyxDAO.
CalyxSwap, the protocol’s DEX, will share fees from transactions done on the exchange among regular liquidity providers.