Cointime

Download App
iOS & Android

Binance Coin Could Push Towards $400 on Plans to Deploy Uniswap V3 on the BNB Chain

Early this week, the Uniswap community voted en masse for a plan to deploy the third iteration of the decentralised exchange, V3, on the BNB Chain. Voting for the proposal, initially fronted by OxPlasma Labs, ended on Sunday with over 80% of participants or 20 million Uniswap votes, for the idea of deploying Uniswap V3 on the BNB Chain.

The over 80% in favour of the vote was the largest in Uniswap’s governance history.

After the vote, the team at 0xPlasma Labs promised to work on a user interface for Uniswap V3 on the BNB chain and publish it on their website.

The BNB Chain Has a Growing User Base, Faster Transaction Speeds and Low Fees

As for the motivation behind the proposal to deploy Uniswap V3 on the BNB Chain, the proposal by 0xPlasma Labs pointed out that the chain has an ever-expanding user base which will provide a new market for Unsiwap V3.

In addition, the BNB Chain was efficient in terms of speed and lower transaction fees, making it ideal for Uniswap’s decentralised exchange.

Furthermore, the BNB chain has direct links to Binance, which ‘has a strong track record of supporting and promoting high-quality projects, potentially providing valuable exposure for Uniswap v3.’

Binance Coin Could Push Towards $400 or $500 in Anticipation of Uniswap V3 Deployment

Uniswap V3 deploying on the BNB chain means additional utility and demand for its native cryptocurrency, Binance Coin. Given the current bullish sentiment in the crypto markets courtesy of a resurgent Bitcoin, the value of Binance Coin (BNB) could benefit from the anticipation of deploying Uniswap V3 on the BNB chain.

A glance at the one-day BNB/USDT chart below shows that Binance Coin, at its current level of around $300, remains in bullish territory above all crucial moving averages: the 50-day (red), 100-day (yellow), 200-day (green) and 200-week (black).

There is also a slight hint that a bullish golden cross between the 50-day and 200-day moving averages will occur sometime in early February.

Consequently, and if the current bullish sentiment is maintained in the crypto markets, Binance Coin could be on a trajectory towards retesting the $398 and even the $500 resistance levels in the following weeks or months. The possibility of such as scenario is increased by traders anticipating the deployment of Uniswap V3 on the BNB Chain and the increased utility it would bring to Binance Coin.

As with all analyses involving price action, readers are reminded that the above should not be considered financial advice.

~By John P. Njui~

Comments

All Comments

Recommended for you

  • HashKey Group will launch the platform currency HSK in Q3 2024

    HashKey Group announced that the HashKey platform coin HSK will be listed in Q3 2024. HSK will be used for all core applications in the HashKey ecosystem and continuously expand external community co-construction. Before the listing, HSK will launch a community airdrop to reward ecosystem participants.

  • Meme coin market value falls below $49 billion, down 14% on the day

    The market value of Meme coins has fallen below $49 billion, currently at $48.9 billion, with a daily decline of 14%. Among them:

  • Cryptocurrency fund outflows last week at highest level since March

    According to Decenter's report, about $600 million flowed out of virtual asset funds last week, marking the highest weekly outflow since March.Experts analyzed that institutional investors lack interest in virtual assets, leading to the outflow of funds.

  • The proposal of the Financial Services Commission of South Korea to establish a new virtual asset department has been approved by the country's cabinet meeting

    According to Korean media reports on June 18th, the proposal to establish a virtual asset department by the Financial Services Commission of Korea has been approved by the State Council. The revised regulations and related implementation rules that were passed will be announced and implemented on June 25th. The virtual asset department will be responsible for necessary management and supervision work to establish order in the virtual asset market and protect users. The department will temporarily add eight staff members (until the end of 2025), including one level 4 employee, four level 5 employees, two level 6 employees, and one level 7 employee.

  • A whale has deposited 250,000 LINK to Kraken in 5 days

    The Data Nerd has monitored that 2 hours ago, Whale 0x3c9 deposited 50,000 LINK (about $682,000) into Kraken, and within 5 days, he deposited a total of 250,000 LINK (about $3.72 million) into Kraken. This whale owns 31,793 ETH, 138 WBTC, and 70,000 LINK in Spark and AAVE.

  • The proposal of the Financial Services Commission of South Korea to establish a new virtual asset department has been approved by the country's cabinet meeting

    The proposal to establish a virtual asset department within the South Korean Financial Services Commission has been approved by the State Council. The revised organizational regulations and related implementation rules that were passed will be announced and implemented on the 25th of this month. The virtual asset department will be responsible for necessary management and supervision work to establish order in the virtual asset market and protect users. The department will temporarily add eight personnel (until the end of 2025), including one level-4 employee, four level-5 employees, two level-6 employees, and one level-7 employee.

  • Zimbabwe regulator develops framework for virtual asset trading

    Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are developing a framework for virtual asset trading. The framework aims to provide clear legislation, customer protection under the Data Protection Act, and educational support. Challenges include infrastructure investment and licensing fees for foreign-provided systems. An informal virtual asset ecosystem already exists, but lacks security, resulting in losses. Chengetedzai Deposit Company (CDC) stated that it supports the legalization of virtual asset trading through regulation and pointed out that other countries have already done so. The digital asset industry is expected to grow significantly, providing Zimbabwe with a new asset class.

  • Zimbabwe regulator develops framework for virtual asset trading

    Golden Finance reported that the Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are developing a framework for virtual asset trading. The framework aims to provide clear legislation, customer protection under the Data Protection Act, and educational support. Challenges include infrastructure investment and licensing fees for foreign-provided systems. An informal virtual asset ecosystem already exists but lacks security, leading to losses. Chengetedzai Depository Company (CDC) stated that it supports the legalization of virtual asset trading through regulation and pointed out that other countries have already done so. The digital asset industry is expected to grow significantly, providing Zimbabwe with a new asset class.

  • Binance co-founder beseeches Elon Musk to address cryptocurrency scams on X

    According to Yi He, “a significant amount of money” was lost when X.com users were tricked by an impersonation scam.

  • Binance reaches 200M users with $100B in assets under custody

    The 200 million user mark represents over a third of all cryptocurrency holders worldwide.