Binance is the largest exchange, where BNB Chain continues to make great strides. The chain follows in the footsteps of the first issuers of token shares and threatens their positions in terms of total cap.
Token shares issued by Binance are growing larger and are now major players in daily trading volume on Binance. This is why it represents a threat to Securitize, which has the largest market cap of token shares.
Growth in token shares issued by Binance outpaces early issues
According to data from Token Terminal, token shares issued by Binance have added the most capital in the past 30 days, ahead of all early issuers.
In fact, Binance added over $300 million, followed by Securitize, xStocks, and Robinhood at $179 million, $33 million, and $13 million. Those shares in Ondo Finance (ONDO) saw the largest outflows at $78 million.
There were 7 main drivers of capital growth on Binance, led by SanDisk (SNDKb) with $59.4 million.
SNDKb was followed by Micron (MUb), SpaceX (SPCXb), and Circle (CRCLb) with $58.7 million, $46.3 million, and $42.7 million, respectively. Ondo Finance shares traded on Binance have been losing market value.
Additionally, more tokenized stock volume is scheduled to arrive on the Binance exchange. This is after the symbolism of Hong Kong stocks The live broadcast has started On the BNB chain through the burner protocol.
This means that the trading volume on the Binance exchange will continue to grow.
How will BNB volume and price react?
However, this is not the case when looking at on-chain data.
The daily futures volume involving these stocks is $41.08 billion from 742 pairs. It is half of this year’s highest volume, which amounted to $89.82 billion. This indicates that token shares have not yet had a significant impact on daily trading volume.
But these stocks are already among the most actively traded assets on Binance Futures. SNDK, SOXL, MU, SKHY, and SPCX appear on the leaderboard in terms of volume with $4.31 billion, $2.51 billion, $1.82 billion, $1.34 billion, and $718 million respectively.
This large volume of token shares was only behind that of Bitcoin (BTC) and Ethereum (ETH), which had $8.83 billion and $6.16 billion, respectively. He points out that stocks have become a major contributor to the volume of cryptocurrency exchanges.
With the potential for trading volume on Binance to grow, the price of the chain’s native token could continue to stabilize or rise. BNB is up 1.21%, trading at $570 as it moved between $560 and $580 for much of July.
Final summary
- Shares issued by Binance have grown by more than $300 million in the past 30 days, with SanDisk stock leading with $59.4 million.
- The volume of tokenized shares is among the highest for all assets on Binance Futures, trailing only it Bitcoin and Ethereum.
