- What is Binance Smart Chain (BSC)
- Top 5 projects on Binance Smart Chain (BSC)
- Summing it up!
Binance Smart Chain has started to spread its wings to help flourish different projects. There are different projects that are starting to expand on the Binance Smart Chain (BSC). This blockchain network has been created in order to offer users and developers more efficient, fast, and reliable services than traditional blockchains.
While we are on this note, how about looking into the top 5 Binance Smart chain projects? before we deep dive into that let us understand how Binance smart chain (BSC) functions and how these projects have been leveraging this blockchain technology.
What is Binance Smart Chain
Binance Smart Chain (BSC) is a hard fork of the Go Ethereum (Geth) protocol. Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC.
Binance Smart Chain has made immense traction in early 2021 so far partly thanks to Ethereum’s congestion and gas fee issues, which has caused developers and staking investors to look for other options. The BSC community made the network even more appealing to new users as a cost-effective and stable alternative, by lowering its gas fee from 15 Gwei to 10 Gwei to counter Binance Coin (BNB)’s insane price jump to over $300 in February.
The aim of the platform is to enable developers to build decentralized applications (DApps) and help users manage their digital assets cross-chain with low latency and large capacity.
Also Read about the difference and similarities between Binance Smart Chain Vs Ethereum.
Best 5 Projects on Binance Smart Chain
BSCex is a new decentralized cryptocurrency exchange that wants to make Binance off-chain services available on the blockchain. Moreover, the team behind BSCex is also working in order to promote many features of the DeFi market in order to provide users with economic benefits.
Some of the services offered by BSCex include SwapX, Launchpad, LaunchpoolX, and DexX. SwapX is the key product offered by the BSCex ecosystem. It works as Binance’s Liquid Swap but it offers far more advanced solutions and options for users. In addition, SwapX supports other stablecoins and digital assets, making it more accessible to everyone.
BSCex works by applying a technology called Cross Liquidity Layer 2. In this way, it is possible to use the liquidity of different AMMs on the BSC in order to offer users even better liquidity and yield-farming services for traders.
As the names suggest, LaunchpadX and LaunchpoolX represent the Binance exchange solutions but on the blockchain. DexX is the decentralized crypto exchange that uses the latest technology to get the best liquidity for traders.
BakerySwap is also one of the largest and most popular protocols running on top of the Binance Smart Chain. This project works as a decentralized and automated market-making protocol that is also offering NFT trading solutions to users.
BakerySwap works with the BAKE token that can be used for governance voting and also for receiving transaction fee dividends. Furthermore, users can use the token to create random combo meals, creating a unique NFT that will work as a collectible item and as a farming tool for BAKE.
BakerySwap is also working in order to become the evolution of Uniswap, one of the largest DeFi protocols in the cryptocurrency market. The main difference is that BakerySwap can offer better services at a cheaper price and in a much more efficient way.
It is worth taking into consideration that the rewards offered by the BAKE platform to liquidity pools include BUSD, ETH, BTC, DOT, LINK, and BAKE versus BNB.
PancakeSwap is a decentralized exchange (DEX) that runs on top of the BSC. However, this platform is working not only as a DEX but also as a decentralized finance (DeFi) services provider.
The trading platform works as an automated market maker (AMM) that allows users to exchange their currencies using the BSC. This is similar to how DEX works on top of the Ethereum (ETH) network. The main difference is that the Binance Chain is much more efficient, in terms of fees and transaction times.
Some of the features that are currently being offered by PancakeSwap include trading, earning interest on different yield farms, and participating in the PancakeSwap Lottery.
The users can earn CAKE cryptocurrency through the Earn solution. This is achieved through staking, yield farms, and also via syrup pools. Syrup pools let the distribution of these projects in the correct proportion.
Also, read about the Projects on Ethereum Blockchain.
The Spartan Protocol is a protocol for incentivized liquidity and also synthetic assets that run on top of the Binance Smart Chain network. By incentivizing investors, it is possible to form and create a wide range of liquidity pools that can be used for synthetic token generation, lending, derivatives, and more.
Users can create a wide range of synthetic assets that use price anchors provided by liquidity pools. These assets will also be collateralized by liquidity pool shares.
By making incentivized liquidity pools available, it is possible to drive on-market capital formation and provide liquidity. By using a set of liquidity-sensitive fees, the system can correct token purchasing power at all times and allow for scalable growth.
The Venus Protocol is the second of our top 5 most promising projects on the Binance Smart Chain. Venus works as an algorithmic money market system that aims at bringing a decentralized lending and credit system to the Binance Smart Chain.
Users can mint the VAI digital asset. VAI is a stablecoin pegged at a 1-to-1 ratio to the U.S. Dollar. Additionally, users will get access to the XVS token that works as a BEP-20 governance token. Users will be able to use it to vote and be part of the decisions of the network.
The team behind the Venus protocol has been working in order to offer users the possibility to borrow assets whose value is 75% or lower than the assets supplied as collateral. Furthermore, individuals can earn interest by providing liquidity to the protocol.
Venus is also one of the largest protocols running on top of the Binance Smart Chain. In the last 7 days, there have been 1.21k users on the platform that handled a total volume of $96.44 million and processed 14,760 transactions.
Summing it Up!
There are many other protocols and platforms running on top of the Binance Smart Chain network. Binance is also expanding its solutions and services to a large number of new users and traders. These top 5 Binace smart chain projects have been making quite a noise in the crypto market. These projects undoubtedly have a lot to offer in the near future.
Interested in knowing the top Binance Smart chain tokens and Applications? Read in detail.
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