5 Promising Projects on Binance Smart Chain
On September 3, 2020, Binance Smart Chain (BSC) was launched. The new technology from the cryptocurrency exchange Binance was created to provide users and developers with a more reliable, faster, and efficient blockchain compared to others.
The decentralized finance (DeFi) market grew throughout 2020, and many interesting projects emerged. We decided to highlight the top 5 of them, which will include the most promising startups.
Pancake Swap
Pancake Swap is currently the largest project based on BSC. The project represents a decentralized exchange with trading capabilities, participation in a special lottery, and earning dividends from mining farms. Pancake Swap also provides reliable and fast decentralized financing.
The system operates as an automated market maker (AMM) based on the BSC network. Other decentralized exchanges, such as those based on the Ethereum network, operate similarly. However, BSC allows for reduced fees and transaction times.
On the Pancake Swap platform, users can earn the Cake cryptocurrency through farms and lotteries. By guessing four numbers, a participant receives 50% of the lottery prize pool. Those who guess at least two numbers will receive guaranteed prizes.
Just last week, over 30,000 people registered for the project, and the volume of funds used exceeded $100 million.
BSCex
BSCex is a new decentralized cryptocurrency exchange that aims to transfer Binance's offset services to the blockchain. Moreover, the BSCex team is working to promote the DeFi market to provide users with new economic benefits.
The foundation of the project is the Cross Liquidity Layer 2 technology. It allows the use of liquidity from various AMMs on BSC to offer users the highest liquidity and the best services for traders.
The services offered by BSCex include: SwapX, Launchpad, LaunchpoolX, and DexX. SwapX is the key product of the BSCex ecosystem. It operates like Liquid Swap from Binance but offers much more advanced solutions and opportunities for users. In addition, SwapX supports various stablecoins and digital assets, making it more accessible to everyone.
Using LaunchpadX, users can easily raise funds through Initial Dex Offerings (IDO). LaunchpoolX allows investors to use already produced tokens for free to produce new ones. Users will receive new tokens that can be sold in the future.
DexX is a decentralized crypto exchange that utilizes features of centralized exchanges and a wide range of market orders. Traders have the opportunity to increase the liquidity of their pool.
Venus
The Venus Protocol is another promising project based on BSC. Venus operates as an algorithmic system analyzing the money market. Its main goal is to implement a decentralized lending system on Binance Smart Chain.
The team behind the Venus protocol is working to offer users the ability to borrow assets worth no more than 75% of the value of the assets provided as collateral. Additionally, individuals can earn interest by providing liquidity to the protocol.
Users can also mine the digital asset VAI on the platform. VAI is a stablecoin pegged to the US dollar at a 1:1 ratio. Users gain access to the XVS token, which acts as a BEP-20 governance token and can be used for voting on decisions.
Today, Venus is one of the largest protocols operating on Binance Smart Chain. Over the past 7 days, 1,210 users have registered on the platform, and funds amounting to over $90 million have been realized.
BakerySwap
BakerySwap is one of the most popular protocols operating on Binance Smart Chain. This project functions as a decentralized and automated AMM protocol that also offers users NFT trading solutions.
In addition, BakerySwap is working to implement an improved version of Uniswap, one of the most innovative DeFi protocols in the cryptocurrency market. The main difference is that BakerySwap offers a higher quality and more efficient service at a lower price.
BakerySwap operates with the BAKE token, which can be used for corporate voting as well as for earning dividends from transaction fees. Additionally, users can use the token to create random combinations of unique NFTs that will serve as a means of earning BAKE. The platform works with the following assets: BUSD, ETH, BTC, DOT, LINK, and BAKE.
In the past 7 days, the platform has been used by 715 users who completed over 5,670 transactions. The total trading volume amounted to $2.32 million
Spartan Protocol
Spartan Protocol is a protocol for incentivizing liquidity as well as for synthetic assets that operate on the Binance Smart Chain network.
The protocol allows for the formation and creation of a wide range of liquidity pools that can be used for generating synthetic tokens, lending, derivatives, and much more.
By making pools accessible, the platform encourages capital accumulation in the market and ensures liquidity. Using a liquidity-sensitive fee system, the protocol can adjust the purchasing power of tokens at any time and ensure scalable growth.
Users have the opportunity to create a wide range of synthetic assets using price pegings provided by liquidity pools. These assets will be backed by specific shares of the liquidity pool.
Conclusion
Binance Smart Chain has only been operational for a few months, but it has already gained attention from both developers and investors. The emerging projects demonstrate demand and popularity among users. It is unknown how experiments with this new technology will end, but it has certainly brought something fresh to the industry. How long this freshness will last remains to be seen.
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