Binance has its own smart contract platform and it is currently booming on a large scale. In particular, applications from the field of decentralized finance (DeFi) use the Binance Smart Chain (BSC). We take a close look at five of the most promising BSC projects.
The fact is that the Binance Smart Chain has the second largest DeFi sector in the crypto space after Ethereum (ETH).
The BSC’s DeFi protocols already manage over US $ 4.2 billion.
The Binance Smart Chain has grown enormously, especially in the last few weeks.
The BSC basically works exactly like the Ethereum Blockchain and is also compatible with it. However, transactions can be carried out much faster and cheaper on the Binance Smart Chain. In view of the fact that Ethereum is unable to accommodate the large volume of transactions that the DeFi boom has brought to the blockchain, both users and operators of DeFi protocols are looking for alternative solutions – this is exactly the alternative they want the BSC offer.
In the following we take a look at the five most promising projects of the BSC.
1. PancakeSwap (CAKE): Decentralized exchange
PancakeSwap (CAKE) is a decentralized exchange (DEX) which, in terms of its functionality, is almost identical to UniSwap (UNI) and SushiSwap (SUSHI). In addition, PancakeSwap also offers other DeFi services.
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Some of the functions that are supported, for example, are simple token swaps, lending and yield farming as well as the so-called PancakeSwap lottery. In this, users can purchase tickets and have the chance to make big crypto profits.Those: https://pancakeswap.finance/
The main difference between PancakeSwap and Ethereum DEXs is that transactions on PancakeSwap can be executed much faster and cheaper thanks to the BSC.
The disadvantage is that the Binance Smart Chain is not nearly as decentralized as Ethereum and therefore not quite as secure as ETH.
Still, PancakeSwap had a trading volume of over $ 500 million in the past 24 hours.
The protocol manages over $ 1 billion in capital.
2. Venus (XVS): decentralized money market
Venus (XVS) is a decentralized money market that aims to build a decentralized credit and lending system on top of the BSC. With the help of the Venus Protocol, users can have loans paid out or make liquidity available on the platform to earn interest.Those: https://venus.io/
It is also possible to generate VAI. VAI is a stablecoin that is pegged to the US dollar at a 1: 1 ratio. Thus, Venus is very similar to the MakerDAO protocol, which is based on the Ethereum blockchain. MakerDAO (MKR) is also a decentralized money market from which users can take out loans or receive interest for providing liquidity. Overall, Venus is similar to many of the Ethereum sector’s crypto lending projects.
Venus is currently one of the largest projects of the BSC and manages a total of almost two billion US dollars.
3. Auto (AUTO): DEX and interest aggregator
AutoFarm (AUTO) Network aims to be a DEX and interest rate aggregator. This means that the AutoFarm protocol automatically uses paid-in capital with the highest efficiency in the DeFi sector and generates interest for users. So AutoFarm is essentially the BSC’s Yearn Finance (YFI).Those: https://autofarm.network/
In addition, you can use the DEX aggregator from Autofarm to exchange tokens at the best available rates in the BSC ecosystem.
The DEX aggregator automatically compares the various decentralized exchanges on the BSC and then executes trades at the best…