There is already so much action going on on the Binance Smart Chain that it is hard to keep track. There is more than just Pancakeswap. That`s why I have decided to cover the TOP 10 DEXs by total value locked that are running on the Binance Smart Chain. Let`s see if they are all the same or if they have differences.
10. Nerve Finance
On spot #10 with a total value of $97 million is Nerve Finance with its native token $NRV. It`s the governance token of the Nerve Finance protocol.
Nerve Finance is a stable swap AMM that is designed to allow trading stablecoins and pegged synthetic assets quickly with minimal slippage and low fees.
9. ApeSwap Finance
ApeSwap is an automated market maker on the Binance Smart Chain. ApeSwap`s native token is called $BANANA. It is very similar to BakerySwap as it also allows you to deal with special NFTs, so-called Non-Fungible Apes. 🐒
ApeSwap Finance officially went cross-chain recently and Polygon Farms are now open as well.
An alternative DEX to PancakeSwap is BakerySwap, where you can earn $BAKE. Besides the traditional yield-farming methods, users on BakerySwap can also earn more $BAKE by creating and staking Combo Meals. These ComboMeals are a form of NFTs that can be divided into four tiers. This is done by contributing $BAKE tokens. The more $BAKE is contributed, the higher is the combo that will be received.
The Combo Meals can also be bought and sold at the NFT supermarket directly on BakerySwap.
7. Wault Finance
Wault Finance is an effective and user-friendly yield generator and lending aggregator on the Binance Smart Chain. It is connectionf all DeFi features into the Wault ecosystem.
On spot #6 is one of my favorites. Biswap is offering low fees for exchange swaps and the highest APYs on the markets. It is also the first decentralized exchange platform a three-type referral system.
Because Biswap is one of my favorites, I have already written a complete post about it. In case you`ve missed it, you can check it out right here: Biswap Is Like PancakeSwap But With Lower Fees And Higher APYs!
5. O3 Swap
O3 Swap is a very special DEX. It calls itself a proprietary cross-chain aggregation protocol. O3 Swap was designed to achieve more efficient trading pathways using two solutions. The first solution is Liquidity Aggregation and the second solution is a Cross-Chain Exchange - implementing cross-chain protocols that are allowing to freely exchange cross-chain assets.
On spot #4 is AutoFarm. It is a yield farming aggregator that is not only running on the Binance Smart Chain but also on the Huobi ECO chain and Polygon.
AotoFarm has six main products: Autofarm (a yield optimizer/vaults), AutoSwap DEX Aggregator, AutoPortfolio, AutoTrade, AutoAnalytics & farmfolio (intelligent portfolio dashboard).
Mdex is an automatic market-making DEX that is based on the concept of fund pools. It proposes and implements a dual-chain DEX model based on the Huobi Eco Chain, the Binance Smart Chain, and the Ethereum blockchain.
Mdex combines the advantages of the low transaction fees of the Huobi Eco and Binance Smart Chain and the prosperity of the Ethereum ecosystem. It supports the dual mining mechanism of liquidity and transactions.
Ellipsis on spot #2 is a secure low-slippage stable swap on the Binance Smart Chain. It is an authorized fork of Curve Finance that lets you swap and stake stablecoins. You can also earn and stake the native token $EPS for fees and rewards on Ellipsis.
PancakeSwap briefly became the world’s second-largest DEX service by trading volume according to the data from CoinGecko. As of today, there are already around 200 active markets on PancakeSwap. The total value locked on PancakeSwap is $6.52B.
Low fees open up PancakeSwap to more and more users, who may wish to trade smaller sums, something which is currently not possible on Ethereum based decentralized exchanges because of the extraordinarily high gas fees. What small investors can`t do on Ethereum, they can do it now on the Binance Smart Chain.
My Final Words
There are already a bunch of promising DEXs running on the Binance Smart Chain. All of them got their own native token and all of them benefit from the low transaction fees on the Binance Smart Chain.
Keep in mind that you need to have $BNB in a non-custodial wallet to be able to interact with the Binance Smart Chain. It`s like if you need Ethereum to transfer your ERC20 tokens. The best place to buy and trade $BNB is Binance. Make sure that you withdraw the BEP20 Smart Chain Version and connect your wallet to the DEX. Now you can use your $BNB to pay for the interaction fees and to swap some of your $BNB into the according to DEX tokens. All of these ten tokens are tradable on PancakeSwap.
At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of DEXs on the Binance Smart Chain and my intention is not to replace your own research. However, my post really reflects my own opinion.
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