The Binance Smart Chain is a hot topic these days. The Binance Smart Chain one of Ethereum`s biggest competitors right now because of the extremely low fees that you have to pay. More and more decentralized protocols are being enabled on the Binance Smart Chain.
The Binance Coin pumped heavily as a result of the popularity of all the decentralized stuff that is going on the Binance Smart Chain. Most users simply can`t pay the insane fees for decentralized applications on the Ethereum Network anymore. The Binance Smart Chain with its extremely low transaction fees has become an attractive alternative to Ethereum for users, investors, and developers.
So here they are, the TOP 5 decentralized projects currently running on the Binance Smart Chain.
1. Venus Protocol
First on my TOP 5 list is Venus, a decentralized marketplace for lenders and borrowers with borderless stablecoins. All assets on the Venus Protocol are bound by the BEP20 standard.
I was able to farm some $XVS with my $BNB on the Binance Lauchpool when it was newly issued. I expect that there will be more new tokens from the Binance Smart Chain like $XVS issued via the Binance Launchpool in the future.
$DITTO is the first elastic supply token on the Binance Smart Chain. You can compare it with Ampleforth and its ERC20 token $AMPL.
The $DITTO token supply is elastic like ditto. $DITTO has the ability to rearrange its entire cell structure according to the current price.
$DITTO is a rebase cryptocurrency like $AMPL. Rebases can be triggered up to six times per day, resulting in a token that maintains its peg very efficiently.
$DITTO is currently only tradable on PancakeSwap.
PancakeSwap has a safe place in the TOP 5. PancakeSwap is a decentralized exchange (DEX) built on Binance Smart Chain.
PancakeSwap saw a $400 million in trading volume yesterday and briefly became the world’s second-largest DEX service by trading volume according to the data from CoinGecko. As of today, there are already over 176 active markets on PancakeSwap.
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 extraordinary high gas fees. What small investors can`t do on Ethereum, they can do it now on the Binance Smart Chain.
AnySwap is a fully decentralized cross-chain swap protocol, based on the Fusion DCRM technology. It has an automated pricing and liquidity system. This allows Anyswap to enable swaps between any coins on any blockchain which uses ECDSA or EdDSA as a signature algorithm, including BTC, ETH, USDT, XRP, or LTC. That`s why it is called AnySwap.
Beefy.Finance is a yield optimizer for the Binance Smart Chain. Beefy Finance is able to programmatically automate actions to bring you better yield opportunities.
You can compare Beefy Finance with Harvest Finance and its ERC20 token $FARM.
$BIFI is currently only tradable on PancakeSwap.
My Final Words
There are already a bunch of promising projects running on the Binance Smart Chain. If your favorite project from the Binance Smart Chain is not among the TOP5 then it doesn`t mean that it is a bad project. It is just not on the TOP 5 list. If you think another project deserves a shoutout, please leave a comment.
Keep in mind that you need to have $BNB 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. If you are not registered on Binance yet, you can use my referral link with the code E3PGAJCE for signing up. When you use it, it will save you trading fees each time you perform a trade on Binance. Don`t forget about this possibility when you introduce a friend to cryptocurrency as it will save both of you some money.
At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of 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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