How To Connect BSC Node: Why is This Question Crucial for Devs in Q4, 2021

How To Connect BSC Node: Why is This Question Crucial for Devs in Q4, 2021

By GetBlock | GetBlock | 21 Sep 2021


Amidst savage rivalry with Polygon (MATIC) and Ethereum’s L2s, Binance Smart Chain remains a popular smart contracts environment

BSC nodes is one of go-to technical environments for early-stage dApps. Here’s what has been accomplished by Binance Smart Chain during its first year.

BSC meets first anniversary: See the data

On Sept.1, 2021, Binance Smart Chain (BSC) celebrated the first anniversary of its mainnet release. As per Q4, 2021, BSC nodes handle the transactions of 1492 dApps, DappRadar dashboard says.

Out of them, 917 applications belong to the segment of decentralized finances (DeFi). That being said, BSC nodes evolved into a DeFi-centric blockchain. Besides that, Binance Smart Chain nodes API endpoints are leveraged by 152 on-chain games and gambling protocols.

53 NFT marketplaces are up and running on BSC nodes alongside 227 high-risk protocols. High-risk passive income apps represent the fastest-growing segment for BSC nodes.

As Ethereum (ETH) fees become too high, more and more engineers are guessing how to connect a BSC node via API. Ethereum’s ecosystem growth lost its steam: in the last six months, net number of Ethereum-based dApps added 18% only.

To provide some context, BSC nodes’ family of dApps surged 10x in the same period (145 dApps in March vs 1492 dApps in September).

GameFi dApps are on fire

Right now, a segment of ‘Play-to-Earn’ decentralized applications is the most-trending use-case for BSC nodes API. In GetBlock.io, we have already covered the explosion of GameFi protocols. In a nutshell, it is a combination of DeFi, NFT and gaming segments.

Three games should be referred to as the textbook examples on how GameFi developers leverage BSC nodes API. First one, Axie Infinity is a multi-platform gamified NFT metaverse.

With Axie Infinity and its native asset AXS, on-chain gaming enthusiasts can earn from battles, tournaments and trading in-game characters.

Cryptoblades is another NFT-centric game based on BSC nodes. On Sept.19, 2021, it raised $4M from leading VC funds including Animoca Brands, Tenzor Capital and Master Ventures.

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My DeFi Pet, a novel game for pet enthusiasts, is another GameFi product from Top3 of BSC nodes. In Mu DeFi Pet, gamers are incentivized to collect, breed, trade and socialize various pets. Its tokenomics is built around the DPET native token that rallied 18x in Q2, 2021.

Number One DeFi ecosystem

Despite developing GameFi euphoria, BSC nodes API remains the platform of choice for a plethora of large-scale dApps. As its fees remain low, ‘yield farming’ and lending/borrowing operations on BSC nodes are more profitable than with competitors’ solutions.

As per BSC Daily community-driven account, three DeFi protocols that are using Binance Smart Chain nodes API are processing more than $1 billion per week.

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In mid-September, Alpaca Finance, the first-ever leveraged trading protocol on BSC registered $5,4 billion in weekly trading volume while Venus Protocol processed more than $1,5 billion. MDEX BSC, a protocol with a novel AMM design, witnessed $1,09 billion of liquidity in last 7 days.

The three de-throned PancakeSwap (CAKE) as the most active DeFis on BSC.

It’s also worth noticing that the total number of Binance Smart chain transactions is surging since mid-September. In 7 days (Sept. 12-19), this metric surged by 40%.

 

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