4 Popular Projects Built on Binance Smart Chain
With the growth of DeFi and NFT, a pressing need for efficient blockchains has developed. That’s because blockchain like Ethereum is not efficient and scalable enough. Since 2017, the Ethereum network has faced network congestions, record-high gas fees, and similar issues time and again. As a result, users, developers, and platform operators have started seeking alternatives like Binance Smart Chain (BSC). The fact that Binance Smart Chain is faster and cheaper than Ethereum, the former is used for various development endeavours — such as Binance Smart Chain token creation, exchange creation, wallet creation, and more.
PancakeSwap is one of the leading AMM (automated market maker) DEX (decentralized exchange) on Binance Smart Chain. PancakeSwap makes swapping of BEP-20 tokens secure and efficient and that is why it has occasionally surpassed the trade volume of Uniswap. Being powered by BSC, PancakeSwap is undoubtedly cheaper and faster (average transaction time of 5-seconds) than Uniswap.
As the lasted dApp on Binance Smart Chain, it also provides new projects a launchpad to launch their own Binance Smart Chain tokens (BEP-20). Additionally, the development team worked to create token BEP20 known as CAKE which is used to incentivize the liquidity providers.
Interestingly, PancakeSwap allows users to unstake their CAKE tokens with zero holding time. It has also introduced 6-hour lottery sessions and a single lottery ticket costs 10 CAKE.
While ETH 2.0 complete roll-out will take time, it is better to create your token on Binance Smart Chain rather than Ethereum.
2. Lendefi Finance
With the growing usage fees of the Ethereum network, Lendefi Finance realized it could hinder the adoption of the project. To avoid this, the development team migrated the platform to Binance Smart Chain.
The purpose of Lendefi Finance is to make it easy for anyone to access funding. Thus, it enables getting uncollateralized loans on Binance Smart Chain. As a uniquely designed product, Lendefi Finance leverages top DeFi lending pools and opens gateways to uncollateralized loans.
LDFI is the Binance Smart Chain token (BEP-20) of the Lendefi protocol which has multiple uses. It acts as governance token and controls the interest rate model. In addition, it is used for reward distribution.
If you plan to create your token on Binance Smart Chain, it can be strategized and designed to have multiple uses in the project which increases its demand and the price.
Autofarm is a revolutionary cross-chain yield aggregator built on Binance Smart Chain. It is designed to switch the user’s investment automatically to the more profitable liquidity pools. It is one of the first cross-chain yield optimizers built on BSC and it integrates DEX, Swaps, and Vaults.
The DEX is designed to split users’ trades across multiple DEXs. This kind of system enables the best pricing and avoids slippage. AUTO is the native utility BEP-20 token which is used as governance token of the Autofarm protocol.
4. DeFi Yield Protocol
DeFi Yield Protocol (DYP) is another innovative project built on Binance Smart Chain. This promises to help users mitigate the risk associated with Yield Farming. It seems to make it possible by developing a platform to allow anyone to provide liquidity. These users will be rewarded with Ethereum first. The next step is the use of the integrated anti-manipulation feature. This enables the change of rewards into ETH. However, this happens without any impact on the prices of ETH.
In addition to that, the DYP protocol protects against unexpected DYP price volatility. DYP is a BEP-20 token that can also be staked to earn staking rewards.
Wrapping it up
Over the last year, Binance Smart Chain has continued to expand its capabilities. It is cheaper and faster and allows developers to build performant solutions on top. Looking at the rising demands in the DeFi and NFT space, BSC seems to be the best option.
By offering users a fast and cheap platform, platform operators can garner a lot of attention. We at Antier Solutions offer customized Binance Smart Chain development services to help start-ups and enterprises launch their projects.
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