On September 1, BINANCE launched Binance Smart Chain (BSC), a new parallel blockchain to Binance Chain that enables the creation of smart contracts and introduces a new staking mechanism for Binance’s BNB token.
The main drive behind the creation of Binance Smart Chain is for Binance to join the DeFi revolution by offering financial protocols as an alternative to the Ethereum blockchain. In light of Ethereum’s inability to accommodate the high amount of transactions that the DeFi boom has brought to the blockchain, both users and DeFi protocol operators are looking for alternative solutions to build on. That’s the void that Binance Smart Chain aims to fill.
Below, you will find a list of the top five, most promising projects on Binance’s new blockchain.
ZeroSwap is a multi-chain, on-chain trading protocol that enables crypto investors to source liquidity from a range of decentralized trading pools to buy and sell digital tokens at zero cost.
ZeroSwap will provide gas-less transactions through transaction fee mining, making it free to add and remove liquidity to and from the protocol in addition to zero-fee trading. Via the platform’s DEX Aggregator, investors will be able to access a wide array of liquidity providers to make decentralized trading as seamless and slippage-free as possible. Additionally, users will be able to earn liquidity mining rewards for providing liquidity to the protocol.
ZeroSwap chose to support both Ethereum and Binance Smart Chain to enable its users to receive the best possible DeFi user experience.
In addition to operating on Ethereum, C.R.E.A.M., which stands for Crypto Rules Everything Around Me, launched on Binance Smart Chain on September 11.
“The most immediate benefit that came to many of us testing out the BSC version of C.R.E.A.M. was clearly the speed and cost advantages […]. No longer are we checking gas costs and having to send transactions over existing, slower transactions, we are also paying only $0.05-$0.10 per transaction,” the company commented on the decision to move onto Binance Smart Chain.
ForTube is a decentralized lending platform based on The Force Protocol that enables crypto holders to borrow and lend in a decentralized manner.
ForTube users can choose between two products: bank and bond. Bank allows users to deposit funds to earn yield on their holdings while Bond allows users to invest in or issue a bond to either earn interest on their crypto or borrow in crypto.
The DeFi platform operates on Ethereum and Binance Smart Chain, providing crypto investors with the benefits of both networks.
Spartan Protocol is an incentivized automated market maker for the decentralized trading of synthetic assets on the Binance Smart Chain. The protocol aims to incentivize the creation of deep liquidity pools that can be used for synthetic token generation, trading, lending, and more.
The deployment of the Spartan Protocol on BSC is “a bet on the future economic value of the Binance DeFi Ecosystem,” according to its team, which firmly believes in the future success of the digital asset exchange’s DeFi ambitions.
Bounce is a decentralized auction protocol that aims to act as an auction house for non-fungible tokens (NFTs).
Bounce enables Ethereum and Binance Smart Chain users to bid on ERC721 and ERC1155 tokens via Dutch, English, or sealed auctions using either ETH or BNB as a pricing and payment currency.
The Bounce team also cited low fees and fast transaction speeds as its primary reasons for opting for Binance Smart Chain support. Additionally, BSC is EVM-compatible, which means MetaMask can still be used to interact with Bounce (or any other DeFi app) on Binance Smart Chain.
As Binance Smart Chain emerges from its first-month, post-mainnet launch, we can expect more DeFi projects to go multi-chain and launch support for BSC soon.
Blockchain enthusiast learning to write and deploy my own DApp. Previously worked for the oil and gas industry as an IT administrator.