The Binance Smart Chain, also known as BSC, is a blockchain network that was developed specifically for the purpose of executing applications that are based on smart contracts. It is not intended to serve in the same capacity as the original Binance Chain. It operates in conjunction with the Binance Chain. The developers of Binance Chain decided to change course because the chain does not allow Ethereum-based apps. Consequently, a programmable Ethereum Virtual Machine (EVM)-compatible Binance Smart Chain was constructed by the company.
This means that applications created on top of the Ethereum network can run on the blockchain seamlessly.
Why BSC?
So far, more than 1,000 projects and tokens have already launched on the BNB Chain platform because of the platform’s high throughput, cheap transaction fees, and quick transaction completion times.
Blockchain platforms are becoming increasingly popular as a means of streamlining supply chains, improving traceability, simplifying trade, and improving financial transactions. Here, we’ll present you with the eight most promising Binance Smart Chain projects that are currently in development.
Top BSC projects
PancakeSwap
PancakeSwap is, without a doubt, the decentralized application (dApp) that has seen the most success on BNB Chain, despite its quirky moniker. The DeFi platform includes a DEX, yield farms, prediction markets, and an NFT marketplace.
In terms of trading volume, the platform dominates all other DEXes on BNB Chain; for example, the PancakeSwap consistently records more than 500 million dollars in daily trade volume. PancakeSwap is one of the most successful initiatives that are now running on the BNB Chain. It has greatly surpassed expectations, as seen by the fact that it currently has more than 4 million monthly users.
Venus
In Venus, the BSC chain now has a decentralized loan and credit system. Venus, which is being marketed as a decentralized money market and stablecoin protocol, offers an open marketplace for lenders and borrowers. Additionally, it enables users to earn interest on their BNB Chain assets by donating those assets to decentralized lending pools.
On Venus, borrowers do not have to submit credit checks or complete reams of paperwork in order to obtain a loan secured by a range of different assets.
On Venus, users can mint a VAI token, a stablecoin tethered to the USD at a ratio of 1:1. XVS, the BEP-20 governance token, is also available to users via the XVS token wallet. Users will be able to cast their votes and participate in the decision-making process for the network using this feature.
The Venus protocol’s developers have been hard at work to make it possible for users to borrow assets with a value that is 75% or less than the collateral they provide. By supplying liquidity to the protocol, individuals can also earn a profit.
BSCEX
New decentralized exchange BSCex aims to bring Binance’s off-chain services on the blockchain. It accomplishes this through the utilization of a technology known as Cross Liquidity Layer 2. By utilizing the liquidity of several AMMs on the BSC in this manner, it is able to give consumers even greater liquidity and yield-farming services. This is made possible by the fact that it is feasible to use the liquidity of multiple AMMs on the BSC.
Among BSCex’s offerings are SwapX, Launchpad, LaunchpoolX, and DexX services. The BSCex ecosystem’s flagship product is SwapX. It is similar to Binance’s Liquid Swap, but it provides significantly more extensive solutions and possibilities for its users.
There are a number of stablecoins and digital assets that SwapX supports as well, making it easier for all users. To help customers gain financially from the DeFi market’s capabilities, BSCex is also promoting several of these features.
ApeSwap
This is one of Binance Smart Chain’s most rapidly expanding projects. It is like PancakeSwap but with a far more simple and user-friendly design and with the $BANANA coin as the heart of its governance.
Users have the ability to stake their $BANANA coins as well as supply liquidity to a variety of different pools. In addition to Initial Exchange Offerings (IEO), there are also Initial Ape Offerings (IAO). The project is growing, and the new $GNANA token is now part of the mix. Among other things, this will be utilized for IAOs and other community projects.
BSCScan
BscScan is widely regarded as a must-have resource for everyone involved in the BSC industry. Using it, you’ll have direct access to information on the blockchain like transactions, blocks, the most popular wallets, and other fun graphs and stats!
The BSC explorer is a useful tool for keeping tabs on blockchain activity. In addition to that, it contains statistics such as the most recent blocks to be mined and the validators that are taking part in mining. EtherScan’s creators are the brains behind this new tool.
Tranchess
Even though Tranchess has only been around since July 2021, it has already locked up about $800 million in the BNB Chain DeFi market. Tranchess is a platform and protocol for trading derivatives that offer a wide range of income-producing investments.
There are presently three funds available on the platform, each with a distinct level of risk. As a high-risk fund, ROOK trades leveraged assets in order to offer its investors the greatest potential return on investment.
This fund is for long-term investors and delivers decent yields with modest risk, with the QUEEN fund at the center. Finally, there’s the BISHOP fund, which has the lowest returns on stablecoins but the lowest risk.
BakerySwap
BakerySwap is not just one of the most widely used but also one of the largest protocols that run atop the Binance Smart Chain. Decentralized and automated NFT trading solutions are available to users through this project.
Along with that, BakerySwap is trying to become Uniswap’s successor as an important decentralized exchange technology. One of the biggest differences between the two is that BakerySwap provides superior services at lower prices and in a more efficient manner.
With BakerySwap, you can vote on governance and receive dividends from transaction fees by using the BAKE token.
CertiK
Projects that are built on BSC with the assistance of CertiK are able to secure their users and funds while also achieving higher levels of security. It is known for its auditing approach, which identifies vulnerabilities and potential attack routes and helps affected projects reduce their security risks.
CertiK has a Security Leaderboard that provides information about project security ratings and any dangers within the BSC community.
In summary
In addition to having the capacity to execute smart contracts, BSC has also integrated Ethereum Virtual Machine (EVM) features, which enables it to execute applications that are built on Ethereum. BSC makes it easy for developers to transition their Ethereum-based projects to work with BSC. We’ve discussed a few of the most well-known blockchain initiatives right now. As a result, you need to keep an eye out for prospective investment opportunities within them.
