What’s Binance Smart Chain?
Binance Smart Chain (BSC) is a blockchain platform built on Ethereum’s EVM mechanism. And Binance Smart Chain (BEP20) runs in parallel, independent of Binance Chain (BEP2).
In essence, the Binance Smart Chain Network is a clone of Ethereum’s Blockchain created from the blockchain by combining two algorithms, Proof of Stake and Proof of Authority. Thus, all three networks BCS, BNB and Ethereum are simultaneously Cross-Chain compatible thanks to this design.
In particular, projects built on Ethereum are very easy to migrate to Binance Smart Chain thanks to EVM compatibility.
Token Binance Smart Chain
Binance Smart Chain does not issue Tokens. Currently, the Blockchain network uses the native token BNB. With the token representing the Binance exchange, BNB has been influential outside of Binance and has a lot of applications in the BSC DeFi space.
Token BNB (June 11, 2021)
- Marketcap: ~$61 billion (1 BNB = $367)
- FDV: ~$61 billion
- Rank: #4
- ATH Price: $690 (May 10, 2021)
- ATL Price: $0.096 (August 1, 2017)
- Circulating: 168,137,036 BNB (100/100%)
- Total Supply: 168,137,036 BNB
- BNB listing exchange: Binance, FTX, Gate, MXC, Kucoin,… (Centralized liquidity at Binance)
Blockchain Binance Smart Chain
- TPS: 100
- Blocktime: 75s
- Total Tx: 359 million VND
- Avg. Tx fee: $0.5
Number of Dapps on BSC
The number of Dapps built on the BSC ecosystem is still unknown because new projects are deployed every day. The estimated number can be up to 450 projects. In there:
- DeFi (DEX – Liquidity): ~150 projects.
- NFT: ~80 projects.
- Lending: ~25 projects.
- IDO Platform: ~15 projects.
BSC is an ecosystem with many partners to strengthen its platform. Some notable partners (excluding dApp builds on BSC):
- Security: CertiK, Quantstamp.
- Oracle: ChainLink,…
- Storage wallet: Coin98 Wallet, Math Wallet, Trust Wallet,…
Binance Smart Chain is an improved product from Binance Chain and was officially launched from September 2020. BSC’s biggest backer is the Binance exchange, which is also an experienced investment fund when it officially entered the crypto market in 2017.
Highlights of Binance Smart Chain
- Low transaction fees
- The network works with pretty good performance, being able to generate each block in just 3 seconds.
- There is a DeFi Cross-chain mechanism that increases DeFi interoperability.
- Interoperability between blockchain and Binance Smart Chain is very good, allowing for chain communication and scaling for dApps.
- The rich ecosystem, especially the Binance exchange, is widely used and trusted by the community.
The head and founder of the Binance Smart Chain ecosystem is Changpeng Zhao, which we often call by the nickname CZ. Brief about CZ:
He is a Chinese-Canadian born in 1977. After graduating from university, he interned in Tokyo and worked as a contractor for the Tokyo Stock Exchange.
In 2003, he returned to Shanghai to found Fusion Systems.
In 2013, he was exposed to various Crypto projects including Blockchain.info and served as chief technology officer of OKCoin.
2017 he left OKCoin and started a Crypto exchange called Binance, as of April 2018, CZ has grown Binance to become the largest Crypto exchange by trading volume in the world. At the same time, Binance Smart Chain was also created by CZ during that time, actively contributing to the development of the decentralized finance industry.
By January 2022, CZ became the richest person of Chinese descent with a net worth of $90 billion.
Binance Smart Chain Ecosystem
- Coin98 Wallet: A wallet that stores non-custodial crypto assets, supports sending and receiving SOL tokens, as well as tokens on many other chains such as Smart Binance Chain, Polkadot, etc. supports DEX transactions on mobile applications.
- Binance Chain Wallet: Crypto Wallet for Binance Chain and Binance Smart Chain, allowing users to transfer and receive BEP2 and BEP20 tokens, and also cross-chain transfer between these two blockchains.
- Math Wallet: The app is available on iOS and Android and can be used to send and receive BEP20 tokens.
- MyEtherWallet: This is a free & open interface that allows creating Ethereum and Binance Smart Chain wallets.
- ONTO Wallet: The first decentralized cross-chain wallet that allows users to manage their identity, data and digital assets.
- SafePal Wallet: Multi-chain wallet is supported to store assets on multiple Blockchains, SafePal provides both hot and cold wallets.
- Token Pocket: Multi-chain wallet, supports storing assets on Binance Smart Chain.
- Trust Wallet: Wallet application that can be used to send and receive BEP20 tokens, belongs to the type of multi wallet wallet, supports storing many cryptocurrencies of many platforms.
- Dfox Wallet: Bitcoin & Crypto Portfolio Tracker.
- CoinGecko: A platform that aggregates data of more than 6,000 cryptocurrencies such as capitalization, price, trading volume, etc.
- CoinMarketCap: Also a data aggregation platform for cryptocurrencies, CoinMarketCap was acquired by Binance in April 2020. Currently, the series of money-making events with CoinMarketCap is attracting a lot of participants.
- Bitquery: Binance Smart Chain Mainnet Network Explorer.
- DappRadar: Provides information and insights about all dapps on current Blockchains.
- Defistation: DeFi leaderboard and analytics website for decentralized finance projects that are building and running on Binance Smart Chain.
- Saffron.finance: A peer-to-peer risk trading protocol (P2P), helping liquidity providers (LPs) pursue strategies with different levels of risk-reward.
- Autofarm: The platform aggregates yield on BSC, and offers a strategy to get the best Yield for users.
- AcryptoS: De-Fi Platform on BSC Offers Crypto Strategies to Maximize Yield and Support Stablecoin Exchange
- Bearn.fi: Decentralized financial ecosystem, including products that provide Yield Creation, Gaming aggregator, bridge, treasury and Governance on the Binance Smart Chain network
- Beefy.Finance: One of the first Yield Farming and Aggregation Platforms on Binance Smart chain
- Fry.world: AMM Platform, Yield Farming, and Yield Aggregation on Binance Smart Chain.
- JetFuel: Yield farming and yield aggregation combines features from the most successful DeFi projects like Compound, Fry. World, Yearn and Harvest on Binance Smart Chain (BSC).
Credit & Lending
- Alpha Finance: Cross-chain DeFi platform, including many products, Alpha Lending, Alpha Homora,…
- Cream Finance: Decentralized Lending/borrowing and Exchange platform combined with Liquidity mining feature. Cream is currently running on 2 platforms: Binance Smart Chain and Ethereum.
- Fortube: Decentralized lending protocol developed by ForTube on Binance Smart Chain
- Venus: Defi Platform on Binance Smart Chain (BSC) allows lending and borrowing some Crypto Assets, as well as Minted Stable Coins with other Crypto Assets.
- Hedget: Protocol is built on Ethereum and Chromia. It allows anyone to use collateral to be able to create and trade different options products on the chain. Hedget integrates with BSC platform from October 2020.
- Metalalex: A Decentralized Commodity derivatives exchange in the DeFi space.
- Injective Protocol: Defi Protocol, built on Layer 2, supports Cross-chain and allows anyone to trade many derivative products like perpetual, futures, spot trading.
- Hakka Finance: An ecosystem of financial products and services built on a decentralized network. Including the insurance product is 3FMutual.
- Helmet: P2P insurance protocol on BSC (Binance Smart Chain), allowing anyone to create insurance policies of any type of Crypto asset.
- Soteria: A platform to help share the risks of DeFi projects built on blockchain
- Certik: A blockchain platform for security built with the goal of raising the security standards of DApps and Blockchains.
- BakerySwap: DeFi protocol on BSC that allows creation and trading of NFT Pets.
- BCAEX: A platform that allows buying and selling of Crypto Art, BCAEX also owns its own art collection and has released it on the BSC platform.
- Lootex: Transparent and secure CryptoItem trading platform with decentralized peer-to-peer connection.
NFT & Games
- Bounce: Decentralized NFT Auction Platform on BSC and Ethereum.
- DEGO: The DeFi project aims to improve the utility and value of Non-fungible Tokens (NFTs), through a series of interesting and smart applications.
- Juggernaut: A complete DeFi ecosystem, including a governance system, DeFi synthetics and a place to buy, sell and exchange NFTs.
- Ditto Money: Stablecoin using the first elastic-supply model Binance Smart Chain.
- bDollar Protocol: First Algorithmic stablecoin on Binance Smart Chain.
- Monster Slayer: Algorithm aggregation platform, infinitely scalable, sustainable, and decentralized.
- Poolz: Decentralized trading protocol for cross-chain auctions of Fungible and Non-Fungible tokens (NFT), as well as OTC transactions.
- Anyswap: A decentralized protocol that allows the swapping of tokens on different decentralized platforms.
- Binance Bridge: An inter-chain money transfer bridge between blockchains and Binance Smart Chain.
- JellySwap: DEX allows cross-chain trading on Avalanche, Bitcoin, Ethereum, Harmony, and Binance Smart Chain platforms.
- NerveNetwork: A decentralized digital asset service network that supports major cross-chain assets such as bitcoin, Ethereum, and Litecoin.
- Ren Protocol: The layer/protocol layer can secretly liquidate large amounts of transactions through a decentralized “Dark Pool”.
- Berry Data: Oracle project is built on BSC platform, parties can request data off-chain and miners compete to add this value to online databank, all DApps on BSC are can access this databank.
- MyWish: Ecosystem of smart contracts, designed to integrate high technologies and Blockchain solutions into the field of life.
- NOWNodes: User-friendly platform that provides secure access to all nodes of multiple cryptocurrencies.
- Snapshot: A platform that makes administration of Protocols less expensive and convenient.
- Yieldwatch.net: A free DeFi dashboard that allows users to track the assets of any BSC wallet address.
- Litentry: The first Decentralized Identity Protocol on Polkadot, a decentralized identity aggregator that allows user identities to be linked through a function called Identity Matching.
- Swirge: A social media platform that combines marketplace and decentralized payments
- BSCScan: Blockchain discovery and analysis platform on Binance Smart Chain, the project is developed by the same team that developed Etherscan.
- Keep3r Network: A decentralized work network that helps the project find “Keepers” to execute and maintain the project’s work.
Exchange & Liquidity
- Value DeFi: Platform and product suite that support Staking and Yield Farming, bringing true value and innovation to Decentralized Finance.
- JulSwap: A decentralized exchange similar to Uniswap or SushiSwap on Binance Smart Chain (BSC), the project has 2 tokens, JULB, JULD.
- 1inch.exchange: DEX Aggregator Protocol allows users to trade tokens with the best price in the market and low slippage.
- Linear: A decentralized delta-one asset protocol capable of instant creation of synthetic assets with unlimited liquidity.
- BakerySwap: One of the first Crypto and NFT decentralized exchanges on Binance Smart Chain.
- Spartan Protocol: A 100% community-owned protocol that incentivizes liquidity provision and supports Synthetic Asset.
- StableXSwap: A Stablecoin Focused AMM Built on Binance Smart Chain
- PancakeSwap: PancakeSwap is a decentralized exchange (DEX) that allows trading of BEP-20 tokens (tokens on Binance Smart Chain) thanks to AMM – an automated market-making protocol.
- Unfi Protocol DAO: A group of interoperable, decentralized, non-custodial multi-chain smart contracts. Including products: SEED Bridge, uTrade, uLend.
- BurgerSwap: The First Democratized DeFi Platform on BSC.
- DODO: One Dex – new On-chain liquidity solution with combination of AMM and Oracle, low transaction cost and no Impermanent loss
- ZeeDex: Decentralized exchange, allowing users to trade ERC20 and BEP20 tokens without gas fees.
- BSCX: Ecosystem focused on non-custodial decentralized cryptocurrency exchange operating on Binance Smart Chain (BSC).
- OpenOcean: DeFi DEX aggregation protocol on multiple Blockchains, currently supporting ETH, BSC, TRX, ONT platforms
We will summarize some key points about the Binance Smart Chain ecosystem through the outlines below:
- Binance Smart Chain is an ecosystem with diverse products and spread evenly DeFi Stack ⇒ Attracting many users and developers to BSC.
- The DeFi sector is showing signs of saturation and there are no breakthrough products yet ⇒ TVL’s growth slows down.
- Users show no sign of leaving the BSC system, they are waiting for the “trend” of NFT from the big giant Binance ⇒ NFT could create a short bullish wave.
- Invest with a long-term vision in tokens of the BSC system ⇒ Choose the most prominent projects in key industries and participate in asset optimization methods.
Very energetic and vibrant, those are the words that can describe the current Binance Smart Chain, the enthusiasm not only comes from CEO CZ himself, from Binance but also from the developers, the community of this ecosystem. .
Above is all information about the Binance Smart Chain ecosystem, hopefully you can note down the necessary insights for yourself to find investment opportunities. Good luck!!