Binance Smart Chain is certainly is not facing any major issues when it comes to booking progress in the market. It’s amazing how the technicians and programmers of the Binance Organisation have been able to push through updates and rolling out releases around the Binance Smart Chain Public Release Phase.
The Binance Smart Chain boasts faster and cheaper transactions than the Ethereum Network, which is excellent for De-Fi users. Binance Smart Chain is aiming to provide one of the fastest and smoothest blockchain solutions available worldwide. With the latest information being available about the next plans of the Binance Smart Chain many projects on the Ethereum blockchain have stated that they will leave the Ethereum blockchain to continue their journey on the Binance Smart Chain
Introduction to Binance Smart ChainThe Binance Chain is a fast chain but has little support to run decentralized apps (Dapps) or decentralized exchanges (DEX). To continue innovating in the Decentralized Finance (De-Fi) space, Binance launched the Binance Smart Chain (BSC) in April 2019. The two chains run side-by-side, known as a “layer two chain” or “off-chain.” This means that both chains run independently from each other. Even if the Binance chain were to go down, the BSC would still be able to run. The BSC offers ease of access as it is entirely Ethereum Virtual Machine EVM (EVM) compatible. The EVM makes it easy for developers to port their Ethereum projects onto the BSC. While the BSC is compatible with existing ERC-20 tokens, the BSC uses its own, the BEP-20 standard. This makes it possible to “peg” any existing coin onto the BSC.
The Appeal of Binance Smart ChainThe cheap and fast transfers make it much more user-friendly, especially when using De-Fi apps, which require large amounts of transactions. Binance has launched Panama, which makes it effortless to begin using the BSC. It is a cross-chain bridge, making it easy to put funds on and off the chain. On top of this Binance aims to stimulate the BSC through the $100 million accelerator fund. The accelerator fund was set up to encourage high-quality De-Fi projects to build on the BSC. A few projects already have a percentage reserved to provide liquidity, these projects are DEX Automated Market Makers (AMM). The best-known ones being PancakeSwap and BakerySwap. Since the BSC is still young, new projects are born every day, and the user count has been increasing day by day.
Defi on the Binance Smart ChainThe BSC is growing every day, both users (unique addresses) and projects. Many De-Fi projects are innovating on the BSC, such as PancakeSwap, BakerySwap, NarwhalSwap, ThugsFinance, BurgerSwap, SoftdrinkSwap, and many more. Unfortunately, not all projects have good intentions. There have been several so-called “rug-pulls” where the contract creators took all of the invested tokens from users or could mint new coins and sell those, ultimately draining the liquidity. This has been an issue as more projects began to flood the De-Fi space during the market’s top in August. On top of this, many De-Fi tokens are very volatile and contain high-risk associated with them. For this exact reason, it is always good to do your research before spending your money on new projects.
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.