Binance has earned itself the status of a top brand in the crypto economy within a short period. With its leading cryptocurrency exchange platform, it is well known for offering a great trading experience for both beginners and seasoned investors.
To pay transaction fees and support the Binance ecosystem, it has its native coin called BNP. Due to congestion issues on the Ethereum network, Binance introduced its blockchain to host BNB and trade other currencies.
Binance Chains are also called the home of BNB currencies, with the objective of a faster transaction experience. Binance chain first came into being in 2019, and from that point on, it make sure to provide the quickest and most decentralized trading. Binance is built on new Blockchain technologies and provides a full-featured decentralized environment.
In addition, it has various other characteristics to support cross-chain compatibility, ensuring that the users get the maximum benefits out of both chains. In this article, you will learn everything you need to know about Binance Smart Chain Defi projects. Here we go.
Evolution of Binance Smart Chain
In 2017, the term Binance and BNB got a highlighted spot in the ecosystem of the crypto smart chain. Soon after three years, it got global recognition. As Binance and BNP go hand in hand, they both grew bigger and stronger with time.
BSC entered the market in time for the Defi revolution, in a result, it got a huge acceptance from the public as the public has increased interest in alternative financial solutions and use cases powered by blockchain. Today, both Binance and BSC are the second most widely used networks for dApp development. Binance Smart Chain Development is the most reliable platform for dApp.
What Can You Do With Binance Chain?
In the same vein as Ethereum’s ERC-20 token standard, Binance Chain offers a platform for issuing and displaying its BEP-2 token. Having a robust background, it offers better liquidity options.
Binance Chain uses its BNB token to pay transaction fees, and offer various rewards and discounts to the participants in this network. Here we came up with the Binance smart chain list of everything you can do with BNB on the Binance Chain:
- Purchase, send, and receive Binance coins (BNB)
- Issue and showcase BEP-2-based tokens
- Freeze, unfreeze, burn, and mint tokens
- Take part in Binance governance
- Proposal and create trading pair listings for tokens
- Receive DEX market data and create maker/take orders
How is Binance Smart Chain different from Ethereum?
Because the Binance smart chain has been built to be compatible with Ethereum, many of its features and functions are like Ethereum’s. However, it does not mean that BSC is a carbon copy of Ethereum. On the contrary, they have their differences, which are listed out below:
- Validator staking requirement for Ethereum is a stake of 32 ETH, whereas, for Binance smart chain defi projects, it is the stake of at least 10000 BNB to become eligible.
- Ethereum’s branding is not under the name of the company, but for Binance, it is under the name of the company.
- The Binance smart chain defi projects have a larger centralization of validator numbers than Ethereum, which has a smaller centralization.
- BNB, which stands for built-in built (formerly called Binance Coin), is the blockchain gas token that is used to “fuel” transactions on BNB Chain.
Now the token has reached over 1.5 million holders. Throughout the entire ecosystem of the BNB Chain and Ethereum, it has a wide variety of use cases, including fee discounts on Binance, paying for transaction fees on BNB Chain, making in-store payments, and many more. But more than this, Binance Coin was one of 2021’s best-performing cryptocurrencies, netting holders a staggering 1,280% profit last year alone.
Exciting Project Adventures of Binance Smart Chain
Binance smart chain Defi projects introduced us to various exciting opportunities. Take a glimpse of some projects that are very helpful and useful.
Despite its whimsical name, PancakeSwap is the most popular dApp on BNB Chain. Now, it comes with an entire suite of Defi applications, including a decentralized exchange, yield farms, prediction markets, and NFT marketplace, and more.
Its monthly user base has reached over 4 million, with a dramatic increase in the expectations of becoming a top-notch project.
Chainlink allows blockchain-based projects to easily integrate data feeds from off-chain sources, which might include IoT sensors, stock markets, centralized databases, and more.
– Baby Dog Coin
Launched in June 2021, Baby Doge Coin is an enhanced version of the ever-popular Dogecoin. The token is one of the most widely distributed assets on the BNB Chain, with over 1.3 million holders. Elon MuskThough Baby Doge Coin is a hyperinflationary meme coin. It also supports a wide range of charities and dog rescue initiatives.
The most ambitious project of BNP is swipe. It came to improve the spending and usability of cryptocurrencies in the industry. Swipe entered the ecosystem of Binance in December last year after the tech giant moved from majority ownership to sole ownership of the company as part of its plans to expand the availability of its services.
There are still a lot of opportunities in the pipeline for the Binance smart chain token development. It has various growth opportunities to expand its profit through the crypto sphere as new Binance smart chain projects keep going on with more exciting features than Ethereum.
If you are planning to develop a token on Binance smart chains, it is very important to understand the benefits that the chain will offer. Hashlogics offers top-notch development of tokens on the Binance smart chain and end-to-end secure blockchain products.