Binance launched Binance Smart Chain (BSC) in September 2020 as an innovative solution to bring programmability and interoperability to Binance Chain. Since then, there have been many different projects that have expanded on it.
In view of Ethereum’s inability to harbor the high amount of transactions that the DeFi boom has brought to the industry, both users and DeFi protocol operators are in search of alternative solutions to build on. That’s one void Binance Smart Chain aims to fill.
Hence, we decided to curate a list of the top projects on Binance’s new blockchain.
What is Binance Smart Chain?
Table of Contents
Binance smart Chain or BNB smart chain is a decentralized blockchain platform supporting DApps and other large-scale applications, including GameFi, SocialFi, and the Metaverse. Binance smart chain, a proof-of-stake blockchain, is compatible with the Ethereum network, allowing users to build DApps and even migrate to Binance smart chain.
Following are the features of the Binance Smart Chain
- EVM compatible
- Consensus Layer
- Hubs to Multi-chains
- High transaction volume possible
- Based on the Proof-of-stake consensus mechanism
Since its inception in September 2020, Binance smart chain has witnessed explosive growth over the last two years, with several projects being rolled onto it. Further, this blog will talk about 5 top binance smart chain projects for 2022.
Binance Coin
Source: https://seeklogo.com/vector-logo/325081/binance-coin-bnb
Binance coin is the cryptocurrency launched by the Binance exchange. Initially based on the Ethereum network, it is now the native currency of Binance’s blockchain network.?
BSC launched its IPO(Initial coin offering) in July 2017, with a strict upper limit of 200M BNB tokens.
Binance performs Binance coin burning periodically, permanently destroying one-fifth of its profits worth of binance coin.
Initially a utility token, the Binance coin’s use cases have been expanded to include paying transaction fees on Binance.com, Binance DEX, Binance chain, paying for travel bookings, online purchases, and more.
Going by market capitalization, BNB is the fifth-largest cryptocurrency behind Bitcoin, ETH, USD Tether, and USD coin.
Additional Resource: Binance Launchpad: The Ultimate Guide
PANCAKESWAP (CAKE): Decentralized Exchange
PancakeSwap is an Automated Market Maker (AMM), running on top of BSC. It works not only as a DEX but also as a decentralized finance (DeFi) security services provider. In terms of functionality, it is almost identical to UniSwap (UNI) and SushiSwap (SUSHI).
PancakeSwap offers features including trading, earning interest on different yield farms, the NFT marketplace, and participating in the PancakeSwap Lottery.
The PancakeSwap lottery allows users to match 4 numbers on the tickets they purchased and win 50% of the entire lottery pool. However, users that match 2 or more numbers in the correct position are also guaranteed to win a reward.
The total incoming value to dApp’s smart contract is $8.13M and the volume in 24 hours is $23,684,576.
With the daily active users hovering around 4M on PancakeSwap, it is considered one of the most prominent DApp running on the Binance Smart chain platform.
Baby Dogecoin
Launched in June 2021, Baby DogeCoin is an enhanced version of the Dogecoin cryptocurrency, grabbing the attention of the dogecoin community. Elon Musk’s tweet on BabyDogecoin heightened its popularity, increasing its value by twice within a few days.
A younger sibling of Shibu Inu, BabyDoge attaches a social cause of saving dogs by being a partner to Paws with Cause.
It is one of the most disturbing assets on the BNB smart chain, with over 1.3 million holders.
Just a heads up before you think of investing in this cute dog, it bites very hard, being a high-inflationary asset on the BNB smart chain.
Venus
Venus enables the world’s first decentralized stablecoin, VAI, built on the Binance Smart Chain, backed by a basket of stablecoins and crypto assets without centralized control. It works as an algorithmic money market system, aiming at bringing a decentralized lending and credit system to the BSC.
The BEP-20 standard binds all Venus protocol assets. Funds held within the protocol can earn APYs based on the market demand for that asset. Interest is earned by the block and can be used as collateral to borrow assets or mint stablecoins.
Venus is currently one of the most significant projects of the BSC and manages total liquidity of $639,802,860.12.
Swipe
Launched to enhance the useability and utility of cryptocurrencies, Swipe is a multi-asset crypto ecosystem offering several crypto-related services. The platform offers crypto debit cards, multi-currency wallets, issuance of customized debit cards, payment solutions, and borrowing, among others.
A card payment infrastructure for crypto assets, Swipe was taken over by Binance in December 2021. SXP is the native token of the swipe platform.
Few things to consider before investing in BSC Smart Projects
Like any investment option, investing in blockchain space has its own set of precautions.
Here are five tips you can consider before investing in a Binance smart chain project.
Five Things to consider before investing in BSC Smart Projects
- Analyzing the Whitepaper
Whitepaper for any blockchain project contains the aim and use cases of the project in question. This can help you determine if the realistic goals have been highlighted.
- Assess the project team.
Look into the team member’s experience creating blockchain initiatives, particularly one with a solid reputation. This evaluation’s aim is to inspire trust in a project where a knowledgeable team is in charge.
- Scrutinize token economics
The stability of the token involved in the project has an imperative role in bringing the required steadiness to the project. Ensure the token is legitimate to be held by investors, not just for buying and selling.
- Ascertain legality issues
Ensure the BNB project you invest in involves currencies with no illegality issues within your jurisdiction. Scrutinizing that the regulatory authorities have not banned any such investment.
- Check if it has regulatory backing.
Regulatory approval or backing by a legal asset such as fiat currency in the case of a stablecoin could be icing on the cake. For instance, among the options discussed in our discussion, Swipe ensures compliance with KYC for all its regulatory approval in place.
Sum Up
Many other protocols and platforms are running on top of the Binance Smart Chain, and we can expect an increase in number as the blockchain stabilizes even further. This post intends to increase the community’s awareness of BSC. Check out our other blogs related to the BSC on our website.
If you are planning to launch your dApp, get a dApp security audit to clear any attention from the malicious entities that may be eyeing your project! Connect with the leading top smart contract auditors at ImmuneBytes and get your project a hassle-free third-party audit.
About ImmuneBytes
ImmuneBytes, a blockchain security audit company, offers enterprises and startups comprehensive smart contract auditing solutions for their applications to have a secure commencement. Our journey begins with an aim to foster security in the upcoming blockchain world, improving the performance of large-scale systems.
However, blockchain fosters a secure transactional environment, and applications built on this technology come with their own set of vulnerabilities. As there is no scope for alterations in blockchain transactions, a thorough evaluation is imperative to prevent further loopholes from turning your project into an extravagant exploit.
ImmuneBytes administers stern smart contract audits, employing static and dynamic analysis and examining a contract’s code and gas optimization, leaving no escape route for bugs.
Additional Resources
A BEGINNER’S GUIDE TO UNDERSTANDING BINANCE SMART CHAIN (BSC)
BINANCE SMART CHAIN: THE ULTIMATE GUIDE
What is Binance Smart Chain Faucet