5 Melhores projetos DeFi BSC |→Binance Smart Chain Protocolos & DApps 2024

One of best exchanges of cryptocurrencies Binance launched a new parallel blockchain for Binance Chain – called Binance Smart Chain (BSC) – to provide an alternative blockchain network for DeFi and Web 3.0 applications.

In this guide, you will learn about Binance Smart Chain (BSC) and discover a list of the top five DApps on the BSC.

What is Binance Smart Chain?

Binance Smart Chain is a parallel blockchain to Binance Chain, Binance's original blockchain.

BSC is different from Binance Chain in that it supports smart contracts, decentralized applications (DApps) and is Ethereum Virtual Machine (EVM) compatible. DApp support means people can launch decentralized finance (DeFi) projects on the BSC. In addition, BSC is cross-chain compatible, allowing users to transfer assets between Binance Chain and Binance Smart Chain.

BSC uses a consensus mechanism called Proof of Staked Authority (PoSA) and has a block time of about three seconds. Participants need to bet on BNB, the native cryptocurrency, to become validators. Validators are rewarded in the form of transaction fees.

Since the launch of BSC in September 2020, the platform has grown substantially. Blockchain daily transaction volumes increased by 300 percent year-to-date as of February 10, 2021, surpassing Ethereum’s daily transaction volumes by 30 percent.

The initial success of Binance Smart Chain can be attributed to its low transaction fees, fast processing speeds, and Ethereum Virtual Machine compatibility, which makes it easy for developers to switch from Ethereum to BSC. 

Top Binance Smart Chain DApps

BSC is becoming a popular Ethereum alternative for launching DeFi protocols and deploying decentralized applications. Below is a list of the top five DApps on the BSC based on dollar amounts locked in smart contracts, according to data provided by DApp Radar.

Check out:  Ranking 5 Anonymous Cryptocurrencies 2024: Privacy Coins → Technologies and Examples

PancakeSwap

PancakeSwap is an automated market maker (AMM) built on BSC that allows users to trade digital assets running on BSC. Furthermore, PancakeSwap allows DeFi investors to gamble and participate in asset profits and earn high APYs on their virtual assets.

A Binance Smart Chain compatible wallet is required to use PancakeSwap, such as Trust Wallet or MetaMask. The blockchain architecture allows the Ethereum MetaMask wallet to interact with BSC DApps. Then you go to the website and connect your wallet.

At this point, you can start using the platform to exchange Binance Smart Chain (BEP20) assets, provide liquidity to trading pools to earn trading fee income, and liquidity provider tokens to earn agricultural yield rewards.

You can also play the lottery on PancakeSwap to earn rewards and register to win a special NFT. The platform has an Initial Farm Offer (IFO) page where users can access new tokens that have been released.

PancakeSwap is the largest automated market maker (AMM) on the BSC and was released by anonymous developers. The protocol was audited by CertiK – a company that offers security audits for blockchain projects.

The total amount locked on this platform was US $ 11 billion at the time of writing.

Venus

Venus is a DeFi lending platform on BSC that allows users to borrow against collateral without having to go through a credit check. On the other hand, lenders can deposit funds into a loan pool to receive an above-average variable APY on their digital assets.

The platform has two BEP-20-based tokens: VAI and XVS. VAI is a stable currency pegged to the US dollar, while the community uses XVS for governance and voting. Users can mint VAI on demand after releasing a minimum of 200 percent collateral and receiving XVS as an incentive to contribute liquidity to loan pools.

Check out:  2 Melhores carteiras EOS 2024

To earn interest on your digital assets using Venus, you need to connect a Binance Smart Chain wallet to the DApp. Next, you need to choose which asset you want to deposit and confirm the amount you want to borrow. To complete the process, you will need to sign the transaction using your BSC wallet. You will start earning interest as soon as the next Binance Smart Chain block is found.

The Venus community controls the governance of the protocol, while Swipe is the project behind the protocol. Currently, Venus has a total locked value of $ 2.7+ billion.

Autofarm Network

Autofarm Network is a DeFi platform that provides DEX and performance aggregator. The platform offers vaults that “automate the best yield farm opportunities”. They perform automated actions, such as using assets as liquidity and collateral, and automatically compounding earnings.

Autofarm also offers an auto-swap feature that allows users to switch from one token to another. This feature is in the public alpha stage of development.

Like all other DeFi platforms, you need to first connect your wallet. Autofarm supports MetaMask, Wallet Connect and Binance Chain Wallet. The platform offers cross-chain products in BSC and Huobi ECO Chain (HECO).

The total amount locked in the smart contract of this platform is more than US $ 1.8 billion.

ApeSwap Finance is an Automated Market Maker (AMM) built on Binance Smart Chain for agricultural production and deployment. It is a decentralized exchange that gives users access to different financial markets for loans, payments, betting and derivatives. Also, through alternative savings, users can get tokenized assets.

The protocol aims to decentralize most aspects of the traditional financial sector such as credit, insurance and others. Most of these services remain inaccessible to most members of society, especially those at the base of the pyramid and in underdeveloped countries.

Using blockchain services and crypto tokens, ApeSwap Finance brings solutions to the challenges of centralized finance. Some of these issues include mismanagement and third-party influences, hacking risks, arbitrary fees, and others. Thus, the protocol works as a replacement for institutions centered on lending, insurance and derivatives.

Check out:  4 Melhores jogos para ganhar criptomoedas 2024 |→ top sites e app

Ellipsis Finance

Ellipsis Finance is an authorized fork of Curve Finance that runs on the Binance Smart chain Network. Like Curve, Ellipsis Finance allows the exchange of stablecoins. The platform was launched in March 2021 and will be supported by the Curve Finance team as its parent fork.

Ellipsis Finance will retain Curve Finance's core value. This means that users will not incur any fees on deposits and withdrawals. In addition, there will be extremely efficient stablecoin swaps and no liquidity locks.

The exchange rate on Ellipsis Finance is very attractive to users, being fixed at 0.04%. Furthermore, through providing liquidity, traders can farm the protocol tokens.

Conclusion

Investing your digital assets in DeFi protocols is considered a high-risk cryptocurrency investment practice.

DeFi protocols on Binance Smart Chain are still relatively new and may have code vulnerabilities that are still unknown and that hackers can exploit. Also, many DeFi apps were built by anonymous teams, which means there will be almost no legal recourse if funds are lost due to operational errors or theft.

To avoid these risks, users should only invest what they can afford to lose. Additionally, investors are encouraged to conduct their own research before depositing funds into any DeFi protocol.