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Don't Sleep on Binance Smart Chain DeFi

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@agr8buzz
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You might have noticed BNB and other BSC tokens mooning, it's no fluke.

The Binance Smart Chain (BSC) is rapidly gobbling up DeFi market share largely thanks to the low cost of transacting with the ecosystem compared to Ethereum. What's more is there are some fantastic product offering right out of the gate.

While most if not all BSC projects are in some form of alpha or beta they offer a whole host of finance products ready to scale.

It's also just fantastic timing, as BSC mainnet only went live this past fall following our "DeFi Summer" and right at the beginning of a full blown bull market. Nailed it!

About Binance Smart Chain

BSC is a powerhouse, with a strong set of core offerings.

  • BNB Staking
  • EVM (Ethereum Virtual Machine) Compatibility
  • Cross-chain DeFi Mechanisms
  • High Performance & Low Fees
  • An accelerator in Binance Labs

Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.

I'm not going to say this is an Ethereum killer, but it's a direct competitor that's more than capable of stealing significant market share in terms of Total Locked Value.

Total Locked Value

PancakeSwap is now a Billion dollar business and this article from CoinTelegraph that dropped a day ago helped tip people off to the fact that the Binance Smart Chain and business being built on it are attracting massive amount of value!

According to defistation.io at the time of writing this post BSC has a whopping $9.422 Billion in Total Value Locked.

TVL is an important DeFi metric I've come to appreciate and expect to hear more and more of as the world wakes up to the finance alternatives that blockchain brings.

The Market is Deciding Its Value

We're now seeing the market decide what this ecosystem is worth, and that includes the project being built within.

24 Hour Gains

  • BNB - Up 47%
  • Venus - Up 55%
  • PancakeSwap - Up 77%
  • Autofarm - Up 25%
  • PancakeBunny - Up 11%

A warning before venturing into any of these tokens, I suggest only dealing with ones that have been audited by a reputable source. There are ways of knowing if the project has been audited, for one it's listed on https://www.defistation.io/.

I think security and audits should be front and centre for all DeFi projects that are bursting onto the scene,.. definietly beware of rug pulls.

Ciao for now,

@agr8buzz

Posted Using LeoFinance Beta