In an explosive manner the BNB price reached 300$ at the moment of writing this. The main reason is the Binance Smart Chain! DeFi on BSC has been growing more and more. The high fees on Ethereum have pushed a lot of users towards BSC. Meanwhile more and more apps have been build on BSC and the transition to BSC made more attractive. It is also ETH compatible, users can move there with metamask and devs can build whatever they were building on ETH.
BSC is a PoS chain runed by validators that are elected by BNB holders. So the question of true decentralization remains.
One of the reasons for the BNB growth is because everything on BSC operates with BNB. Fees although small, but you need some BNB for them. Then the pooling. Almost every token and new defi app is pooled against BNB, locking a lot of BNB in a defi pools. At the moment of writing this there is more than 30M BNB locked in defi on BSC.
Now that BNB have went parabolic and there is a lot of possibilities out there what are some of the options if you want to get involved and gets a piece of the action.
I have been exploring the BSC chain for a few months now and have tested all the apps bellow. They are reasonably safe, but with crypto you can never be 100% sure.
Pancake is the place to go if you want to provide liquidity and farm the CAKE token. It is a DEX on the BSC chain combined with farming and syrup pools. At the moment there is 3.8B in total locked value. Almost 4 billions, and it has flipped Uniswap.
Farming is a two step activity here. First you provide the liquidity, and then you stake it in the farms.
Note, you can earn as a liquidity provider only by providing liquidity, without the staking part as well. But when you stake it you earn more as a CAKE incentives. You should be aware that you are giving up from the fees from the native tokens that you have pooled.
There is a bunch of option for pooling here, the BNB-CAKE pool as the most attractive with around 150% APY atm. There is also a stable coins pool for around 60% atm.
CAKE is an inflatory token, meaning its supply will keep increasing.
Autofarm is on of the platform that have seen an explosive growth, both in terms of price and total value locked [TVL]. In about two weeks it has grown from under 100M to 1.5B in TVL.
Autofarm is a yield aggregator and optimizer, meaning it is pooling liquidity from different defi apps and rewards you with its token on top of it.
It is quite easy to use, with a lot of single options, meaning no impairment loss and a lot of stable coins options. APYs are crazy high now from 100% to 500%.
For the single tokens you can stake directly from the app, if you have them in your wallet. For the pairs, LPs tokens you will need to provide liquidity on pancake first and then stake it here.
Autofarm is also know as one of the platforms with the lowest fees.
AUTO has a capp of 80k for the token. It is currently rewarded to LPs, until somewhere in October, when no more tokens will be issued and the rewards will be only from fees generated on the platform.
ACryptos is another Autofarm like platform. It is quite simple at first look, but it has some more advanced options like providing APY in the native pooled tokens plus the ACS token on the platform.
At the moment it has more than 500M in TVL.
For the staking, the same goes as for Autofarm, you can stake singles directly on the platform and the liquidity pairs first on pancake and then here.
ACS is also capped token, somewhere around 1.9M.
The name of this can be a bit confusing with the original pancake, but the extra here is the bunny. More than 400M in TVL on the platfrom at this moment.
Both in the name and in the token as well.
This platform has one of the most lucrative APYs on BSC now, without the doubt of being a scam. At this moment there is a 200% APY for stable coins and 1000% for BNB-CAKE. These will most likely go down in a few days. Or not 😊.
It rewards its users with two tokens, CAKE and BUNNY. It also has option for the pairs, do you want the native tokens as rewards + BUNY or CAKE + BUNNY (CAKE maximiser).
For most of the pairs on bunny you will need to add the liquidity on pancake first and then stake it on pancakebunny.
Be aware there are fees when unstaking in less than three days.
Beefy was one of the first yield aggregators on BSC, starting from October 2020. It has done OK in the past period in term of TVL and price, but not as explosive as the above. It has all the options like staking singles, stables and liquidity pairs.
One of the most interesting side of the beefy app is that they list fast new small caps tokens that can give out an unbelievable APYs in the first days.
The BIFI token is capped at 80k, but it is not rewarded to LPs currently.
A lot of opportunities on the BSC chain right now. These are some of the most prominent platforms and there are a new one coming out every day. The level of growth is coming to near hysteria levels right now. It is always good to try out new things, but always be comfortable with the investments you are willing to put in these platforms. Meaning don’t invest more that you are willing to loose.
All the best
Posted Using LeoFinance Beta