Gas fees on the Ethereum network have continued to rise. Even though Ethereum’s Beacon Chain is increasingly attracting support, the fact remains that Eth2.0 is still too far into the future to be a solution to today’s problem. This has led Defi developers to explore other blockchains that could offer lower fees and faster transaction times.
There are already a few Dex solutions native to the BINANCE Smart Chain (BSC).
Pancakeswap is a decentralized exchange, built on the Binance Smart Chain. You can trade, or provide liquidity to a trading pool. You can also earn by staking various tokens, or farm your Liquidity Provider tokens to increase your earnings. This protocol even has a lottery. This Dex has its native token CAKE currently valued at USD 8.66.
Bakeryswap is also a Dex. That means you can trade and provide liquidity here. But you can also buy NFT, gamble and earn by staking. The native token for this protocol es BAKE, currently at USD 0.86.
Burgerswap was the first Project launched in BSC, back in September 2020. You can trade for all BSC based tokens. You can get BURGER token by trading or providing liquidity, it is valued at USD 3.45 currently.
Anyswap is an interesting Dex because on top of the standard trading functions it also allows the user to bridge over tokens from other chains. Their native token is ANY, currently valued at USD 2.81 according to Coinmarketcap.
And now 1INCH has launched its BSC solution. Users can have access to all these Dexs when quoting trades. The similarity between the Ethereum and Binance’s smart contract handling makes it easier to transact between these two protocols.
As you can see in the screen print above, you can even switch networks when logging into 1Inch with a wallet like METAMASK that can support either chain.
You can convert your ERC-20 (Ethereum network) tokens to BEP-20 (BSC network) using Binance Bridge. Once you do that you can easily trade using these BSC Dexs with much lower network transaction costs.
High Ethereum gas costs will probably keep pushing users to other blockchains. We can expect continued growth in alternatives such as BSC, Polkadot, and Ethereum layer 2 solutions until a final Eth2.0 solution arrives.
