I was not one of the people who ever got into any kind of farming or providing liquidity on ethereum right up until I was given an NFT (Airdrop) and I “staked” that in a mine to mine DEGO. This was just as the gwei costs for smart contract calls and especially NFT smart contracts were beginning to get expensive as I paid about $12 in gas fee’s to receive my NFT then to Stake it. On the bright side if I wanted to sell that NFT it is worth around $80 but in order to do everything I need to do to sell it I would spend nearly $2,000 in gwei, yeah, no thank you. So needless to say this same project switched quite quickly to both be an ETH based and BSC based project and I have not even looked at my ethereum based end since they made the switch. There are countless projects that are either splitting off to run on BINANCE Smart Chain as well as Ethereum and there are projects that are just dropping Ethereum as a platform to build on all together. By the way, the main image is because I utilize Binance Smart Chain to breed Alpaca and earn ALPA tokens and I think it is both a game, and a hilarious form of farming!
Options:
I won’t go any further into the comparison between Ethereum and Binance Smart Chain but I will gladly discuss the options available on BSC as well as what ETH based platforms they can be compared too. For starters Pancake swap is not far behind Uniswap in terms of liquidity, TVL, and token pairs available (with far less scam tokens thus far). Then we have Beefy Finance which I like to compare to something like YFI where you get some extra benefits by utilizing their platform to stake on the other platforms. Then we have my current favorite which is called AutoFarm, this allows you the ability to stake other platform LP’s and earn interest on those LP’s while also earning a pretty decent interest on the native Auto token. Now I am still considering the fact that I am early to the game when it comes to DeFi on BSC as the “larger” projects are still quite small and the newer projects that are popping up are only beginning to get started. A couple that I am watching is Sponge finance, and Dank Swap, as well as NyanSwop (this is only because they had an exploit and are still working to get the early degens their money as far as I know at this point). With the sector on BSC still being as new as it is there is no doubt going to be some great projects starting and great projects that will continue to see great growth.
Wallet:
The only reason I am actually writing about a freaking wallet in a Binance Smart Chain article is because it is directly a Smart Chain wallet. The UI is incredible, the ability to move from Dapp to Dapp and the latency of any action is incredibly low when compared to others. It is also directly integrated into the Binance Smart Chain similar to the way TronLink is integrated into the Tron Blockchain. When logging into any Dapp you have the ability to use your BSC wallet and as they continue getting bugs worked out it will eventually connect automatically. As some of you may not know but I am talking about the SafePal Wallet, not only does it offer the full suite of BSC it allows people like me in the US to take advantage of being able to trade through the wallet on Binance.com. Hopefully this feature will not be removed or restricted for some countries because that was a huge aspect that had me excited!
Cautions:
I just want to heed caution to anyone that uses Binance Smart Chain, even more so than ethereum as it is slightly newer with the ability for quick exit scams that were all too common on ethereum. When you combine the extremely low fees in BSC with the exponential growth it’s seeing it’s only going to be more common that rug pulls and scams are all over the place.
Thank you for taking the time to read my article. I hope this has helped give some information and encouraged people to do some more research! Any comments are greatly appreciated!
~Trever Russell
DISCLAIMER:
I am not a professional financial advisor, all information within this article is personal opinion based on my experiences, nothing in this article is meant to serve as financial advice and shall not be construed as financial advice in any form. The sharing of my personal experiences is for entertainment purposes and I nor cryptowriter can be held liable for any information which has been misconstrued and wrongfully utilized as financial advice.
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