Hello to my friends who love life and keep smiling despite all negativity. In this article, I will tell you about the defi status and projects on the BINANCE blockchain.
The ideas in this article are not investment advice.
Let's start…
The data and graphics that I take as basis are taken from Defistation. First of all, what are Defistation and Binance smart chains?
Defistation is a DeFi leaderboard and analytics website for decentralized finance projects built and running on the Binance Smart Chain. This project is developed and maintained by Cosmostation and funded by Binance. You can monitor the total value locked to DeFi projects on Binance Smart Chain in real time. The metrics and graphs displayed on Defistation provide insight into the increasing trends and movements in decentralized finance.
Binance Smart Chain is an Ethereum Virtual Machine (EVM) compatible Proof-of-Stake network built by Binance. Users can create decentralized applications and digital assets on the Binance Smart Chain to take advantage of fast transaction speed and robust security. Applications initially built on Ethereum can be easily ported to the Binance Smart Chain and allow for an inclusive ecosystem with a multitude of use cases. Decentralized finance projects built on the Binance Smart Chain can enjoy a fast block time of ~ 5 seconds and take advantage of Binance-created live ecosystem tools such as the Panama cross-chain transfer feature and more.
Total Value Locked in DeFi 6,976 Billion $
Currently, 35 defi projects are operating on the Binance smart chain.
Top 10 projects according to the locked amount
I will give you information about the first 3 fashion projects ...
VENUS
The Venus Protocol (Venus) is an algorithmic based money market system designed to bring a complete decentralized finance-based lending and loan system to the Binance Smart Chain. Venus enables users to utilize cryptocurrencies by providing collateral to the network that can be borrowed by committing to over-secured cryptocurrencies. This creates a safe lending environment where the lender pays interest on the borrowed cryptocurrency while the lender receives compound annual interest rate (APY) per block.
PancakeSwap
PancakeSwap is one of the top liquidity providers in BSC in terms of clearing volume, active users, and gas fee contribution to the BSC ecosystem. The unique gamification program distinguishes PancakeSwap from other AMM protocols, providing stronger incentives for user engagement and more token use cases.
AutoFarm
AutoFarm brings together the best safes in BSC and implements optimal strategies to maximize users' productivity. The AUTO token is the platform's native token with a maximum supply of 80,000. AUTO owners charge a small fee for profits from Autofarm vaults. It will be distributed to platform users until approximately November 2021. Pre-sale, no pre-farm. AUTO owners will also benefit from the expansion of the otofarm ecosystem. Expansion plans include a highly efficient DEX aggregator.
When we look at the data, defi projects using the Binance smart chain are increasing day by day. Serious competitors began to emerge for Uniswap, one of the important projects of the defi sector. It should be followed closely.
I will share my experiences at Venus and PancakeSwap with you in the coming time… It would be good for you to follow me…
The gas fee amount made on the Binance Smart chain is very low compared to the Ethereum block chain gas fee amount. For example; The gas fee is $ 30 on the Ethereum network, and $ 0.5 on the binance smart chain.
You can connect to defi projects on the Binance Smart chain with Metamask (You must set up for Binance Smart chain) and Binance Chain Wallet (ready for Binance Smart chain). You can view my article on Binance Chain Wallet. There is also a configuration link for Metamask.
Finally, I want to draw our attention to an important issue.
**Important Note: The number of Binance Coin (BNB) locked on the Binance Smart Chain is 29.4 million. The maximum supply of BNB is 170 million units. Binance CEO Changpeng Zhao declared that his maximum supply will be gradually reduced to 100 million units. I think the ratio of Binance coin (BNB) in circulation will decrease in the near future. I think the Binance Coin price will go above $ 500.
Yes, my friends, I hope my thoughts shed some light on you.
As I always said, listen to everyone, decide for yourself ...
I'm looking forward to your comments. Thanks to your comments, we can shape my next articles together. Let's stay in touch… Take care of yourself so that you and the people around you are happy…
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