Overview of the Binance Smart Chain ecosystem (BNB Ecosystem) and important pieces 2022
What is Binance Smart Chain (BNB)?
Binance Smart Chain (BNB) is a blockchain platform that runs on the Ethereum and Binance Chain operating systems. The Binance Smart Chain project will provide users with Ethereum-compatible, smart contracts through EVM.
The essence of BSC is an advanced blockchain born from the original version of Binance Chain, but combined with running on Ethereum to be able to take advantage of the advantages of this platform. With BSC, assets can move quickly between Blockchains, so cryptocurrency transactions are extremely fast when combined with an improved smart contract .
Highlights of Binance Smart Chain (BNB)
- Low transaction fees
- The network works with pretty good performance, being able to generate each block in just 3 seconds.
- There is DeFi Cross-chain mechanism which increases DeFi interoperability.
- Interoperability between blockchain and Binance Smart Chain is very good, allowing for chain communication and scaling for dApps .
- The rich ecosystem, especially the Binance exchange, is widely used and trusted by the community.
Binance Smart Chain Ecosystem
Data (Aggregate data)
Updating
Oracles (Offchain Data Delivery)
- Berry Data (BRY) is an Oracle project on Binance Smart Chain that offers a trustless and decentralized alternative to Off-chain data. The project also provides the infrastructure for decentralized applications to query data off-chain by incentivizing miners to provide data. Basically Berry Data does not have many highlights, the way it works is also based on paying fees in project tokens like other Oracle projects.
- Umbrella Network (UMB) is a layer 2 Oracle project that provides a scalable infrastructure for the price feed of the entire Crypto market. Umbrella Network supports valuation data of thousands of coins, stocks, real estate, volatility data, etc. The outstanding feature of the platform is its fast speed as well as its very fast scaling with the network. layer-2. The cost of using the platform is also lower than projects running on layer 1.
- Other projects such as Band protocol, Chainlink , Odin Protocal, ...
Lending & Borrowing
- Venus (VAI) is a protocol for building a Decentralized Finance (DeFi) platform on Binance Smart Chain that enables digital asset lending and the creation of synthetic stablecoins backed by other BEP-20 assets. together. Venus allows users to borrow Crypto Assets worth 75% or less of the value of the collateralized Crypto Assets and receive VAI Token (Venus' Stable Coin).
- Alpaca Finance (ALPACA) is a lending protocol at the BSC ecosystem - Binance Smart Chain. For Alpaca, lenders can fully earn a stable source of profit, while providing lenders with leveraged loans and allowing them to optimize profits along with capital. Mortgage. Alpaca's Lending service is a bit similar to conventional lending platforms. However, Alpaca only has EOA, which means that the platform does not allow instant loans to interact with the protocol, thereby making Flash Loan attacks impossible.
- In addition, there are some projects such as Cream Finance, EasyFi, ForTube, Rabbit Finance ...
Wallet
- Binance Chain Wallet is the official Binance crypto wallet for accessing Binance Smart Chain, Binance Chain and Ethereum. Users can use the wallet to securely store cryptocurrencies and connect to thousands of projects on different blockchains. Binance Chain Wallet can be used on Chrome, Firefox and Brave as an Extension.
- Some other cross-platform wallets such as Trust Wallet, MathWallet, TORUS, ...
DEX
- Pancake Swap is a decentralized exchange (DEX) developed on the Binance Smart Chain (BSC) platform. The platform uses an automated market-making model ( AMM ) where users can trade digital assets but do not have an order book to wait for others to match. Pancake is oriented to be BSC's liquidity hub, a counterweight to Ethereum's Uniswap. Despite "late birth" (released on September 24, 2020), Pancake Swap is the so-called "baby" platform of BSC. This exchange has surpassed the previous photos and is the application with the top 1 users on the BSC platform.
- Mdex (MDX) is a decentralized exchange (DEX) that automatically generates a market based on the concept of a fund fund. Mdex proposes and implements a dual-chain DEX model based on Heco Chain and Ethereum. Mdex combines the advantages of the low transaction fees of the Heco chain and the extremely robust development of the Ethereum ecosystem. About the working mechanism of MDX is quite similar to Uniswap or Shushiswap of Ehtereum.
- DODO (DODO) Exchange does not use AMM algorithm like other vendors, but chooses PMM (Proactive Market Maker) to solve problems that AMM cannot handle. The DODO Exchange PMM has a superior volume-to-price curve, the algorithm will automatically react to changes in the Market price to effectively move the price line in the same direction. More specifically, not only does the curve shift, DODO Exchange also unlinks the base currency from the quote currency in a trading pair. This also means allowing liquidity providers to use tokens at their own discretion and reduce many risks.
- 1inch (1INCH) is a DEX Aggregator Protocol that allows users to trade tokens with the best price on the market with low slippage. To do this, 1inch used a smart routing solution – Pathfinder. The platform also develops to create its own ecosystem. On August 10, 2020, 1inch launched its own AMM, Mooniswa (uniswap-like structure). On March 16, 2021, 1inch launched 1inch V3 with security, liquidity and transaction fee improvements.
- In addition, there are many other DEX projects such as Bakeryswap, Burgerswap, Biswap, BabySwap, StableXswap, LeonicornSwap, ...
Liquidity
- DODO (DODO) is an exchange and decentralized liquidity provider. However, instead of using the AMM algorithm like other platforms, DODO chooses PMM to solve problems that AMM cannot handle. DODO works by accepting liquidity provider assets. They pool funds close to market value to provide adequate liquidity to users. DODO works by accepting liquidity provider assets and then pooling funds close to market value to provide adequate liquidity to users. To minimize possible risks with Liquidity Provider, DODO has become flexible in adjusting market prices to encourage arbitrageurs to join and stabilize Liquidity Provider's portfolio. .
Bridge
- Binance Bridge is a cross-chain bridge service that aims to increase interoperability between different blockchains. It basically allows anyone to convert selected coins into wrapped tokens to be used on Binance Chain and Binance Smart Chain. This brings digital assets like BTC, ETH, USDT, LTC, XRP, LINK, ATOM, DOT, XTZ, ONT, etc into the Binance Chain ecosystem. The way of doing Binance Bridge is quite similar to some other platforms that are Wrap coins.
- Anyswap (ANY) is a decentralized exchange that allows anyone to transact on many different chains (Cross-chain), and Anyswap also provides a tool that allows anyone to mine liquidity on Anyswap or use Anyswap as a bridge between chains.
- Some other projects like Nerve Nerwork, xDai STAKE BSC Bridge, Secret BSC Bridge
Asset Managermant
- Tranchess (CHESS) is a tokenized asset management and derivatives trading protocol that resembles traditional financial market investment funds. The way Tranchess works is not like other pure asset management projects like dHEDGE, but uses a tokenization mechanism through 3 different token forms corresponding to investors' profit expectations. Tranchess has 3 types of funds: QUEEN, BISHOP, ROOK. QUEEN is the main fund, ROOK and BISHOP are 2 sub-funds separated from the main fund. In which: QUEEN is for long-term holder – medium risk, medium return; BISHOP is for people who like stable interest rates – low risk, little profit; ROOK is for people who like to play leveraged assets – high risk, but with high returns.
Synthetics
- Linear (LINA) is a protocol that allows the management and trading of synthetic assets by collateral (LINA, ETH, wBTC, etc.). Linear supports Crosschain and non-custodial, using Linear.Buildr to help create and manage synthetic assets.
- Spartan Protocol (SPARTAN) is a synthetic assets platform on the Binance Smart Chain (BSC) network. The project is currently in the deployment phase to V2 version like many names in the ecosystem. Platform uses SpartanSynths – a synthetic asset mining mechanism on Binance Smart Chain
- Some other projects such as Oikos.cash, Tranchess, Horizon Protocol, DEFI100, ...
NFT / Gaming
With the current NFT and Gaming trend developing strongly, it is not difficult to understand that the number of these projects increasing on BSC is very large. However, to evaluate the success of the project, the projects on BSC cannot be compared with a large platform like Ethereum . Some NFT/Gaming projects include: Bake, DPET, ZOON, Bomb Crypto, MOBOX: NFT Farmer, The Crypto You, Second Live, X World Games, ZOO – Crypto World, ...
Payment
Some of the Payment projects on BSC can be mentioned as: Asterix Network, LOTFRIENDS – LFS, French connection finance, Wanda Exchange, BCPAY FINTECH, The Luxury, PAID Network, Believer cards, ...
Yeild Farming
- Alpaca Finance ( ALPACA) offers a wide range of DeFi products , including Leveraged Yield Farming with the ability to maximize the use of capital to farm on AMM platforms with maximum leverage up to 6x
IDO Platform
- Pancakeswap (CAKE) is no longer just an AMM DEX but has become a liquidity hub for the entire Binance Smart Chain system, similar to Uniswap – the liquidity hub for the Ethereum system. Investors can participate in investing in potential new IDO projects through Pancakeswap.
- BSC Launch Pad is the first decentralized IDO platform on Binance Smart Chain.. BSCPad distributes tokens of projects in the form of fair decentralized launch. This form will ensure a reward for participants when they hold a certain amount of tokens required by the platform.
- BakerySwap (BAKE) is also an IDO-enabled platform for projects
Smart Contract
Updating
MeMe Coin
BSC's MeMe coin projects are considered very successful in the market when receiving great attention and investment participation. Some notable projects include:
- Dogecoin (commonly referred to as DOGE coin) is a decentralized digital currency, based on the source code of Litecoin . They were originally a prank created by Jackson Palmer and Billy Markus based on the LuckyCoin source code. Doge coin is not limited in total supply, but at its peak times it reached $0.4 / 1 DOGE, with a market capitalization of more than 43 billion USD. Although there are mixed opinions around this coin, they are still considered the most successful MeMe coin at the moment.
- In addition, there are other MeMe coins such as: Fluffy Inu, Littlemoose, Mommy Shiba Inu, ZooToken, PURR Token, Magic Birds Token, Poopies, SHARPEI, PoorDoge, ...
Above is a detailed summary of the ecosystem of Binance Smart Chain compiled by Hay Mod Game on January 5, 2022, hope they will help you. With the constantly changing market, the information in the article may be wrong and not updated, do not hesitate to leave a comment below so that we can correct it and bring new useful information. Best!