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About the Binance Smart Chain ecosystem
Binance Smart Chain is one of the most prominent ecosystems today when it is only in a very short time compared to the opponent that has attracted more than 290 integration projects. With the feature of solving network congestion and extremely low fees, BSC also supports EVM to make it compatible with Ethereum, Binance Smart Chain has attracted a lot of developers from Ethereum – famous for its platform. Dev best quality.
Binance Smart Chain last week combined with many prominent names in the market such as Polkastater, BagderDAO, UniLend, … and most notably released two tools BSC Studio and Build Reward Program to attract developers to come. with Binance Smart Chain. So which flag will Binance Smart Chain launch this week?
Ambition to bring the whole world of Defi to Binance Smart Chain
Continuing from the previous Series, I will follow and update you with the latest information from Binance Smart Chain’s handshakes with outstanding projects in Defi. In the previous post, the number of dapps on Binance Smart Chain is already 290 projects. You can refer to that article here.
So what do you think the future will be? 300-500 or 1000 projects, with such a rate of expansion, this is entirely possible. Binance Smart Chain does not stop at one field, from infrastructure to storage wallets, BSC attracts diverse partners to its platform.
So what outstanding platform has BSC integrated this week? Invite you to learn more below.
Apyswap is a platform that helps users Tokenizing Crypto Asset (Tokenize LP Tokens, Yield Farming Token), which are used on Layer 1 blockchain platforms (Ethereum, Polkadot, …), will interact on Layer 2.
UniLayer is a decentralized trading platform built on top of Uniswap. However, UniLayer will bring a better experience with features such as charts, analysis, command book, … to help increase the experience and utility for Uniswap users.
Mantra DAO is a Subtrate building platform of Polkadot that provides a place for users to participate in tasks in Defi such as Staking, Lending & Borrowing, Governance, Swapping right on MantraDAO.
Soteria is a platform that provides insurance on the BSC. With Soteria, users can participate in a hedging fund, claim assessment and risk assessment in case Defi projects are attacked by hackers.
FinNexus is a Defi protocol that allows users (developers, service providers, and project participants) to easily interact with the blockchain. FinNexus focuses on financial services related interactions.
VIDT Datalink is a data authentication platform based on blockchain technology. VIDT Datalink allows organizations to protect their digital data from fraud and manipulation. Organizations like Nyenrode, AmSpec, and IBM use VIDT Datalink to validate and secure digital documents such as certificates, invoices, diplomas, and sensor data.
Defi Dollar is a project active in the Stablecoin array. Defi Dollar token is DUSD and was created to protect users from the risks if Centralized Stablecoins like USDT or USDC happen unintentionally.
Juggernaut is a Defi platform for NFT. With Juggernaut, users can join NFT easily through marketplace, staking. Especially support and provide solutions for projects that want to operate in the NFT sector.
EasyFi is a project that works in the Lending and Borrowing array. A special feature is that EasyFi wants to solve Ethereum’s congestion and scalability problem with a Layer 2 solution with partner Polygon Network.
BSC – An ecosystem that grows every hour
Binance Chain Lowering Fee
Due to the price change of the BNB token, the Binance Smart Chain community has adopted a proposal to further reduce the user action fees. More specifically, Binance Smart Chain will reduce transaction fees for Asset, BEP8, BEP2 and Binance DEX. You can see details here.
With this strategy, even though the Validators will lose a huge amount of transaction fees, with the long-term strategy. I believe that the ambition of the Binance Smart Chain community is not transaction fees but a huge number of users in the market.
BSC outperformed Ethereum in trading volume
According to DappRadar (a Dapp statistics platform), Binance Smart Chain saw $ 700 billion in trading volume in February, compared to Ethereum’s just over $ 181 billion.
However, the total locked value (TVL) of Binance Smart Chain of $ 9.5 billion is still four times lower than Ethereum’s $ 47 billion TVL. However, this is not a limitation as BSC deployed Defi much later than Ethereum but still enjoyed a lot of success compared to other platforms.
In my opinion, because of the EVM (Ethereum Virtual Machine) support, Binance Smart Chain attracts developers from projects on the Ethereum platform very easily but still retains its advantage of being cheap and Almost instantaneous transaction speed for users.
Report a bug on the Binance Extension wallet
More specifically, in the past week, Binance Extension on the browser had an error when announcing the balance on some dapps such as PancakeSwap. Realizing the problem, the Binance Smart Chain team fixed and updated the user immediately.
For me this is a huge plus for the BSC team when errors are received and corrected immediately to avoid a bad user experience, this not only attracts the most difficult users but also turns them into loyal users of the BSC experience.
Read more: Recipes get rich with PancakeSwap
Validator is the person who validates the transaction on the network. To be a validator on the network, users need to stake a full amount of BNB. When users on the network want to confirm a transaction, the Validator helps them validate the transaction and receive rewards back from the network.
Validator Spotlight is the program that makes Binance Smart Chain more transparent and decentralized when the community has the power to be part of the network, not just for Binance. I believe that in the future, not only will new organizations join as Validator for BSC, BSC will also expand to individuals in the community.
HashQuark is a company specializing in providing Staking services from China. HashQuark has been involved in building and consolidating the power of many blockchains.
MathWallet is a cryptocurrency storage wallet platform that allows users to store on many different blockchains and supports users interacting with multiple dapps on the wallet.
Certik is a well known auditing firm in the crypto market. With Certik-approved projects, users will be somewhat more secure because the smart contract errors will be censored and partially prevented hacker attacks.
Binance Smart Chain increasingly has smart strategies to go, not only integrating many large and small projects to attract users and developers to Binance Smart Chain without needing to rebuild. Now, Binance Smart Chain continues its conquest with the “Validator Spotlight” strategy, making BSC a truly decentralized blockchain platform.
The difference of BSC from other platforms is not trying to be an “Ethereum killer” but becoming an “Ethereum supporter”. Therefore, BSC has attracted not only users because of cheap fees but also attracts developers. With the number of users switching to BSC so much, I think in the future BSC will be the first platform where the project will “choose to send gold” instead of Ethereum.
It’s hard to believe how big BSC will be in the future, but I believe how CZ will operate BSC to users the way he did with BNB tokens – not for short-term benefit but because of real ambitions with the platform. decentralized finance.
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