The blockchain on which the Binance ecosystem is based has undergone changes, not only in name, going from Binance Chain to Binance Smart Chain to BNB Chain today. The projects built on the BSC are expanding, supported by funding of $1 billion. The bear market caused many of them to fail, but others of them have succeeded and are consolidating. a summary of the most promising tokens (and projects).
How do BEP-20 tokens work?
The Binance Smart Chain is comparable to Ethereum, a so-called second generation network, which is a firstly helpful thing to keep in mind.
It is a “programmable” network, meaning that anyone in the community can make the well-known dApps, which are decentralized applications, using these coins with occasionally wacky names (the famous tokens ).
In reference to the IT standard that must be mastered to code a project intended to run on the BSC, a token created on the Binance Smart Chain is thus referred to as a BEP-20 token. We speak of ERC-20 tokens at Ethereum.
BNB is the most well-known BEP-20 token.
In fact, the native token for the Binance Smart Chain is the Binance Coin (BNB), which is analogous to ETH for the Ethereum network. Users can pay transaction fees on the Binance platform as well as a variety of applications hosted by the BSC network using BNB.
Currently, there are roughly ten times as many BEP-20 tokens available on the market as ERC-20 tokens.
The answer is straightforward: the BSC has been able to fully exploit Ethereum’s congestion issues, and with generous subsidies, Binance has “pushed” for a potent DeFi ecosystem to emerge on its network.
The tokens on the Binance Smart Chain that are most promising
Anyone who mentions a token automatically thinks of a project, since a token is just a piece of money connected to a project, as you have probably learned. Since listing them all would be difficult, we have grouped them to highlight THE project for each booming market sector.
The toothy DeFi token is CAKE.
In the PancakeSwap decentralized exchange, CAKE has two uses. It acts as a governance token, enabling voting on the development of the DEX. It functions as a utility token as well.
Remember that PancakeSwap, which debuted in September 2021, is a decentralized exchange based on the Binance Smart Chain BNB Chain. By the end of June, PancakeSwap had 350,000 active users and was responsible for 13% of all DEX trades, or close to $18 billion.
We recently informed you that PancakeSwap, the DeFi project with the greatest TVL (total assets deposited on the protocol) on the BNB Chain, has received funding from Binance Labs, the venture capital division of Binance.
The market’s safest stablecoin: BUSD?
BUSD ($17 billion), the third stablecoin on the market, is regarded by experts as the most secure and reliable cryptocurrency backed by the dollar.
BUSD is a cryptocurrency that is issued in two different ways: as a BEP-20 token on the BNB Chain and as an ERC-20 token on the Ethereum network. It is issued by the Paxos Trust Company in collaboration with Binance.
One of the very few stablecoins with a license in the US is this one. Following the failure of the UST and the LUNA, there is a lot of mistrust surrounding stablecoins. The BUSD provides comfort by being able to comply without issue with the requirements of the NYDFS, a New York regulator known for not giving financial institutions any favors.
BIFI, the aggregator Beefy Finance’s token
The Beefy Finance project, which belongs to the genre of yield aggregators, uses BIFI as its governance token ( yield optimizers ). To put it simply, a payment aggregator manages your investments across several DeFi protocols by acting as an automatic manager.
You give Beefy Finance control of managing your positions instead of doing it yourself by withdrawing, investing, reinvesting, etc. Beefy Finance will take care of raising your return (APY), for instance by increasing a return of 88 percent over 120 percent.
The general decrease in funding for DeFi has hurt several projects, including Beefy. But it continues to be among the BNB Chain’s most intriguing initiatives to monitor.
IBAT, the following 10x play-to-earn game?
Less well known, the IBAT is the emblem of the fantasy sports game Battle Infinity, where people from around the globe compete in tournaments by taking on one other’s players (in the form of NFT). The idea is similar to that of Sorare, the most recent French unicorn.
The IBAT token is now available for purchase in a presale at a parity of 1 IBAT = 166,666 IBAT. The objective amount for donations is 16,500 BNB, or 28% of the total tokens.
