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Monday, October 3, 2022

Binance Smart Chain Has Been Taken To A New Peak By DeFi Adoption

Although there have been quite a few projects working on the network of Ethereum, the ones most successful have been working on the Binance Smart Chain. For, those working on Ethereum, have experienced wild fluctuations in the transaction times as well as the exorbitant gas fees. On the other hand, protocols working on the BSC have seen quite an increase in their activity, along with an increase in token value. 

Binance Smart Chain platforms Challenging DeFi Protocols

This is where DeFi comes in as they have been taking quite a break from being in the spotlight in the last few months. When 2021 started, they were seen as one of the hottest sectors- but currently, there have been quite a few platforms that are vying for the top spot. Currently, there are three different platforms on the Binance Smart Chain that are rooting for the pedestal where DeFi sits- XVS, CAKE, and LINA. 

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The first platform on the Binance Smart Chain is XVS which is simply an algorithmic money market stablecoin protocol that assists users by providing borrowing and lending solutions for DeFi. Currently, the platform is seeing some bullishness owing to reports that DOGE will be added to this money market. 

The next platform for BSC is CAKE which is an automated market maker quite similar to Uniswap and which allows most users to exchange the tokens that they have while earning a portion of the fees that would be generated through yield farming. TradingView has provided data on this platform which states that the price rallied to around 102% over the last week- and it went down to a value as low as $21.90 on the 23rd of April to a new record of $44.28 on the 30th of April which several token holders engaging with the high yield protocol of the platform. 

With an increase in the retail pool along with institutional investors participating en-masse in the market, the ecosystem has been growing. This means most of the DeFi protocols based on the Binance Smart Chain are quite well-suited to check out significant gains. 

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