Binance Smart Chain News; Have you ever tried energy drinks like “Burn”, “Red Bull” or “Monster”? While they don’t give you wings as advertised, they do help increase productivity when needed. Unfortunately, it also has negative effects, such as weight gain or raising sugar levels. That’s why some prefer coffee.
Now imagine something like caffeine or taurine. But adapt it for the DeFi project, and even consider it without side effects. Maybe that would be a bomb!
The good news is that this “booster” already exists and is called Binance Smart Chain. Naturally, the question arises: What makes BSC different? Long story short, even those built on top of the Ethereum blockchain provide a robust ecosystem for decentralized finance projects. Digging deeper, BSC has one of the fastest Blockchain transaction times and one of the lowest fee structures. Not surprisingly, more and more DeFi application developers are choosing BSC every day.
The Binance Smart Chain team deserves a thank you for making it compatible with the Ethereum Virtual Machine (EVM). If they didn’t, projects wouldn’t be able to migrate Ethereum DApps to Binance Smart Chain with minimal configuration and we wouldn’t be able to get rid of ETH’s high transaction fees. It is hoped that the Ether 2.0 upgrade will cut costs and reduce electricity usage, but until then, BSC will remain the best solution.
It is worth noting that until recently, DeFi projects were not that popular in Asia, but everything changed when Binance Smart Chain’s DeFi ecosystem stepped in. Thanks to lower fees, the Asian DeFi market is now raising funds and projects that are proving to have a very promising future.
The crypto community is fed up with promises, so let’s take a look at some really big projects that have recently migrated to the BSC protocol.
Without a doubt, the first project on our list is IDEX, one of the oldest decentralized exchanges in the industry. For years, it has been a popular platform for traders to purchase newly listed Ethereum projects using the Metamask wallet. Problems arose when the notorious transaction fees began to rise. But right now something similar to Uniswap is happening.
IDEX is not happy about losing market share. Therefore, it decided to launch a multi-blockchain solution by expanding its infrastructure to BSC. The ultimate goal is obviously to attract new assets and reduce settlement costs. Additionally, the IDEX team plans to integrate with Polkadot and Algorand in the future.
2. 1inch Network
The second project on our list is 1inch Network. In a few words, it operates as a decentralized aggregator of exchanges, allowing users to access liquidity from various exchanges and optimizing their trading strategies using smart contract technology. The platform allows crypto-asset holders to sell, buy and trade their tokens across multiple platforms. The reason for their transition to the BSC protocol is shown to increase scalability and reduce transaction fees.
3. Nimbus DeFi
Nimbus is a DAO managed platform that offers you 16 earnings strategies based on net income generating processes. It offers IPO participation, peer-to-peer lending, startup financing, and more. All this is based on smart contracts and supported by several layers of risk management.
In their blog post they say:
“Integration opens up many new opportunities for the community. It provides cheaper and faster interaction with the Nimbus platform and tokens. It will also help get Nimbus tokens listed on Binance and boost the growth of the Nimbus community in China.”
It is very important for the team to have a clear goal and a great attitude.
It is worth noting that the Nimbus platform already has 50,000 active users. By extending the BSC protocol, Nimbus users and liquidity providers will be able to enjoy Nimbus functions without having to deal with exorbitant transaction fees. Additionally, it will allow growth in the Chinese market, which will benefit all Nimbus token holders.
Finally, the transition to the BSC network also requires the issuance of the BEP-20 standard tokens NBU and GNBU. Their launch on the Ethereum network led to a 3-fold price increase in a few days, so a lot is definitely expected from this new launch as well. In this sense, the key date is June 9th. Nimbus has launched the BEP20 token on its internal exchanges.
For those interested in the project, it should be noted that the Nimbus platform offers 16 earning strategies for users, supported by multiple layers of risk management. It is also among the first DeFis in the crypto industry to provide access to the IPO.