Mary Amakihi 
Top 15 DeFi Projects Built on Binance Smart Chain
Binance Smart Chain has experienced significant growth over the last few years. This article discusses the top 15 DeFi projects built on Binance Smart Chain.
DeFi, which stands for “decentralized finance,” is a financial system built on the blockchain that doesn’t need a central point of control, like banks, brokerages, lenders, and other government-regulated organizations that help people make financial transactions.
DeFi is like our current banking system, but it is peer-to-peer and uses decentralized currencies called cryptocurrencies and decentralized services called DApps to make transactions possible.
What are DApps?
Decentralized financial applications (DApps) are similar to existing solutions like PayPal and RobinHood, allowing users to buy, sell, and trade digital assets.
However, unlike these centralized platforms, the blockchain-based DApps are not governed by any central authority.
Not all decentralized applications (DApps) allow users to purchase, sell, and trade cryptocurrencies; others allow users to lend and borrow money.
What is Binance Smart Chain?
Binance launched BSC, or Binance Smart Chain, in 2020. This was after Binance chain had been running well for a year and a half.
It was strange that Binance made a whole new blockchain platform instead of just taking the one they already had to the next level.
When asked about it, they said that if the Binance chain that was already there had been updated, it would have slowed down over time, so making a new one was the best they could do.
This new Binance chain sister had the same features and functions as Ethereum and decentralized application platforms (dApp) like Tron and EOS.
Binance took a chance and won. They made a parallel blockchain that worked well with Ethereum, one of today’s most famous and best-decentralized applications (dApps).
Since Binance Smart Chain was based on Go Ethereum (Geth), it needed some changes to set it apart from the original Ethereum (dApp).
Instead of Ethereum’s current Proof of Work (PoW) consensus method, they chose Proof of Staked Authority (PoSA).
With PoSA, both the time it takes to complete a deal and its cost have decreased.
BNB Chain, which used to be called Binance Smart Chain, has increased over the past year and is now the third most famous DeFi ecosystem.
Its most successful DeFi protocols hold assets worth close to $12 billion.
BNB Chain is a combination of Binance Chain and Binance Smart Chain. It now stands for “Build and Build” instead of Binance Coin.
BNB Chain is considered a low-cost option for Ethereum because it has a high throughput, low transaction fees, and fast transaction completion times.
More than a thousand projects and tokens are already running on the platform.
Top DeFi Projects Built on Binance Smart Chain
Among the many groundbreaking DeFi Projects built on Binance Smart Chain, here are the top 15 DeFi projects built on BNB Chain;
- PancakeSwap
- Uniswap
- Dai
- Avalanche
- Wrapped Bitcoin
- Lido DAO
- Chainlink
- Aave Token
- Terra Classic
- Tezos
- Theta Network
- CryptoBlades
- Fantom
- The Graph
- UMA
PancakeSwap
PancakeSwap is so popular that it can’t be left off a list of the most popular BNB Chain projects.
PancakeSwap is by far the most popular dApp on BNB Chain, even though it has a funny name.
Now, it comes with DeFi apps, such as a decentralized exchange, yield farms, prediction markets, an NFT marketplace, and more.
Regarding trading volume, the platform is far ahead of other DEXs on the BNB Chain.
For example, the PancakeSwap usually trades more than half a billion dollars worth of coins daily.
PancakeSwap has over 4 million monthly users, much more than anyone expected. It is now one of the most popular projects on BNB Chain.
CAKE, the platform’s original asset, can be used in a lot of different ways, but it has a high inflation rate because it is one of the leading tokens that participants in PancakeSwap’s yield farms get as a reward.
Uniswap
Uniswap is a decentralized financial system that uses smart contract technology to let you buy, sell, and trade cryptocurrencies on the Ethereum blockchain.
Since Uniswap is decentralized, users have complete power over their funds. This differs from a centralized exchange, where users must give up their private keys.
People can become liquidity partners, which means they can pool their money with the money of other people on the Uniswap site.
This makes it possible for transactions to take place. In return, as the liquidity provider, you get a share of every trade that uses the liquidity pool where your money is kept.
Dai
DAI is a stable-price coin based on Ethereum. Maker Protocol and MakerDAO are in charge of issuing and developing DAI.
The price is loosely tied to the U.S. dollar and backed by a few other cryptocurrencies that are put into smart-contract vaults every time a new DAI is made.
Avalanche
Avalanche is a layer one blockchain that acts as a platform for decentralized apps and custom blockchain networks.
It has been directly competing with Ethereum for a while, trying to get more people to use smart contracts. This is due in large part to the way Avalanche is built.
The network is made up of three smaller networks, which are called X-Chain, C-Chain, and P-Chain. Because Avalanche’s network is so complicated, it can handle up to 6,500 deals per second without affecting its ability to grow.
Wrapped Bitcoin
Wrapped Bitcoin (WBTC) is just a tokenized version of Bitcoin that runs on the Ethereum blockchain.
It is still backed by Bitcoin at a 1:1 ratio, thanks to a network of retailers that keep the equation locked. It complies with Ethereum Compatibility Standards (ERC-20), so it can be used with all Ethereum’s crypto services.
Lido DAO
Lido is a way to stake Ethereum in a liquid way. It lets people bet their ETH without having to make a minimum payment or keep up infrastructure, and it also lets them take part in other chain activities, like lending.
Chainlink
Chainlink is a decentralized blockchain oracle that lets smart contracts on any blockchain use off-chain resources, such as randomness that can be checked, price data that can’t be changed, external APIs, and much more.
Aave Token
The AAVE token is based on the ERC20 standard and is designed deflationary as a core securing element of the AAVE Protocol.
Lenders can earn interest by depositing crypto into specially created liquidity pools, which borrowers can use to take out a loan by giving their digital assets as collateral.
The lending and borrowing take place through smart contracts.
The AAVE token is built on the ERC20 standard and is made to deflate. It is a vital part of the Aave Protocol’s security system.
Terra Classic
Terra is a stablecoin platform built on the blockchain. A native token, an Oracle system, and smart contracts power their global payment system. Terra wants to make the market less centralized by letting every blockchain talk to their stablecoin.
Tezos
Tezos is a smart contract-based blockchain network similar to Ethereum. The big difference is that Tezos has more advanced infrastructure, which lets it get better over time and avoids problems that Ethereum has had to deal with.
Theta Network
Theta Network was made so that users can stream videos and share bandwidth and computer resources.
It has its native cryptocurrency and can do governance jobs, even through network nodes in other countries. This is meant to improve the streaming business and make things better for end users in the long run.
CryptoBlades
CryptoBlades cuts onto our list of the top 15 BNB-based DeFi projects. Play-to-earn games are the one niche that took off in 2021.
Play-to-earn projects became very popular in 2021 because they promised players cryptocurrency pieces for their efforts and wins in games.
There are now dozens of P2E games that are already up and running.
But CryptoBlades, which may be the most popular P2E game on BNB Chain, got the most attention.
As a blockchain-powered role-playing game, CryptoBlades uses BNB Chain’s speed and efficiency to let players own and operate their assets, such as characters and weapons, to make money by playing.
Since all in-game assets are NFTs, owners can sell or trade them on the CryptoBlades marketplace however they want.
The game’s PvP open beta just started, so players can now fight each other and test their gear in different battles.
Fantom
Fantom is an open-source, decentralized platform for smart contracts based on a directed acyclic graph.
It is an option to Ethereum. The idea was to get around the problems that past versions of blockchain had, especially with scaling, security, and being decentralized.
The in-house token also fixes issues that smart contract systems often have, like slow transaction speeds.
The Graph
The Graph is an indexing tool that can be used to ask questions about data networks like Ethereum and IPFS.
It runs many apps in both the DeFi and Web3 ecosystems. GraphQL makes it easy to build and share open APIs (called “subgraphs”) that apps can access.
When this was written, 3,000 subgraphs were already used in different DApps.
UMA
UMA, or “Universal Market Access,” is a system for making synthetic derivatives with financial contracts that don’t require trust in anything with a price.
By setting up a trustless smart contract, the protocol allows two parties to trade without needing an intermediary, clearinghouse, or exchange.
The self-enforcing smart contract automatically changes each side’s balance and ensures that the trades are always backed by collateral.
Also, UMA stands out by reducing off-chain Oracle price feeds to remove the risk of Oracle manipulation seen in many DeFi protocols.
Final Thoughts
We’ve chosen these safest DeFi projects as the 15 Best DeFi Crypto Projects Built on Binance Smart Chain to illustrate the capabilities coming into the market; therefore, invest in Defi cautiously.