Many users and Daaps chose Ethereum blockchain to store their coins or build their projects. However, users have been getting disappointed with the high gas fees and prolonged transaction processing of Ethereum. The launch of Binance Smart Chain (BSC) in Sept 2020 had stolen Ethereum’s thunder with lower fees and the ability to handle more transactions. Of course, it has been one of the most popular blockchains for DeFi.
To better understand the BSC ecosystem and its propensity, kindly read this article which can somewhat assist you with your short-term or long-term investment.
BSC is a hard fork of the Go Ethereum (Geth) protocol that Binance develops. Moreover, BSC is EVM (Ethereum Virtual Machine)-compatible; thus, Dapps and smart contracts built on BSC and Ethereum share several similarities. This feature makes BSC outweigh other blockchains such as Solana. EVM compatibility enables cross-chain transfer and other communications; hence, DApps or smart contracts built on Ethereum can easily be transferred to BSC.
The native token of BSC is BNB (Binance Coin) which also represents the Binane exchange and Binance ecosystem. Binance coin has many use cases, such as using for liquidity on the Binance DEX, staking on Binance Launchpool to receive new tokens, or investing in new ICOs on Binance Launchpad. BNB, moreover, plays a central role in DeFi applications.
BNB is ranked at 4th place on Coinmarketcap, and its price is traded around $400/BNB at the time of writing.
For more updated information on BNB coins, please visit:
https://coinmarketcap.com/currencies/binance-coin/
According to statistics on the DappRadar website, more than 1200 projects are built on the BSC blockchain. Those projects have been classified as follow:
As one of the most popular blockchains, BSC also cooperates with many big partners such as CertiK and Quantstamp for auditing, Chainlink (Oracle) and other stored wallets such as Trust wallet, Coin98 wallet (These partners do not include dapps built on BSC).
The most prominent backer and investor on BSC is Binance DEX. Binance investment fund known as Binane Labs is one of the most well-known ventures in the crypto world.
Since its launch, BSC has passed through 3 main stages: start-up, explosion, and saturation.