💱Binance Smart Chain💱
The Binance Smart Chain is different from the Binance Chain which launched in April 2019. The main difference between the two is that the Binance Smart Chain is smart contract compatible and interoperable with Ethereum, whereas the Binance Chain is not. Besides that, they are basically identical and operate as parallel, interoperable chains.
Binance DeFi has been blowing up, and this is for four reasons. First, the fees for interacting with Binance’s DeFi protocols are insanely low, and it can take as little as 5 seconds for a transaction to complete. Second, there are a lot of yield farming opportunity on the new DeFi protocols on the Binance Chain. Most offer 3 figure yields, and some offer more than 6 figure annual yields. Third, Binance has been investing heavily into DeFi, namely by creating a 100 million DeFi fund for developers. Finally, Binance is easily able to onboard new users as the largest cryptocurrency exchange. The Web3 wallet used to interact with the Binance Smart Chain can be connected to your Binance account, which makes it easy to transfer assets between them.
🕵️♂Finding Binance DeFi Gems🕵️♂
There are two places you can go to find Binance CeDeFi protocols. The first is DefiStation, which lists what you could consider to be “legit” CeDeFi protocols. Unfortunately, most of the projects you see on DeFistation are ones that have already garnered a significant amount of attention and have therefore seen most of their gains in percentage terms. To find the 100xers, your best bet is to check the yield farms section of BSC Scan which is a shameless copy of Etherscan for the Binance Smart Chain.
💸Buying Binance DeFi Tokens💸
Most of the time, the CeDeFi token you’re looking for will only be available on PancakeSwap and possibly a few sketchy centralized exchanges that you should stay away from at all costs. If the CeDeFi token you’re looking at has already listed on a reputable exchange like Binance, it probably has its most extreme gains behind it already. To use PancakeSwap, you’re going to need a web3 wallet that is compatible with the Binance Smart Chain, such as the Binance Chain Wallet browser extension and a modified version of MetaMask.
📊BNB Analysis 📊
Binance CeDeFi is why the value of BNB has been surging over the past few weeks. BNB’s price mirrors the growing TVL we see in Binance’s CeDeFi protocols. If this exponential TVL trend keeps up, BNB could overtake Ethereum in terms of market cap, which would correspond to a price tag of around 1500$ per BNB, a 15x move from its current valuation. Unlike many other proof of stake cryptocurrencies, BNB is not inflationary – it is deflationary. Binance CZ Chanpeng Zhao also wants to accelerate the token burn that ends when BNB hits a supply of 100 million.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.