There has been an increasing demand and growing adoption of Binance Smart Chain since publishing their whitepaper in April 2020, testnet launch in May 2020, and mainnet launch on August 31, 2020. According to Binance, the primary goal of Binance Smart Chain is to allow fast and cheap transactions without holding custody of user assets.

Being an EVM-compatible blockchain, Binance Smart Chain has made it easy for developers to migrate their dApps from Ethereum. On top of that, developers and users can use most of the existing tools they have been using on Ethereum. For example, you can easily configure MetaMask for Binance Smart Chain. Similarly, the Neptune Mutual App automatically adds Binance Smart Chain network settings if you haven’t configured it yet or have just installed MetaMask on your browser.

Due to the low barrier to entry and better user experience, many cryptocurrency users have already started using Binance Smart Chain, and the number is rising quickly. Given its compatibility with the Ethereum blockchain, a large portion of Ethereum DeFi developers are considering Binance Smart Chain as their preferred blockchain choice because of less network congestion and better user experience. However, to achieve faster transactions and cheaper gas fees, there are some tradeoffs and limitations of the Binance Smart Chain, which we will cover in upcoming articles.

Here are some of our favorite and best Binance Smart Chain projects in no particular order:

  1. AMM Platforms: PancakeSwap, Dodo, BakerySwap, Mdex, 1inch.exchange, Belf.fi
  2. Insurance: Neptune Mutual, Certik, Helmet, Soteria
  3. Lending and Borrowing: Venus, Fulcrum, Easify, ForTube, Cream.Finance,
  4. Defi Yield Aggregators and Farming: Autofarm, Pancake Bunny, Alpaca Finance, Acryptos, Beefy.Finance, Bearn.fi
  5. Cross Chain Liquidity: Binance Bridge, renVM, AnySwap, NerveNetwork
  6. Blockchain Explorers & Analytics: BSCScan, Bitquery, Dexguru
  7. Wallets: MetaMask Wallet, Binance Wallet, Trust Wallet, Swipe Wallet, MathWallet

Table of Contents

Since the Binance Smart Chain ecosystem is vast, we can’t cover all projects in one article. In this article, we will briefly discuss the following apps:

  • PancakeSwap Exchange, the Most Popular Decentralized Exchange on Binance Smart Chain
  • Neptune Mutual, Decentralized Cover Protocol
  • Venus, Decentralized Lending Protocol
  • BSCScan Block Explorer for Binance Smart Chain
  • Autofarm, Yield Farming Aggregation Protocol
  • Binance Bridge
  • How to Configure MetaMask Wallet for Binance Smart Chain?
  • More Projects
PancakeSwap, the Most Popular Decentralized Exchange of the Binance Smart Chain

PancakeSwap is the most popular decentralized and non-custodial exchange that uses an automated market maker model in the Binance Smart Chain ecosystem. It enables you to perform permission-less trades of digital assets against one or more liquidity pools automatically discovered by the exchange’s router smart contract. Liquidity providers can supply asset pairs to the PancakeSwap liquidity pool, while users can perform decentralized trades or swaps against the liquidity pool.

Since its inception in Q3 2020, the PancakeSwap project has grown in popularity to become the number 1 decentralized exchange by trading volume across all blockchains. The CAKE token, PancakeSwap exchange’s utility token, has been in a massive upward price trajectory because of its popularity and growing utility and use cases.

Note that PancakeSwap is not just an AMM-modeled exchange; it has a lot more features out of which we will cover some:

  • Liquidity Pools
    You can supply a pair of assets to the PancakeSwap protocol to become a liquidity provider. When doing this, you receive back a special kind of token known as an LP token. As a liquidity provider, you earn your proportional share of the transaction fees (0.17%) generated in the liquidity pool.
  • PancakeSwap Farms
    You can put your LP tokens to good use in the PancakeSwap farms. By staking your liquidity pool tokens, you will earn rewards in the CAKE token. Based on which LP tokens you want to stake, the APR and reward multipliers would be different.
  • Syrup Pools
    The Syrup Pools consists of numerous single-asset pools where you can stake your asset to earn rewards. Most of the time, you can stake your CAKE tokens to generate rewards (APY) is another token. The PancakeSwap team has recently launched “Auto CAKE Bounty” which enables you to claim the CAKE reward for calling one of PancakeSwap’s smart contracts. This call will trigger automating compounding for other users while you enjoy your CAKE bounty. The “Auto CAKE Bounty” keeps increasing until it gets reset when someone claims.
  • Prediction Market Beta
    You can earn a reward (or payout) by betting on the 5-min future outcome of a market (here BNB/USDT). The user interface displays how much reward multiple you will get on both “UP” and “Down” directions. Note that the prediction market product is in Beta, so trade carefully.
  • Other Features
    The PancakeSwap platform has a good design and appealing user experience. From lottery to collectibles, team battles, team & tasks, the PancakeSwap platform looks very engaging. It appears PancakeSwap doesn’t want the users to leave their app.

Neptune Mutual, Decentralized Cover Protocol

Neptune Mutual is a Decentralized Cover Protocol on Binance Smart Chain. The protocol provides you with guaranteed stablecoin liquidity to reduce your risk exposure by hedging against possible capital risks and smart contract vulnerabilities.

Neptune Mutual DAO

The platform users can manage risks by purchasing covers. On the other hand, the liquidity providers collectively earn the cover fees generated in the cover pools. Additionally, the platform also incentivizes the users by “airdropping” a certain amount of NEP tokens to the early users on both sides.

The early liquidity providers receive free NEP tokens by joining NEP Bond and Pool markets.

NEP Bond Market

NEP Bond Market

When you add BUSD or BNB liquidity, the Neptune Mutual platform will match NEP liquidity on your behalf. The purpose of the bond is to add liquidity to the PancakeSwap exchange for a lockup period of 90 days. After the lockup period, you receive both BUSD and NEP rewards back, and probably a little more amount of both assets as the liquidity provider fee reward earned in the PancakeSwap Exchange.

NEP Bond

Neptune Mutual Bond Market

app.neptunemutual.com

NEP Pool Market

The NEP pool market has single and multi-asset farms where you can supply liquidity to “harvest” initial NEP tokens. The purpose of the pool market is to distribute NEP tokens to the community by supporting popular cryptocurrencies such as BNB, CAKE, and NEP by locking them into a smart contract, thereby reducing the “effective circulating supply”.

Participate in the NEP Pool Market to get NEP token rewards because the total allocation for liquidity pool rewards is limited. You can use NEP tokens in our upcoming governance portal to decide on the future of the Neptune Mutual protocol.

NEP Pool

Neptune Mutual Pool Market

app.neptunemutual.com

Venus, Decentralized Lending Protocol

Venus Protocol: Decentralized Lending Protocol on Binance Smart Chain

Venus Protocol, built by the Swipe Wallet team, is a decentralized lending protocol on Binance Smart Chain where users can trade and borrow cryptocurrencies. The Venus Protocol allows fully collateralized borrowing of cryptocurrencies on its platform. Based on the asset you lent to the protocol, the borrowing ratio will be between 40%-75% of your supplied collateral.

Platform Tokens

VAI Token Minting on Venus Protocol

The Venus platform has a couple of tokens: XVS and VAI. The XVS token is a governance token that allows you to vote on proposals directly or delegate your voting power to another address without transferring your XVS tokens. By locking your XVS tokens, the Venus protocol lets you mint VAI, a programmatic stable-coin based on the price of US dollars.

Lending & Borrowing

Lending on Venus Protocol

As a lender, you can lend your cryptocurrency to the protocol to earn interest. The APY can be in your supplied asset or XVS tokens. While your liquidity is continuously yielding interest for you, you can mint VAI tokens by paying a small (0.01%) minting fee. You can then trade the minted VAI tokens to maximize your profits or stake VAI to generate even more rewards in the XVS tokens. Note that you will have to repay the VAI tokens before you can withdraw your liquidity.

BSCScan Block Explorer for Binance Smart Chain

BSCScan: The Most Advanced Block Explorer for the Binance Smart Chain

BSCScan is the most advanced blockchain explorer available on the Binance Smart Chain. Built by the same team, the user interface of BSCScan closely resembles Etherscan, the most popular blockchain explorer for Ethereum Ecosystem.

Some of the prominent features of BSCScan includes

  • block countdown timer
    This feature displays an estimated date and time when a given block height will be achieved and validated. It can also send you notification alerts when the block is validated.
  • pending transactions in the mempool
    You can check out the pending transactions in the mempool in both tabular and chart modes. You can download the chart CSV data and use it in your research or website. Just ensure that you provide proper attribution to BSCScan.
  • transactions and internal transactions
    This screen consists of a list of transactions in reverse chronological order. It shows you both failed and successful transactions.
  • verified smart contract codes
    This feature displays the latest smart contracts that were recently verified in BSCScan. It also displays some useful information such as the license of the contract, audit status, and solidity version.
  • top accounts by BNB balance
    This screen shows you the list of accounts sorted in descending order by BNB balances. Additionally, you can also find out an account’s name, BNB percentage holdings, the total number of transactions, and more.
  • BSC validator information
    This screen displays the list of the active 21 validators, voting power, and number of blocks they’ve produced during the day, last week, and month.
  • BEP-20 Token Tracker
    This handy feature displays the list of top BEP-20 tokens by market capitalization, price, respective 24-hour volume, and the number of holders.
  • Other Features
    Other features include viewing BEP-20 and ERC-721 tokens, trading volume, transfers, and more.

Autofarm, Yield Farming Aggregation Protocol

AutoFarm is a multi-chain yield farming aggregator, currently running on Binance Smart Chain (BSC), Huobi ECO chain (HECO) and Polygon, and features a total of 212 vaults at the time of writing (14 Jun 2021). A yield farming aggregator aims at optimizing the return for DeFi users once they deposit funds into certain vaults, which decreases the gas fees of moving funds across protocols in order to seek higher yields, as well as boosts returns by automatically compounding any harvested yields. Similar platforms on Ethereum include Yearn and Convex Finance.

Autofarm Vaults

The Autofarm vault enables users to stake cryptocurrencies to generate yields that automatically compound periodically. Autofarm platform consists of both single and multi-asset vaults. The platform optimizes the return on investment by combining the most profitable farms and pools available in the Binance Smart Chain ecosystem. The users who lock cryptocurrencies in the Autofarm vault will also enjoy additional ROI in the $AUTO tokens.

Vaults in AutoFarm include single-token pools or liquidity-pair (LP) pools. For instance, one of the single-token pools is the AUTO pool, with total value locked equal to $8.95 million. The vault page shows the deposits, estimated annual percentage yield (APY), share of pool, as well as projection of return at different time points (1 day, 1 week, 1 month, etc.). Similarly, a LP pool allows users to stake liquidity pairs formed in different decentralized exchanges, e.g. PancakeSwap. The user interface is similar to that of single-token pools where the amount deposited and APY are clearly shown. Note that liquidity providers may suffer from impermanent loss, which results from change in relative price of the tokens supplied, so the APY for LP pools are generally higher to compensate for the potential risks.

In return for providing yield optimization strategies, AutoFarm charges various fees for vaults on different chains, e.g. base controller fee, platform fee, vault fee, deposit fee and withdrawal fee. A more detailed breakdown can be found at their document here.

Autofarm Swaps (Alpha Version)

Apart from being a yield aggregator, AutoFarm has also launched the DEX aggregator function (“AutoSwap”), which compares rates of different DEX and routes users to the one which provides the best swap price. The trade may also be split across multiple DEXes to ensure the lowest slippage rate. This is similar to the working principle of 1inch on Ethereum. Currently, AutoSwap is still in public alpha so please use at your own risks.

Binance Bridge

The Binance Bridge is a service provided by Binance that facilitates the conversion of 60+ popular cryptocurrencies from one blockchain to another. This platform helps users convert liquidity across multiple blockchains such as Bitcoin, Binance Chain, Binance Smart Chain, Ethereum, and more. The converted cryptocurrencies from one chain become wrapped versions of the same in other chains.

There are numerous benefits of using a bridge service, specifically:

  • transaction cost saving opportunities
  • faster transaction speeds
  • programmable crypto-asset usage opportunities
  • yield farming or profit-making opportunities available on other chains
  • availability of DeFi products

How to Use Binance Bridge?

In this article, we’ve used MetaMask to connect to the Binance Bridge. If you use a different blockchain wallet, refer to the Binance Bridge documentation.

First, select a cryptocurrency you would like to convert from the “Asset” dropdown. Based on where you want to send and receive your assets, select the “From” and “To” networks. Now enter the amount you’d like to convert. Note that there is a maximum amount you can convert in one transaction.

Click on the Next button to continue.

Carefully examine all fields to be correct and then click Confirm.

Now click on the button “Submit transaction via Metamask” to send your cryptocurrency. You will need to wait until the transaction is confirmed. Once this step is complete, Binance Bridge will initiate the transfer to your wallet address on the destination blockchain network.

How to Configure MetaMask Wallet for Binance Smart Chain?

MetaMask Wallet Configuration for Binance Smart Chain

MetaMask is one of the most popular Ethereum wallets. Created by Consensys in 2016, MetaMask is a browser extension that works as a software wallet. To specify a few features, the MetaMask wallet enables you to store and manage mnemonic and private keys, send and receive Ethereum, ERC-20, and ERC-721 tokens, perform decentralized swaps, interact with smart contracts, and connect to public, private, and custom blockchain networks.

Learn more about the MetaMask wallet in this detailed article by Coinmarketcap:

What Is MetaMask? | CoinMarketCap

MetaMask is a popular and established browser extension which functions as a cryptocurrency wallet that connects to the…

coinmarketcap.com

The MetaMask extension injects Web3 API into the browser. Decentralized applications can utilize the Web3 API to read the blockchain, connect with the user’s wallet, request to sign a message, and initiate a transaction request to the user.

How to Connect MetaMask to Binance Smart Chain?

We assume that you have already installed and created a MetaMask wallet. Click the MetaMask extension, and click the triple-dot icon, and click “Expanded View”.

MetaMask Expanded View

Now click on the circular icon on the top right corner, and then click on the menu item “Settings”.

On the left-hand side, click on the menu item “Networks”.

Click on the Button which says “Add Network”.

Enter the following Details:

More Projects

Didn’t find your favorite BSC project here? Don’t worry! We will update this publication to include the missing ones too. Let us know by commenting below with your suggestion.