BSC Is on Fire: Projects Migrate to a New Ecosystem
Have you ever tried energy drinks like “Burn”, “Red Bull” or “Monster”? Despite the fact that they don’t give you wings they do help to boost productivity when needed. Unfortunately, they also have adverse effects like contributing to weight gain or increasing sugar levels. For that reason, some prefer coffee, no surprise it is defined as a drug. Now, imagine something similar to caffeine or taurine but for a DeFi project and that wouldn’t have side effects. That would be a bomb!
Well, the good news is that this “booster” already exists, and its name is Binance Smart Chain. The question naturally emerges, what makes BSC different? Long story short it provides a powerful ecosystem for decentralized finance projects, even those that were built on top of the Ethereum blockchain. Digging deeper, BSC boasts one of the fastest blockchain transaction times and lowest fee structures. No surprise, an increasing amount of DeFi app developers opt for BSC.
We have to give kudos to the team for making the Binance Smart Chain compatible with the Ethereum Virtual Machine (EVM). Otherwise, projects wouldn’t be able to migrate their Ethereum DApps on the Binance Smart Chain with minimal configuration and avoid ETH’s high transaction fees. Hopefully, Ether 2.0 upgrade will cut costs and reduce the usage of electricity, but until then BSC will continue to be the best solution.
It is worth mentioning that until recently, DeFi projects were not so popular in Asia, but with the introduction of Binance Smart Chain’s DeFi ecosystem, everything changed. Thanks to lower fees, Asian DeFi is now gaining funds and projects, proving that it holds a very promising future.
Ok, enough of big words! Well, if the crowd wants battles, the Emperor will give them battles. Most surely, the crypto community is tired of promises so let’s take a look at really big projects that have recently moved to the BSC protocol.
Without any doubt, the first project on our list would be IDEX, one of the oldest decentralized exchanges in space. For years, it has been a popular platform for traders to buy newly-listed Ethereum projects using the Metamask wallet. The problems came when the notorious gas fees began to increase. By the way, something similar is now happening to Uniswap.
Howbeit, IDEX is not satisfied with the fact that it is losing market share. For that reason, it decided to launch a multi-chain solution by expanding its infrastructure to BSC. The final goal is clearly to attract new assets and reduce settlement costs. Additionally, in the future IDEX team plans to integrate with Polkadot and Algorand.
2. 1inch Network
The second project on our list would be a 1inch Network. In a few words, it is an aggregator of decentralized exchanges that allow users to access liquidity from various exchanges and optimizes trade strategies using smart contract technology. The platform allows crypto asset holders to sell, buy, and swap their tokens across multiple platforms. The reason for moving to the BSC protocol is to increase scalability and reduce transaction fees.
3. Nimbus DeFi
The final project would be Nimbus, a DAO-governed platform that offers you 16 earning strategies based on clear revenue-generating processes: IPO participation, peer-to-peer lending, startup financing, and more. All of this based on smart contracts and boosted by several layers of risk management.
According to their blog post, “The integration opens many new opportunities for the community and enables cheaper and faster interaction with the Nimbus platform and tokens. Eventually, it will also help Nimbus tokens to get listed on Binance and enhance the growth of the Nimbus community in China.” It is crucial that the team has a clear goal and a great attitude.
It is worth noting that the Nimbus platform already boasts 50,000 active users. By expanding to the BSC protocol, Nimbus users and liquidity providers will be able to interact with the Nimbus functionalities without the need to deal with exorbitant gas fees. Additionally, it will allow growth in the Chinese market — which, in turn, should provide benefits to all Nimbus token holders.
Last but not least, transition to the BSC network also implies the launch of the BEP-20 standard tokens, NBU and GNBU. Their launch on the Ethereum network led to 3X price growth within a few days so there is certainly much to expect from this new launch, too! The key date in this sense is June 9th. Nimbus launches the BEP20 token in their internal swap.
For those interested in the project, keep in mind that the Nimbus platform offers 16 earning strategies for users boosted by multiple layers of risk management. Furthermore, it was among the first DeFis to provide access to IPO in the crypto industry.
Image by Robbi Drake from Pixabay