Have you ever tried energy drinks like “Burn”, “Red Bull” or “Monster”? While they won’t give you wings, they will help increase productivity when needed. Unfortunately, they also have adverse effects such as contributing to weight gain or raising sugar levels. Because of this, some prefer coffee, no wonder it is defined as a drug. Now imagine something similar to caffeine or taurine, but for a DeFi project and that wouldn’t have any side effects. That would be a bomb!
Well, the good news is that this “booster” already exists and the name is Binance Smart Chain. The question naturally arises, what makes BSC different? In short, it provides a powerful ecosystem for decentralized finance projects, even those built on the Ethereum blockchain. If you dig deeper, BSC offers one of the fastest blockchain transaction times and the lowest fee structures. No surprise, more and more DeFi app developers are choosing BSC.
We have to praise the team for making the Binance Smart Chain compatible with the Ethereum Virtual Machine (EVM). Otherwise, projects could not migrate their Ethereum DApps to the Binance Smart Chain with minimal configuration and avoid the high transaction fees of ETH. Hopefully the Ether 2.0 upgrade will cut costs and reduce power consumption, but until then, BSC will continue to be the best solution.
It’s worth noting that DeFi projects weren’t that popular in Asia until recently, but everything changed with the introduction of Binance Smart Chain’s DeFi ecosystem. Thanks to lower fees, Asian DeFi is now winning funds and projects, proving that it has a very promising future.
Ok, enough of the big words! Well, if the crowd wants battles, the Emperor will give them battles. Most likely the crypto community has had enough of promises, so let’s take a look at some really big projects that recently switched to the BSC protocol.
The first project on our list would without a doubt 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 with the Metamask wallet. The problems came when the infamous gas charges began to rise. Something similar is happening now with Uniswap.
However, IDEX is not satisfied with the fact that it is losing market share. For this reason it decided to implement a multi-chain solution by expanding its infrastructure to BSC. The ultimate goal is clearly to attract new assets and reduce settlement costs. In addition, the IDEX team plans to integrate with Polkadot and Algorand in the future.
2. 1 inch network
The second project on our list would be a 1-inch network. In a nutshell, it is a decentralized exchange aggregator that enables users to access liquidity from various exchanges and optimize trading strategies using smart contract technology. The platform enables crypto-asset owners to sell, buy, and exchange their tokens across multiple platforms. The reason for switching to the BSC protocol is to increase scalability and reduce transaction fees.
3. Nimbus DeFi
The final project would be Nimbus, a DAO-driven 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 is based on smart contracts and is supported by several levels of risk management.
According to her blog post “The integration opens up many new opportunities for the community and enables more cost-effective and faster interaction with the Nimbus platform and the tokens. Ultimately, it will also help Nimbus tokens to be listed on Binance and promote the growth of the Nimbus community in China. “ It is crucial that the team has a clear goal and a great attitude.
It is noteworthy that the Nimbus platform already has 50,000 active users. By expanding to the BSC protocol, Nimbus users and liquidity providers can interact with the Nimbus functionalities without having to deal with exorbitant gas charges. In addition, it will enable growth in the Chinese market – which in turn should benefit all Nimbus token holders.
Last but not least, the transition to the BSC network also means the introduction of the BEP-20 standard tokens, NBU and GNBU. Your start in the Ethereum network resulted in a 3-fold price increase within a few days, so you can certainly expect a lot from this new start too! The deadline in this sense is June 9th. Nimbus introduces the BEP20 token in its internal swap.
If you are interested in the project, note that the Nimbus platform offers 16 earning strategies for users that are promoted through multiple levels of risk management. In addition, it was one of the first DeFis to give access to the IPO in the crypto industry.
Image by Robbi Drake from Pixabay