Top Three DeFi Projects on BNB Chain to Keep an Eye On

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Decen­tral­ized finance (DeFi) activ­i­ty has slowed dur­ing the bear mar­ket. How­ev­er, there is still a lot going on with pro­to­cols on lead­ing ecosys­tems such as BNB Chain.

BNB Chain, for­mer­ly known as Binance Smart Chain, is the sec­ond-largest DeFi ecosys­tem after Ethereum.

BNB Chain has a total val­ue locked of $7.7 bil­lion, accord­ing to DeFiLla­ma. This is down 70% from its all-time high, how­ev­er, which is in line with the wider bear market.

BNB Chain has sev­er­al pop­u­lar DeFi projects, here are the top three.

PancakeSwap (DEX)

The largest decen­tral­ized exchange on the BNB Chain net­work is Pan­cakeSwap. It has a total val­ue locked of $4.36 bil­lion giv­ing it a com­mand­ing mar­ket share of 56.6%. Addi­tion­al­ly, it has a 24-hour trad­ing vol­ume of $302,665 accord­ing to DeFiLlama.

Pan­cakeSwap boasts 1.9 mil­lion users and 55 mil­lion trades over the past 30 days. The DEX offers instant token swaps and a num­ber of liq­uid­i­ty farms. It also has a lot­tery and plen­ty of giveaways. 

The DEX is pow­ered by the native CAKE token that is farmed and staked. Fur­ther­more, CAKE is used in Pot­tery, com­bin­ing locked stak­ing with lot­tery ele­ments. This enables chances to win big­ger yields on CAKE deposits.

Venus Protocol (Lending)

Venus is the sec­ond largest DeFi pro­to­col on BNB Chain. It offers a decen­tral­ized mon­ey mar­ket for lend­ing, bor­row­ing, and earn­ing cryp­to assets.

Venus has $933 mil­lion in total val­ue locked, equat­ing to 12% of the BNB Chain mar­ket share. The pro­to­col is also a fork of the Ethereum lend­ing plat­form Com­pound Finance.

It uses vTo­kens, which are tok­enized ver­sions of oth­er assets that can be used as col­lat­er­al. Var­i­ous inter­est rates are offered on dif­fer­ent tokens that can be lent or bor­rowed on the platform.

Addi­tion­al­ly, the pro­to­col is pow­ered by the XVS token which is also used for farm­ing and extra yields.

Venus suf­fered an $11 mil­lion loss ear­li­er this year due to a prob­lem with LUNA price oracles.

Alpaca Finance (Yield)

The third-largest DeFi pro­to­col on BNB Chain is Alpaca Finance. It has around $367 mil­lion in total val­ue locked. Alpaca is a lend­ing pro­to­col allow­ing lever­aged yield farm­ing in the Binance ecosystem. 

Fur­ther­more, bor­row­ers can get under-col­lat­er­al­ized loans for lever­aged yield farm­ing posi­tions. The pro­to­col ampli­fies the liq­uid­i­ty lay­er of inte­grat­ed exchanges, improv­ing their cap­i­tal effi­cien­cy by con­nect­ing liq­uid­i­ty providers.

Alpaca also has its own native token of the same name. If con­ducts reg­u­lar buy­back and burns to keep the sup­ply deflationary.

Final­ly, these are just three of the most pop­u­lar DeFi pro­to­cols on BNB Chain. Oth­ers include BiSwap, PinkSale, Wom­bat Exchange, and Coinwind. 

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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