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