#Binance #Smart #Chain is thought to be a booster in the cryptocurrency ecosystem, just like energy drinks or coffee gives people. but at this point, it is necessary to mention the differences of Binance Smart Chain from other projects.
Even those built primarily on the Ethereum blockchain provide a robust ecosystem for decentralized finance projects. Digging deeper, BSC has one of the fastest blockchain transaction times and one of the lowest fee structures. For this reason, an increasing number of DeFi application developers prefer BSC.
We have to thank the team for making Binance Smart Chain compatible with the Ethereum Virtual Machine (EVM). Otherwise, projects will not be able to migrate Ethereum DApps to Binance Smart Chain with minimal configuration and avoid the high transaction fees of ETH. At this point, it is hoped that the Ethereum 2.0 upgrade will cut costs and reduce electricity usage, but until then, BSC is expected to remain the best solution.
It's worth noting that until recently, DeFi projects weren't that popular in Asia, but everything changed when Binance Smart Chain's DeFi ecosystem stepped in. Thanks to lower fees, the Asian DeFi market is now gaining funds and projects, proving to have a very promising future.
Besides, it may be useful to take a look at the really big projects that have recently migrated to the BSC protocol.
🚩IDEX
The first project on the list is #IDEX , one of the oldest decentralized exchanges in the field . For years, IDEX has been a popular platform for investors to purchase newly listed Ethereum projects using the Metamask wallet. Problems arose when transaction fees began to rise.
However, IDEX is of course not satisfied with losing its market share. That's why it decided to start a multi-chain solution by expanding its infrastructure to BSC. The ultimate goal is obviously to attract new assets and reduce transaction costs. Additionally, the IDEX team plans to integrate with Polkadot and Algorand in the future.
🚩1inch Network
The second project in the list appears as 1inch Network. In a few words, #1inch Network is a decentralized exchange aggregator that allows users to access liquidity from various exchanges and optimizes their trading strategies using smart contract technology. The platform allows crypto-asset holders to sell, buy and trade their tokens across multiple platforms. The reason for the transition to the BSC protocol is to increase scalability and reduce transaction fees.
🚩Nimbus DeFi
#Nimbus can be defined as a DAO-managed platform that offers its users 16 earnings strategies based on processes that generate net income. All cases like IPO participation, peer-to-peer lending, startup financing are all based on smart contracts and supported by several layers of risk management.
According to their blog post, “The integration opens up many new opportunities for the community and enables cheaper and faster interaction with the Nimbus platform and tokens. It will eventually also help get Nimbus tokens listed on Binance and boost the growth of the Nimbus community in China.”
It is worth noting that the Nimbus platform already has 50,000 active users. By extending it to the BSC protocol, Nimbus users and liquidity providers will be able to interact with Nimbus functions without having to deal with high transaction fees. Additionally, this will allow growth in the Chinese market, which will benefit all Nimbus token holders.
Finally, the transition to the BSC network also brings about the launch of the BEP-20 standard tokens NBU and GNBU. Their launch on the Ethereum network led to a 3-fold price increase in a few days, so it seems like the expectations are high from this new launch as well. According to the statements made, June 8 is an important date at this point. At exactly 12:00 GMT, Nimbus will launch the bep20 token sale. In addition, this team will hold a mini-stream where participants will learn about the latest platform updates and win NBU bep20 airdrops.