Cryptocurrency

Top 10 Binance Smart chain Projects to Look Out For in 2022

Top 10 Binance Smart chain Projects to Look Out For in 2022

Before going into Binance Smart Chain, let’s understand what BNB is. BNB is the native crypto token on the BNB chain, which was launched back in 2019, was built solely to optimize the trading experience on the Binance crypto exchange. It could be used to reduce trading fees among a slew of other features. This was a usual, decentralized network that was built on top of the Ethereum network. However, this chain faced the same issues Ethereum itself did, scalability. 

To solve that problem, BNB Smart Chain (BSC) was launched. According to official definitions, it is best described as a blockchain that runs in parallel to the existing BNB chain. However, it has a bunch of added functionalities, one of the major ones being smart contract capabilities and also compatibility with the Ethereum Virtual Machine (EVM). 

Sr No. Top BNB Smart Chain Projects About
1 BINANCE COIN (BNB) It was created with the objective of being an utility token for discounted trading feed in 2017, but over time its use-cases have expanded greatly to include payments for transaction fees on BSC and also real world payments for travel, entertainment, online services and the likes.
2 PANCAKESWAP (CAKE) It is a decentralised exchange and an automated market maker running on the BNB Smart Chain, that has other functionalities like acting as a DeFi security service provider among others.
3 BABY DOGECOIN (BABYDOGE) Inspired by the largest memecoin by market cap, Baby Dogecoin is a crypto token that is a native of the Binance Smart Chain that has unique reward and fee structures to benefit holders.
4 VENUS (XVS) Venus is a popular decentralised automated lending and borrowing DeFi platform that runs on the Binance Smart Chain that enables borrowing at lower fees and incentivises lending.
5 SWIPE (SXP) Swipe is a Ethereum & Binance Smart Chain based crypto ecosystem that offers a Visa debit card facility with a multi-asset support that lets you convert between different supported cryptos.

1. BINANCE COIN (BNB)

Binance coin is a crypto issued by the Binance exchange and trades with the BNB symbol. As mentioned earlier, it was initially based on the Ethereum network but has now shifted to its own blockchain known as BNB Smart Chain (BSC).

It was created with the objective of being an utility token for discounted trading back in 2017, but over time its use-cases have expanded greatly to include payments for transaction fees on BSC and also real world payments for travel, entertainment, online services and the likes.

One of the most unique features of BNB is that every quarter, it uses a fifth of its profits to repurchase and permanently destroy BNB tokens, also known as the burning protocol. These coins are burnt from its own treasury to reduce the tokens from circulation and in effect increase its demand and value.

Additional Read: BNB coin Price Prediction

2. PANCAKESWAP (CAKE)

The next token on the Binance smart chain projects list happens to be PancakeSwap is an Automated Market Maker (AMM) which runs on top of the BNB Smart Chain (BSC). It has multiple functionalities that aren’t just limited to being a decentralized exchange (DEX) but extend to being a decentralized finance (DeFi) security services provider. A good reference point in terms of functionality is that it works almost identically to Uniswap (UNI) SushiSwap (SUSHI). 

PancakeSwap offers features that include trading, earning interest on multiple yield farms, NFT marketplaces and also participating in the PancakeSwap Lottery.

With some of the highest number of daily active users, it is widely considered to be one of the most prominent dApps on BNB smart chain platform.

Additional Read: Pancakeswap Price Prediction

3. BABY DOGECOIN (BABYDOGE)

The next token in the list of top Binance Smart Chain projects of 2022 is a unique one. Drawing inspiration from the biggest meme coin by market capitalization, Dogecoin (DOGE) – Baby Dogecoin (BABYDOGE) is another meme crypto that is a native of the Binance Smart Chain platform but is also available on the Ethereum blockchain. It is lighthearted crypto that calls itself a community coin. Launched in 2021, it started with a total supply of 420 quadrillion tokens (that’s 420,000,000,000,000,000 tokens in supply).

However, Baby Dogecoin has a unique reward and fee structure that benefits its holders. It essentially has a 10% fee on every trade. Hence if whoever wants to sell $100 worth of BABYDOGE tokens, that person will need to pay a 10% transaction fee. This fee is split into half, with one 5% being distributed amongst the holders of BABYDOGE tokens while the rest is used to provide liquidity for trading. Simply put, if you hold Baby Doge Coin, you earn a cut of every trade.

However, it is cautioned to all investors that this is highly volatile crypto, which tends to run on a lot of hype rather than an actual use case. Hence, a thorough market research and understanding of sentiment and hype is extremely necessary before putting your money in this coin.

Additional Read: Dogecoin Price Prediction

4. VENUS (XVS)

The Venus network is another project that makes it to the list of top Binance Smart Chain projects of 2022, and its native token XVS is built to fit the characteristics of the BEP-20 standard protocols. Venus is essentially a DeFi lending platform that allows users to lend and borrow cryptos based on collateralization. Its primary objectives include the enabling of automated algorithmic decentralized lending services where lenders can earn APY (annual percentage yield) based on their deposited funds for supported cryptos.

The mechanism of Venus allows users to instantly borrow or lend without the need for any intermediaries. Here, borrowers can borrow crypto loans at lower fees, and lenders are incentivized to provide loan services.

Venus’ native crypto XVS is used in network governance where XVS holders can propose changes to the network. They can also vote on propositions regarding adding new collaterals, the protocol, upgrades, and other important elements.

Additional Read: Top Metaverse Coins

5. SWIPE (SXP)

Swipe network is another one of the top Binance Smart Chain projects of 2022. It was initially an independent company, which launched its blockchain network on the Ethereum platform. But the company was later acquired by Binance Labs and now runs on the Binance Smart Chain too.

With the growing world of decentralized finance (DeFi) – Swipe provides a wide variety of products and services to its users. Some of its primary products include a Visa debit card and a multi-asset DeFi app that allows you to instantly convert between different cryptos, fiat currencies, and even stablecoins.

Swipe’s native token, SXP, serves as a decentralized digital currency. This crypto serves multiple uses in the Swipe ecosystem, including awarding token holders, burn protocols, and governance. 

CONCLUSION

Considering the fact that Binance Coin (BNB) is the second largest altcoin by market capitalization, and the third largest overall – the world of DeFi is at a very nascent stage. Most of these are projects that are trying to solve real-world problems and thus it is undeniable that it has the potential to revolutionize the financial sector very soon. 

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FAQs

How many projects are on Binance Smart Chain?

Binance Smart Chain’s ecosystem has about 38 DeFi apps running on the platform, as compared to 191 on Ethereum. 

Is Binance smart chain safe?

Binance Smart Chain is a safe environment for dApps, however, there is a risk of centralization as Binance is the largest centralized crypto exchange by volume.

Which coins are on BSC?

Binance Smart Chain has a large number of crypto tokens that run according to the BEP-20 and several other established standards. Some of the most popular ones include BNB, Dogecoin, Polkadot, and stablecoins like Tether and USD Coin.

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