Binance, a prominent cryptocurrency exchange, hosts several of the world’s most popular dapps. The metaverse, DeFi, marketplaces, games, and more are dapps.
BNB Chain has regularly attracted the second-most users of all DappRadar-tracked technologies over the past year, as seen in the graph below.
Binance rebranded Binance Chain & Binance Smart Chain (BSC) to BNB Chain to highlight BNB’s growth toward innovation and decentralization.
What exactly is BNB Chain?
BNB Chain is a decentralized, community-driven, open-source ecosystem. The BNB Beacon Chain & BNB Smart Chain are now together known as the BNB Chain. BNB Beacon Chain (formerly Binance Chain) is used for administrative purposes (i.e., staking and voting). In addition to continuing to be compatible with Ethereum Virtual Machine, performing consensus procedures, and acting as a hub for several chains, BNB Smart Chain also retains its original functionality.
So what is BNB Beacon Chain?
In April 2019, Binance Chain became BNB Beacon Chain. It promotes fast, decentralized trading. To achieve this, it had to make certain significant business choices. Due to such choices, BNB Beacon Chain could not support smart contract developers.
BNB tokens on the BNB Beacon Chain network are based on BEP2. The Binance Coin (BNB) was established for the Binance exchange platform to buy, sell, and trade cryptocurrencies and other assets in the Binance Chain ecosystem.
As Binance expanded to compete in the strong blockchain technology ecosystem, the Binance Smart Chain (BNB Smart Chain) was created.
And BNB Smart Chain?
Binance Smart Chain, launched in September 2020, promotes high-performance, decentralized applications (dapps). To simplify community operations, it was cross-chain interoperable with BNB Beacon Chain.
Smart contracts and Ethereum Virtual Machine compatibility distinguish BSC from BNB Beacon Chain (EVM). Thus, it doesn’t hinder the BNB Beacon Chain’s rapid throughput and supports dapps by adding smart contracts into the ecosystem.
Since blockchains function in parallel, BSC is neither layer two nor off scaling. If the BNB Beacon Chain went down, this alternate blockchain would still work.
MetaMask, a user-facing software, is BSC-compatible. BSC supports Ethereum-based utilities and decentralized applications due to its EVM compatibility (dapps). This simplifies Ethereum project transfers. You can refer to a few more BSC projects at Coinwire.
Does DeFi benefit from the BNB Chain?
If you’re using DeFi, you’ll want BNB Chain. Within the expanding DeFi ecosystem hosted on BNB Chain, tokens from many chains may be exchanged for one another. PancakeSwap, like its Ethereum equivalent Uniswap, let users vote on ideas, farm for income, and trade assets without trust.
Since its inception, BSC has placed significant emphasis on DeFi apps in an effort to compete with the Ethereum network while providing consumers with reduced fees. The plan seems to be paying off for Binance so far.
In January 2021, the most influential participants in the BNB DeFi system were PancakeSwap and Venus. These were responsible for $1B and $14B, respectively, of January 2021’s $15B in trade volume.
Over the last year, BNB’s DeFi ecosystem has flourished thanks to the introduction of numerous ground-breaking DeFi dapps. Therefore, let’s take a closer look at the top performers in the DappRadar Scoreboard.
A few of the most downloaded DeFi dapps from BNB Chain are:
- PancakeSwap
- Biswap
- ApeSwap
- Libera.Finance
- AutoShark Finance
- StableFund
Do BNB Chain’s advantages outweigh its disadvantages for NFTs?
Binance created a one-of-a-kind ecosystem for non-fungible tokens that unites crypto fans, innovators, and artists. The Binance NFT native platform allows users to efficiently develop and trade NFTs.
Not to mention, Binance NFT is much ahead of the curve when it comes to gambling for real money. An extensive library of premium gaming drops, a novel Mystery Box feature, and an Initial Game Offering (IGO) system for NFT gaming initiatives all contribute to the platform’s ability to captivate its audience.
As BNB Chain has grown into a comprehensive crypto ecosystem, numerous different markets with their own specialties have found a home in BNB Chain. Here is a rundown of some of the most well-known online stores.
- tofuNFT
- BitKeep NFT Marketplace
- Bomb Crypto Marketplace
- NFTrade
- RadioCaca Market
What are the famous play-to-earn games in the BNB chain?
The BNB company has invested heavily in creating one of the most vibrant gaming ecosystems in the world. As was previously noted, the Binance NFT platform is a one-stop shop where gaming teams may publish their NFT-powered applications.
Additionally, Binance, the largest cryptocurrency exchange, provides a number of GameFi tokens for traders to use in a safe and reliable environment. Moreover, Binance’s venture capital arm, Binance Labs, is always incubating cutting-edge gaming products for the sector.
Without a question, gaming decentralized applications (dapps) are a cornerstone of the BNB Chain ecosystem. In the list of top titles on the BNB Chain, veterans of GameFi will likely recognize a few titles.
- Mobox
- Era7
- SecondLive
- Bomb Crypto
- X World Games
