Developers and enthusiasts are bringing various ideas and projects to BNB Chain. The network provides high throughput and low fees, making it of great value for DApps. Several vital projects are being developed on this chain, tackling a different aspect of the broader blockchain industry.
Venus (Money Market System)
The growth of decentralized finance (DeFi) on BNB Chain gives rise to many innovative protocols. For example, Venus Protocol, an algorithmic money market system, tackles lending and credit through decentralization. Despite noting an incident in the first half of 2021 and seeing the initial developers bail, the project has come back stronger than ever, thanks to its community and new management.
Today, Venus is the #1 lending solution on BNB Chain and one of the five biggest lending platforms in the broader DeFi industry. Moreover, Venus has positioned itself as the one-stop solution maximizing capital efficiency and offering a solid user experience to lend, borrow, farm yield, and swap assets. Additionally, the protocol’s governance is decentralized to empower community members and allow them to make new proposals.
PancakeSwap (DEX)
No one can dispute the importance of Pancakeswap in the BNB Chain ecosystem. It is the most popular decentralized application today, and it facilitates the trading and swapping of assets on BNB Chain. Moreover, users can provide liquidity and stake rewards to tap into additional revenue streams. Ongoing user growth solidifies the chain’s top position amongst decentralized exchanges.
Per DAppRadar, Pancakeswap had over 3,3 million users this past month. A significant number, yet it is a net 16.39% decline. That trend highlights the need for innovation and competitiveness in the BNB Chain ecosystem. Its volume of $16.15 billion remains impressive, but other DeFi solutions will try to gain ground.
Bomb Crypto (Gaming)
Play-to-ear gaming is one of the hottest trends in cryptocurrency and blockchain today. BNB Chain, with its low fees, makes it easier for players to earn money over time. Games on the Ethereum blockchain have high transaction fees, negating most of the in-game earnings for most players.
Bomb Crypto is the top gaming DApp on the BNB Chain today. Although it has seen a 24.4% user decrease MoM, it still has more than twice the amount of users on the next biggest game on the chain. The concept of a play-to-earn version of Bomberman on the blockchain strikes a chord with many enthusiasts. Moreover, tokenized in-game assets can be sold or traded freely, creating revenue opportunities for long-term players.
Transit Swap (Multi-chain Exchange)
Transit Swap is a multi-chain DEX aggregator on the BNB Chain. It is a relatively new application that facilitates asset exchanges across the most popular public blockchains. The Transit Swap DApp integrates popular DEXes of public chains and combines their advantages to enhance the overall user trading experience.
Additionally, the project introduces an NFT marketplace and DAO governance for its users. Decentralizing the governance of a project on BNB Chain on any other network is essential. There is no need for centralized parties exerting control over the protocol or how it can be used and by whom. Transit Swap noted a 32% user increase this month, bringing its total to almost 31,000.
Conclusion
While Ethereum remains the biggest ecosystem for DApp development, it is hindered by slow transactions and high gas fees. BNB Chain solves both problems and continues to attract attention from developers worldwide. However, building a DApp and maintaining a large user base requires an efficient network and powerful infrastructure.
Several projects aim to tackle different aspects of the broader blockchain industry. For example, BNB Chain provides solutions for developers exploring opportunities in gaming, DeFi, finance, and more.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
