BNB Chain (Binance Smart Chain): The Most Promising Tokens

Binance Chain, then Binance Smart Chain, and today BNB Chain: the blockchain on which the Binance ecosystem is based is evolving, and not just in name. Backed by the support of 1 billion dollars, the projects designed on the BSC are multiplying. While many of them failed in the bear market, some have made their mark and are consolidating. Overview of the most promising tokens (and projects).

What is a BEP-20 token?

It is first useful to remember that the Binance Smart Chain is like Ethereum a so-called second-generation network.

It is a “programmable” network, that is to say, that the community can create decentralized applications there (the famous dApps ) and with these tokens with sometimes fanciful names (the famous tokens ).

Thus a token designed on the Binance Smart Chain is called a BEP-20 token, in reference to the IT standard that must be mastered to code a project intended to operate on the BSC. At Ethereum, we talk about ERC-20 tokens.

READ ALSO: Binance Now Holds More Bitcoin Than Coinbase.

The best-known BEP-20 token is BNB.

Indeed, the Binance Coin (BNB) is to the Binance Smart Chain what ETH is to the Ethereum network: the native token. It is through BNB that users are able to pay transaction fees on the Binance platform itself, as well as on a host of applications hosted by the BSC network.

Today, there are almost 10 times more BEP-20 tokens than ERC-20 tokens on the market.

The reason is simple: the BSC has been able to take full advantage of the congestion problems on Ethereum, and with great subsidies, Binance has “pushed” for a powerful DeFi ecosystem to develop on its network.

Good to know: Transactions in BEP-20 tokens are considerably cheaper than those in ERC-20. Validation times on Ethereum vary between 12 seconds and several minutes, while on BSC it takes less than 3 seconds!

The most promising tokens on the Binance Smart Chain

Who says token necessarily says project, the token being (you will have understood) only a currency associated with a project. It's impossible to name them all, so we've sorted them out to show you THE project to follow for each hot market niche.

CAKE, the long-toothed DeFi token

CAKE serves two purposes in the PancakeSwap decentralized exchange. It serves as a governance token, allowing decisions to be voted on the evolution of the DEX. It also serves as a utility token.

Launched in September 2021, PancakeSwap is, it should be remembered, a decentralized exchange built on the Binance Smart Chain BNB Chain. At the end of June, PancakeSwap accounted for 13% of trade made on all DEXs, the equivalent of nearly $18 billion, for 350,000 active users.

We recently reported to you that Binance Labs (the venture capital subsidiary of Binance) raised funds for PancakeSwap, which is the DeFi project with the highest TVL – all assets deposited on the protocol – on the BNB Chain.

BUSD, the safest stablecoin on the market?

The third stablecoin on the market ($17 billion), BUSD is considered by specialists to be the safest and most stable cryptocurrency backed by the dollar.

Issued by the Paxos Trust Company in partnership with Binance, BUSD is issued both as a BEP-20 token on the BNB Chain, and as an ERC-20 token on the Ethereum network.

It is one of the very few licensed stablecoins in the United States. In a context of strong suspicion around stablecoins, following the collapse of the UST and the LUNA, the BUSD reassures of its ability to comply smoothly with the requirements of the NYDFS, the New York regulator being renowned for not doing no gift to financial institutions.

IBAT, the next play-to-earn to do x10?

Less known, the IBAT is the token of the game Battle Infinity, a new fantasy sports game where players from all over the world compete in tournaments, by opposing their players (in the form of NFT). The concept recalls that of Sorare, the latest French unicorn to date.

At the time of writing, the IBAT token is in presale, at a parity of 1 IBAT = 166,666 IBAT. The fundraising target is set at 16,500 BNB or 28% of the total tokens.

Like Facebook, which renamed itself, Meta, the name change of the Binance Smart Chain BNB Chain is not just a simple rebranding: in Binance announcements, the BNB Chain is systematically associated with the term MetaFi.

 
Clearly, a new playground, at the crossroads of decentralized finance and the metaverse. The huge financial windfall generated by games and parallel universes seems to have convinced Binance to also make a shift.

We understand a little more the interest in investing in projects such as Battle Infinity (IBAT), one of the most promising MetaFi/GameFi projects on the BNB Chain.

READ ALSO: Sport And Crypto: An Explosive Cocktail.

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