BSC is the smart contract platform launched by Binance.  It is based on the Go Ethereum (GETH) client, making it compatible with blockchain apps, which has been developed for the Ethereum network.

For clarity, smart contracts are used for instance like digital agreements which serve as the intermediate in the process of exchange of cryptocurrencies or any other digital assets between two parties. Once the terms of the agreement are set, the smart contract will verify the fulfillment according to the code.  Further, the assets are distributed accordingly.

Binance smart chain (BSC) is the blockchain which runs in Parallel to the Binance Chain. Unlike Binance chain, BSC boasts of smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).

The design goal in ensuring EVM compatibility is to ensure a high throughput of Binance Chain, while introducing smart contracts into the ecosystem.

Binance Smart Chain’s early success is relatable to its low transaction fees, fast processing speeds, and compatibility with Ethereum Virtual Machine.  This makes it easy for developers to switch from Ethereum to BSC. 

Digital assets like  BTC, LTC, ETH, EOS, or XRP are in Binance chain as “BEP-20 peggy coins”

Noteworthy Binance Smart Chain DeFi Dapp

1.PANCAKE SWAP:  Pancakeswap is a decentralized exchange (DEX), permitting investors to swap BEP-20 tokens. Bep-20 tokens are built on the top of the Binance Smart Chain which does not have their own blockchain. The platform is built on Binance Smart Chain instead of Ethereum and therefore comes with a number of advantages.

Pancakeswap is an Automated Market Maker (AMM) built on the BSC which permits users to trade digital assets which run on BSC.

2.VENUS

The Venus protocol is a fast, low-cost and decentralized lending system built on the Binance Smart Chain which permits borrowers to borrow funds by using $XVS and twenty-two other currencies as collateral.

3.AUTO FARM NETWORK

Autofarm is a yield farming aggregator which runs on the Binance Smart Chain (BSC), polygon chain (MATIC), Huobi eco chain (HECO), Avalanche (avax), Fantom (FTM), Moonriver (MOVR), Celo (CELO), Cronos (CRO), Boba (BOBA), Harmony (ONE), XDAI (DAI), Aurora (NEAR), OEC (OKEX) and VELAS (VLX).

Autofarm is derived from the word ‘auto’ which means ‘self’ and ‘farm’ means ‘to grow’. Thus, autofarm is a protocol that is written in solidity and deployed on the Binance Smart Chain which allows you to grow crops automatically.

4.NERVE FINANCE

Nerve is an Automated Market Maker (AMM) specifically designed for trading stable coins and pegged assets on the Binance Smart Chain. Nerve’s first pool is launching with a basket of a dollar-pegged stable coins consisting of BUSD, USDT & USDC. The project was launched on March 1st, 2021.

5.XWIN

XWIN is the fund management platform, built with Binance Smart Chain blockchain technology. Thus, Fund managers will be able to launch funds easily and making it easy to connect with investors very easily.

XWIN is a yield farming vault. XWIN will make farming investment easier than ever. It adds BNB into liquidity and farming pool with auto-compound utility.