Decentralized Finance (DeFi) has exploded in popularity in recent months. The value of Bitcoin trapped in DeFi contracts has also soared, as has the worth of coins related to the area.

The problem is that the majority of this growth has been confined to Ethereum – and Ethereum alone.

Other blockchains lacked the engineers, users, and cash needed to take on DeFi, which is a network-based business.

However, with the introduction of Binance’s Smart Chain, which will allow Binance Coin and the Binance ecosystem to have its own DeFi bubble, this is swiftly changing.

With the debut of “Binance Smart Chain,” Binance goes DeFi.

Binance, the world’s largest cryptocurrency exchange, has had its own blockchain for over a year: the Binance Chain, whose native token was BNB. The problem was that the chain didn’t enable smart contracts, limiting transactions to BNB and other currency.

This changed with the launch of Binance Smart Chain, which is a Binance Chain-based blockchain capable of facilitating smart contracts in an Ethereum Virtual Machine – in a compatible way.

“BSC is a blockchain that runs alongside Binance Chain and allows for the implementation of smart contracts for tokens on the Binance-branded blockchain.” It also creates an entirely new staking system for BNB, one of the world’s most popular cryptocurrencies,” according to a press statement.

While still in its early stages, Binance Smart Chain has experienced a significant increase in users who are adopting the network’s initial DeFi protocols.

First and foremost, there’s BurgerSwap, which aims to be the Binance Smart Chain’s Uniswap (a.k.a. the premier decentralized exchange). The company behind BurgerSwap claims that it is not a fork of Uniswap. By purchasing the currency and staking it in the project’s governance module, BURGER may be farmed.

Second, there’s Spartan Protocol, which aims to become Binance Smart Chain’s Synthetix. Spartan Protocol, like Aave, aims to provide decentralized derivatives while also including a decentralized exchange and money market.

Finally, there’s Cream, a cryptocurrency that runs on both Binance Smart Chain and Ethereum. Cream is a fork of Compound that aims to differentiate itself with a full-stack suite of DeFi products, as previously reported by CryptoSlate. The currency has had a lot of success so far, with major venture investors and DeFi pioneers adopting it.

There are probably more Binance-based protocols, but these are the three most popular right now.

Will they be successful?  While Binance Smart Chain’s DeFi ecosystem is still in its infancy, some believe it will flourish.

Mechanism Capital’s Andrew Kang, who has been promoting Cream’s Binance Smart Chain launch, recently stated that he believes other layer-one blockchains will gain traction in DeFi in the near future:

“It’s quite clear that DeFi will exist on other chains for the foreseeable future.” Other Layer 1s will have their own unstoppable pumps and produce farms with a 5000 percent APY. I’m not looking forward to bouncing funds from chain to chain 20 times a day using CEXs as bridges.”

Kelvin Koh of Spartan Group, a crypto hedge and venture fund, commented on Binance in particular, saying that Binance Smart Chain might play a crucial role in DeFi going ahead.