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Binance smart chain invests in DeFi protocol lab under the $100M Fund Set-up

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Binance Smart Chain [BSC] has infused reportedly an undisclosed sum of funds into the decentralized finance [DeFi] called DefiDollar. The amount comes under the $100 million fund set up to further advance the DeFi ecosystem on Binance’s blockchain network.

According to the official blog post by the platform, the investment led by Binance Smart Chain is a strategic move to boost the decentralized finance ecosystem by supporting a team such as DefiDollar to bring about innovative products that provide – indexes, yield diversification as well as better capital efficiency.

DefiDollar describes itself as a “Defi Protocol Lab” that aims to take DeFi to the masses and also intends to simplify access to Web3.0 based decentralized finance products.

Siddhartha Jain, COO and Co-Founder of DefiDollar commented on the development,

“We aim to create value for users via our DeFi focused product suite. Our future roadmap revolves around launching value-added products like ibBTC and Opeth. These will help the protocol serve a wider audience and help users to access the composable power of DeFi in an intuitive and easy-to-use manner.”

The executive of the DeFi platform also revealed the team’s intentions to expand its multichain presence and have launched the protocol, as well as a savings account, on Binance Smart Chain [BSC] which enables access to users who previously got priced out due to high fees.

DefiDollar also plans to create value across the full spectrum of decentralized finance activity on Binance Smart Chain, from the savings product to ibBTC.

Binance Smart Chain’s Rise To Prominence

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Five months into 2021, the sector shows no sign of slowing down. Binance with BSC has been nothing short of a trailblazer among the centralized entities in the DeFi space. It has been growing exponentially and has cut into the market leader, Ethererum’s share.

As of 6th May, the total value locked [TVL] in the Binance Smart Chain ecosystem was found to be nearing $50 billion.

Binance Smart Chain’s DeFi Project Losses Over $30M In Flash Loan Exploit

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A DeFi project Spartan Protocol’s contract suffered an exploit that led to loss of more than $30 million in funds. The incident reportedly originated due to a flawed liquidity share calculation in the protocol, that resulted in the drainage of assets from the pool.

In the post-mortem blog post, the security firm PeckShield detailed,

“In particular, the specific hack inflates the asset balance of the pool before burning the same amount of pool tokens to claim an unnecessarily large amount of underlying assets. The consequence of this attack results in more than $30M loss from the affected pool.”

The decentralized protocol [DeFi] was built on Binance Smart Chain for incentivized liquidity and synthetic assets. While first reporting the incident Spartan had revealed that the malicious entity used $61 million in Binance’s native token BNB to control the pools via an unknown economic exploit path to remove almost $3 million in funds from the pools.

According to the post-mortem report, the flash loan was taken on BSC’s popular DEX PancakeSwap for 100,000 wrapped BNB [wBNB]. This amount was to be paid back at the last step with 260 wBNB as the flash loan fee. However, the hacker allegedly swapped the wrapped BNB to Spartan’s native token – SPARTA five times via this exploited pool of the protocol. It swapped wBNB to SPARTAN an additional ten times through the same pool.

After inflating the asset balance in the pool, tokens were burnt to withdraw the liquidity. This process was repeated until the flash loan of 100,260 wBNB was returned and the hacker drained more than $30 million from the DeFi protocol.

DeFi Flash Loan Attacks One After Another

Rekt, which posted another assessment of the incident, also stated that Spartan’s latest exploit with $30 million funds drained is the sixth biggest incursion on its leaderboard.

This news comes jist days after the attackers of yet another Binance Smart Chain’s DeFi exchange Uranium Finance siphoned off with more than $57 million in exploit from a similar attack. In April 20th, layer two protocol EASYFI lost around $59 million.

Binance Smart Chain Welcomes EOS’s Largest DeFi Platform

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Binance Smart Chain [BSC] has seen tremendous development. In terms of liquidity and decentralized applications [dApps], BSC is becoming a major player in the industry. Hence, it is safe to say that it has emerged as one of the most distinguished alternatives to not just the Ethereum network but also to EOS. The latter lost one of the biggest decentralized finance [DeFi] projects to the Binance ecosystem this week.

The DeFi platform in question is ‘Effect Network‘ which is headed for a switch in its development from the EOS network to the Binance Smart Chain. The developers cited concerns regarding the future and viability of the EOS blockchain as one of the most prominent reasons for relocation.

It is important to note that the founder and Chief Technology Officer of EOS’s parent firm Block.one, Daniel Larimer had left the company nearly a couple of months ago. Furthermore, the controversial departure led to many questions regarding his inability to bring about viable solutions to the many issues plaguig the EOS ecosystem.

Talking about the growing confidence in Binance Smart Chain instead, Effect Network’s CEO Chris Dawe reportedly stated,

“Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before.”

Binance Smart Chain’s Exponential Growth

Despite centralization debates, the BSC ecosystem has grown considerably over the past several months. Thanks to growing gas fees on the Ethereum blockchain that was currently hovering close to $18. BSC, on the other hand, was processing on average 2X volume of the Ethereum network, that too, at a fraction of its current transaction fee.

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Therefore, several DeFi platforms have either left the Ethereum network or have expanded their footprint across BSC as well to enable its users to choose their preferred mode of network. Gauging at BSC’s unique address count, it can be noted that the network has seen significant growth as the figures continued to maintain a steady uptrend. It was found to be at 61.7 million on the 27th of March.

More Ethereum-based DeFi Platforms Expand To Binance Smart Chain

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Binance Smart Chain [BSC] has grown leaps and bounds over the course of the last six months. Its activity and volume have outperformed that of Ethereum in the first quarter of the year alone. More and more decentralized finance [DeFi] platforms are making a move to the rival BSC or have built a bridge as transaction fees remained on Ethereum showed no signs of retreat.

The latest one to announce expansion plans to BSC was DeFi platform, 0x which revealed that v4 is now live on BSC.

0x API has added support for Binance Smart Chain, aggregating liquidity across all existing liquidity sources including PancakeSwap, SushiSwap, DODO, among others.

The official press release also read,

“We are proud to be launching 0x API’s BSC support alongside our initial partners Matcha, Zapper, Dex Guru, Zerion, Dodo, and DexKit.”

0x API essentially drives several DeFi teams on the Ethereum network. With the latest expansion, the platform intends to help its integrators and the broader Binance Smart Chain developer ecosystem onboard the next 100,000 users to the crypto industry.

The platform also noted that BSC is one of the many EVM blockchains where 0x API will be available. It revealed its plans to add support for more L1 chains and L2 solutions in the near future and to work with more teams in a bid to help their users explore decentralized exchange [DEX] in a multichain world.

Another DeFi platform to announce a launch of services on BSC was bZx. The margin trading platform asserted that even if it be moving to BSC, it would continue to remain primarily “Ethereum focused”.

Binance Smart Chain Growth

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Thanks to its immense popularity and strategic launch during the DeFi explosion, Binance Smart Chain has attracted a massive inflow of users on its platforms. TVL has also rallied close to its all-time high level of $13 billion. The total market cap of on-chain BEP-20 tokens has also surged to a whopping $15 billion this month. Weekly active address on BSC has also climbed to 560k, i.e., ~56% of Ethereum. Furthermore, the daily volume of Binance Bridge has also hit 10 million.

Binance Smart Chain Welcomes New Protocol Under Its Belt

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Binance Smart Chain [BSC] has been bustling this bull market. The latest one to jump into the bandwagon is ‘The Graph’ which happens to be an indexing and query layer of the decentralized web.

According to the latest announcement by the exchange giant’s blockchain system has integrated with the indexing protocol, The Graph which is used for querying networks like Ethereum and IPFS.

The integration is set to allow the developers to create applications on Binance Smart Chain using subgraphs. The official blog post also revealed that The Graph protocol reportedly solves the problem of indexing for blockchain data.

The release further stated,

“Users no longer have to trust teams to operate servers and developers can deploy to reliable public infrastructure. BSC developers can master subgraphs using Graph Docs which will be supported via the hosted service.”

Besides, blockchains based on Binance Smart Chain are set to join ‘The Graph’s’ current support for Ethereum, POA, Polygon, and Fantom.

Owing to the latest integration, the developers can leverage the protocol to explore querying of subgraphs for increased data access. These ‘Subgraphs’ in question already exist for decentralized platforms [DeFi] such as Uniswap, Synthetix, AAVE, Gnosis, Balancer, Foundation, and many others..

Furthermore, the protocol will also assist the Binance Smart Chain to build all kinds of decentralized applications [DApps] for DeFi, non-fungible tokens [NFTs], gaming, marketplaces, and more.

One of the leading decentralized exchanges [DEX], PancakeSwap, has reportedly requested the integration of The Graph on BSC.

Binance Smart Chain: Sneak Peek

Launched in September 2020, Binance Smart Chain made a debut just in time DeFi revolution gained serious traction. As network fees went up on Ethereum, the conversation began to shift to alternative blockchains.

Since then activity on BSC has seen tremendous growth. In the last week of Feb, one of the largest DEX aggregators by trading volumes, 1inch went live on Binance Smart Chain as it branched out from the Ethereum network.

Ethereum Maxis Deploys Controversial Contract On Binance Smart Chain

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The war between Binance Smart Chain [BSC] and the Ethereum network is intensifying in the wake of tremendous DeFi activity. The competition to become a more efficient and better blockchain is far from over and is taking turns that no one ever expected.

Ethereum maximalist reportedly deployed a contract called “TANKS OF TIENANMEN” to the Binance Smart Chain. This was in response to a series of tweets by Binance CEO, Changpeng Zhao who said that “Ethereum is a network for rich guys, but soon those guys will be poor.“

What was the point of the “attack” on Binance Smart Chain?

As CZ criticized Ethereum, singling out its Achilles heel: high fees, the ETH community lashed back by creating a contract with a controversial Chinese subject referring to the infamous Tiananmen Square protests that were student-led demonstrations held in Tiananmen Square, Beijing back in 1989.

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For the most part of the year, Binance Smart Chain has witnessed a greater daily transaction volume than Ethereum. As Ethereum’s fees became restrictively high, many people were encouraged to hop onto an alternative despite previously held views regarding centralization and censorship by one of the world’s largest cryptocurrency exchanges.

Decentralization cannot be taught in a day and even as the creation of BSC in itself, as most experts claim, goes against the very ethos of this industry, it still trumps, at least it is currently doing a lot better than Ethereum in terms of activity.

Hence, the Ethereum maximalist went on to create a contract for which Binance could essentially get into trouble if not taken down.

But was the point made?

According to few in the community, the consequence of this stunt could potentially draw physical harm on Binance employees. Some claimed that the move was not necessary since it is already known that Binance Smart Chain is centralized in nature and that CZ can always take down the contract.

Commenting on the weekend fiasco, the founding partner of Primitive Crypto, Dovey Wan believes that it would not have any impact on Binance. Her tweet read,

“Literally zero impact LOL. Just reveal how childish they are, not taking a side simply commenting on this behavior. Chinese gov failed in shutting down even Huobi/Okex while having them operating primarily in the mainland and what they can do with BSC again?”

She defended Binance Smart Chain and went on to say that the latest contract has nothing to do with “cypherpunk spirit” and that “cypherpunk can do much better”. The exec also added,

“If Ethereum ppl believe the future of Ethereum is as bright as Vitalik gone silent, they should know such naive “attack” can barely harm BSC”

Binance Smart Chain Transactions Are Now Over 2x Ethereum’s

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Binance Smart Chain is on a roll.

Binance’s blockchain for developing decentralized applications [DApps] has proved to be one of its top runners. In the latest development, Binance Smart Chain’s [BSC] daily transactions have not just exceeded that of Ethereum’s but are now more than 2x than the latter.

This was revealed in the latest edition of the Binance Weekly Report. It also stated that BSC has processed 3.2 million transactions as of 19th Feb. This makes the total figure stood at nearly 250% more than the 1.3 million transactions on Ethereum

Defi

In addition, the total value locked [TVL] on Binance Smart Chain has neared an astonishing $11 billion. Interestingly, the TVL figures on its projects have doubled in a span of a week, from $4.69 billion to $10.84 billion, according to Defistation’s latest charts.

Binance Smart Chain Stats

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The unique addresses on the Binance Smart Chain have surged by more than 270% in the last seven days alone. The monumental rise, as depicted by the above chart, is undoubtedly in response to the high Ethereum transaction fees which continue to be expensive as the network works at a 98% capacity.

This, in turn, has led investors to onboard the BSC train seeking a more efficient alternative with high yields at low fees.

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With a quick scan of the above chart, it was found that that the average Gas price on the BSC network was around 16.75 Gwei as of 20th Feb as opposed to 201 Gwei on Ethereum

The fact that the workings of the Binance Smart Chain are fairly similar to that of Ethereum has given the blockchain a massive edge. Devs need not worry about transaction fees and focus more on innovating. All this while leveraging the existing developer tooling they are familiar with in the ETH ecosystem.

BNB Steals the Show

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Binance Coin [BNB] not only surpassed several crypto-assets but also toppled the world’s largest stablecoin USDT. Despite a minor retracement, the exchange token was still up by 103.27% over the last week and was trading at 103.27%.

While macroeconomic factors like the prices of Bitcoin and Ethereum reaching all-time highs has catapulted BNB’s value, there are other things at play as well.

But BNB is reaping rewards from the newfound attention on Binance Smart Chain whose impressive activity reflected the rising demand for DeFi products on the cheap.

Binance Smart Chain Flips Ethereum In Terms Of Daily Transaction

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Binance Smart Chain [BSC] has emerged as a fierce competitor to the Etheruem network. Not just that, it has also become an important DeFi product that was championed by the world’s leading centralized cryptocurrency exchange, Binance.

Binance Smart Chain Breaks Several Records

As the cryptocurrency market was grappled by yet another bullish streak, the after-effects were also felt in terms of user activity on the Binance Smart Chain.

For one, BSC has staged an impressive growth since its mainnet was first rolled out on the 1st of September 2020 which was evidenced by its unique address count which exceeded previous highs and skyrocketed to 1.20 million on the 9th of February. This indicated the growing usage of the network.

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Yet another milestone Binance Smart Chain reported a higher number of daily transactions than Ethereum for the first time. This can be attributed to the massive gas fees on the Ethereum network due to which many network participants were forced to go for other viable alternatives.

Furthermore, the ratio of daily transactions has also hit 130%, according to the latest Binance Smart Chain stats. While BSC’s gas fee was found to be at $0.04, Ethereum’s transaction fee, on the other hand, was still high.

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Meanwhile, despite cooling off, Ethereum gas was still found to be over one hundred times higher than on the BSC. Announcing the same, Binance CEO, CZ tweeted,

“Today is an important day. BSC [BinanceSmartChain] flipped Ethereum on daily transactions. This validates the logic that low fees attract more users & projects. We will continue to work with the BSC community to promote low fees (even as BNB rises) and build more.”

Binance Smart Chain uses Binance Coin [BNB] to pay for gas fees instead of Ethereum. Thanks to the market-wide surge, BNB, too broke several levels even briefly exceeding $144. With this, BNB has continued to extend its parabolic climb that first kicked off at the beginning of the year.

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Binance Smart Chain Transaction Volume Reaches Nearly 45% of ETH Network

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Transaction volume on Binance-owned public chain called Binance Smart Chain [BSC] has surpassed its previous ATH and climbed to 532,654 transactions on the 26th of January.

The last high was recorded back on the 23rd of December when the daily transaction figures rose sharply to 473,760 according to BSC Scan’s chart.

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Milestones for Binance Smart Chain

With the latest peak the transaction volume on Binance Smart Chain reached almost 45% of the Ethereum network.

Moreover, unique address count on Binance Smart Chain has also been on a steady uptrend and currently stood at a total of 895,854, with a daily increase of nearly 7,000 distinct address. This evidenced the growing usage of the network.

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BSC has grown rapidly since its launch last September and is currently home to over 100 projects. Around 60 of the total projects execute large numbers of users and transaction volumes. Some of the most prominent projects already on the Binance Smart Chain are BurgerSwap, ForTube, Injective Protocol, Cream Finance, Chiliz, and PARSIQ.

Ethereum Killer?

Since Binance was one of the largest centralized exchanges, its aggressive expansion in the DeFi ecosystem resulted in many arguing that BSC was an attempt to become an Ethereum killer.

CZ had previously dismissed those claims and asserted that the main reason objective behind the creation of the parallel chain was for the platform to join the ongoing DeFi revolution by offering protocols that serve as an alternative to the Ethereum blockchain.

The DeFi hysteria in mid-2020 opened up Ethereum’s previous woes with regards to the network’s perennial scalability problems of high transaction fees and congestion.

In a bid to accommodate the high amount of transactions that the decentralised hysteria had created both users and DeFi, protocol operators looked for several alternatives.

Besides, the latest development of transaction volume hitting a fresh high coincided with the Lagrange upgrade announcement according to which the Binance Chain Mainnet is expected to have a scheduled hard fork upgrade at block height 146,060,000.

This hard fork aims to bring in new features such as the introduction of BEP82 to allow token ownership change and BEP84 to enable a simplified token binding process.

Binance-Backed Injective Protocol Announces Partnership With Binance Smart Chain

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Binance-backed Injective Protocol announced a partnership with Binance Smart Chain [BSC] on the 14th of December. According to the official blog post, the integration aims to further expedite derivatives adoption on the BSC ecosystem.

Injective Protocol’s popularity can be stemmed from a massive $2.6 million fundraise led by Pantera Capital. Its association with Binance has further advanced its traction. The protocol became the first-ever incubated project to host a successful IEO on Binance Launchpad. The cryptocurrency exchange’s native token, BNB is also available on Injective’s testnet.

To top that, Injective was the first protocol for cross-chain derivatives trading and its main competitors include some big names of the industry including centralized platforms such as CME Group, BitMEX, LedgerX, and OKEx, among others.

A quick primer: Injective is essentially a decentralized second layer DeFi protocol that supports trading of all markets, such as spots, futures, derivatives, CFDs, and perpetual swaps.

While noting that Binance has played an integral role in the growth of Injective  Protocol, its CEO and Co-founder Eric Chen stated,

“We are thrilled to be working with BSC. One of the core missions we have here at Injective is to truly pioneer decentralized derivatives adoption worldwide. Integrating with the burgeoning BSC DeFi ecosystem certainly puts us one step closer to achieving that goal.”

The latest development comes a week after Injective Protocol launched its ‘Solstice’ testnet for its deFi trading platform. Furthermore, Injective has been working toward a mainnet launch in the coming days. It had previously announced partnerships with popular blockchain firms such as Elrond, Ramp DeFi, among others.

Injective Protocol [INJ] Surges

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Shortly after the collaboration announcement, Injective Protocol’s native utility token, INJ has rallied almost 17%. This comes after the price of the token had an unimpressive run despite the launch of the testnet in the first week of December.

However, the latest development has catapulted the price to flip bullish even as Bitcoin and the rest of the altcoins noted a dip. At the time of writing, INJ’s value rose to $2.50 as it held a market cap of $37 million and a 24-hour trading volume of $22.7 million.