MadDog_BSC is an investor and community admin at BakerySwap. When not investing in crypto, he loves to fish.
Crypt_oc is an investor, who loves science, sci-fi and crypto.
Why is everyone getting into Non Fungible Tokens (NFT)? A few days ago, PancakeSwap had an AMA with Binance; in it, and today they announced NFT with a twist. BCAEX announced that they are establishing a new NFT standard with Binance Smart Chain. So, what’s all the fuss about NFTs?
This is a breakdown of how Binance looks at it.
To be more specific, in the BSC ecosystem there are currently a few players. Below is a summary of a few and their current efforts with help from John Dough:
Analyzing the token space from BSC scan data as of December 12, there are up to 567,429 BEP 721 tokens created. We sorted the tokens based on the following categories to gain an understanding of the current BSC space. Our categories are:
A majority of NFT’s currently on the BSC revolve around the raffle component, with around 90% of total tokens; it also needs to be said that the raffle NFTs are for one-time use. Of the raffle tokens, pancake’s use case dominates.
In a distant second, we see the DeFi application of NFTs, with Dego’s use case dominating a majority.
With gaming as a third dominant use case, BattlePet and Alpaca NFTs show up. Alpaca have started minting in dego and have given out 5000 alpaca NFT aidrops and another 4000 in presale. As Alpaca is based on ERC-1155, the total count of NFT was determined from the contract, as it has not shown up as a token on Bscscan yet.
With art as the fourth dominant category, we see a much more diversified group of players. The three dominant are BCAEX, BAKE, and Mathwallet, and then a diversified set of art players.
In summary, the NFT space on the BSC is still budding as multiple players attempt to enter the space. The dominance that the main players have of each of the Raffle, DeFi, and GameFi categories will likely balance into something more sustainable as new entrants move and offer competing NFTs. The overall percentage of the NFT use cases will also need to rebalance to something more sustainable over the long term, with Art and GameFi more a natural fit for the BSC technical advantages over Ethereum.
Obviously, to the caveat of forward-looking statement disclaimers, it is always fun to think about what could be interesting in the future. In this section, we take a stab.
The first thing that’s interesting is the new standard that BCAEX is proposing on the BSC. This could be a derivative of ERC 721 and 1155 on the BSC, though that would be a bit simplistic and not take advantage of the features of BSC, with faster transactions at a lower cost.
One main theory could be interactive NFTs, similar to what Beyond has been doing with its interactive NFTs.
We also hope to see is further innovation in the space of NFT in a macro sense, with:
We also interviewed some of our fellow innovators in the BSC NFT space, and included some of their ideas on what the future will entail:
artist
The Binance Smart Chain (BSC) has gotten a lot more traction in the past couple of months. Many Ethereum projects have decided on either bridging or migrating to the BSC ecosystem. On top of this, lots of new projects are choosing the BSC, utilizing its fast and cheap transactions.
So let's dive into some prevalent BSC data, such as growth, traffic, and other network statistics. I'm also looking into some of the newly launched projects on the BSC.
First, of, a small rectification, the numbers in last week's article were not correct. Instead of 5,230,270 total addresses, the real number of unique addresses was 20,290,394 addresses. This means that the Week over Week (WoW) growth actual was 168.27% instead of the reported 1.65%!
The WoW growth was another astonishing 165.62% bringing the new total of unique addresses to a marvelous 53,896,1174 unique wallet addresses. The average increase was about 4,500,000 new unique wallet addresses per day! The Ethereum Network saw an increase in unique wallet addresses of about 160,000 per day, adding some 1,120,000 unique addresses in the last week
Although the BSC is handling well over 2,500,000 transactions per day, there is room for growth still. The Ethereum Network handled 1,200,000 transactions per day, slightly lower than in the last couple of weeks. Still, the network congestion remains very high, making transactions expensive.
Although the BSC handles much more transactions daily, it doesn't seem to be relieving the Ethereum Network much. The fact that many transactions are being handled means that many users have entered the De-Fi landscapes. Without both chains operating in harmony, its possible users would not have participated in DeFi.
The BSC network runs on an average 56% network utilization. This has surpassed last week's record high of 50.46%. The utilization is still far from capacity, so many more transactions are possible. Maybe we will never see full congestion on the BSC as I am sure Binance's engineers are already looking for scaling possibilities (if not, they should).
Transaction fees are still set at 10gwei for a transaction. This is always sufficient for a swift confirmation by the network of validators. As the block times are always 3 seconds, your confirmation will come within 3 to 4 blocks or about 10 seconds (sometimes faster).
The 21 BSC validators make sure your transactions are getting confirmed, fast and safe.
The Ethereum network relies on hundreds of thousands of miners to confirm Ethereum transactions, arguably making it more decentralized. There are currently 19 BSC validators online out of the total 31 validators on stand by; the validators verify the 28,800 daily blocks generated on the BSC.
Anyone can become a validator; if you want to become a validator or want more info, follow THIS link to the validator guideline by Binance. (Running a node requires some investment and technical insight)
PancakeSwap's $CAKE and Binance pegged $BUSD are at the usual top positions in this week's top 20 overview. We can also see a few newcomers, with $1INCH being the most prominent of the bunch. Further, ApeSwap's ($BANANA), VikingSwap ($VIKING), and StayBase ($SBS) have entered the top 20.
The JulSwap token $JULD and $JULB are still in the top 20 along with $AUTO, $BAKE, and $EGG, to name the most prominent tokens.
The list of new yield farms is huge for this week; most are clones of PancakeSwap with their own themes.
A quick overview:
Borshch Finance PancakeSwap clone
DuckSwap PancakeSwap clone
PoolToken PancakeSwap clone
Pasta Finance PancakeSwap clone
Nut Finance another PancakeSwap clone
Berry Data decentralized oracle, farming, data and more
SlavSwap PancakeSwap clone
AmmoSwap PancakeSwap clone
UFO Defi PancakeSwap clone
Hamster Defi you guessed it, another PancakeSwap clone
APOyield Yield farms and staking
HoneySwap Rugg-pulled, this is why you should always be careful where to invest your money.
Taco Finance PancakeSwap clone
Toad Farm and again a PancakeSwap clone
TripSwap PancakeSwap clone
Grape Swap Automated Market Maker (AMM) claim free Grapes
OpenDAO Create Stablecoins Backed by your Project Tokens, mint and stake
Kindcow decentralized farming and staking
Ubu Finance a platform that combines DEFI applications on the BSC
Slime Finance PancakeSwap clone
Nugget Defi Gold nugget themed PancakeSwap clone
ManySwap PancakeSwap clone
Stakd Finance Ambitious De-Fi project
KickStart PancakeSwap clone
ValueDefi Migrated and bridged from the Ethereum Network, a well-respected project with many products such as FAAS (farms as a service), yield farms, optimizers, and more.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC, it is crucial to reference the following items, HERE and HERE.
None of our articles are advice, and all financial decisions should be made on your behalf or on behalf of a professional financial advisor.
It is no secret that I love the BSC. Seeing the growth numbers each week is outright awesome. The BSC's rapid growth only gets me more excited for the future. BSC growth has not seemed to slow, and the statistics display just that. Alongside that, great projects have bridged or migrated their activities over to the BSC. We users are thankful for the move, reflected by the record highs of users and transactions.
The future is bright; with more users come more projects, and the party is just getting started. My strategy is to find trustworthy projects, load my bags and start farming. Remember that even though a contract might be audited, crypto investments are never 100% safe. For this reason, I don't put in more money than I can afford to lose. Always do your own research and invest wisely.
See you next week.
Value DeFi initially launched on the Ethereum Mainnet in August 2020 and recently expanded to Binance Smart Chain (BSC) in late February 2021. Value DeFi has been at the forefront of creating a cross-chain DeFi ecosystem equipped with a set of high-tech products. The most prominent features being their own automated market maker (AMM) and decentralized exchange (DEX) aggregator (vSwap). The protocol doesnt stop their with integration of vaults (vSafe), custom liquidity solutions (vFarms/FaaS), Algorithmic Stablecoins (vTokens), lending, and more!
$VALUE is an ERC-20 token that has full utility only when staked in vGovernance (previously known as the Governance Vault). Users who deposit $VALUE can participate in governance decisions, which includes voting on strategies & their parameters, token emission schedules, and sharing the platform's profits. Users can also bridge their wrapped $VALUE to BSC and benefit from earning rewards on both platforms at the same time.
$vBSWAP is Value DeFi's new deflationary farming token on Binance Smart Chain (BSC). The token has a total supply of 100K that will be distributed over two years, and its emissions will reduce by 10% every four weeks. Additionally, all performance fees from vSafe and a percentage of vSwap & vPegSwap trading fees on BSC will be used to buyback vBSWAP and burn it, reducing the total supply overtime.
Additional information:
Contract address: 0x4f0ed527e8a95ecaa132af214dfd41f30b361600
vSwap is an AMM (decentralized exchange) that uses smart routing to provide its users with the best exchange ratio on the market. This offers users minimal slippage and price impact. Also, vSwap can launch new pools and swap most tokens with reduced liquidity by 'borrowing' from other DEX's such as Uniswap, SushiSwap, and PancakeSwap.
vPegSwap is a Solidity implementation of Curves StableSwap, and it allows for users to trade tightly pegged tokens with much less slippage than any other standard AMM.(https://www.curve.fi/stableswap-paper.pdf)
Our vSafes are high-tech yield aggregators that use multiple strategies and auto-compounding to provide investors with high returns on their deposited assets. In simpler terms, a vSafe will search for the best farming targets, deposit your investment, trade the deposited tokens' rewards, and re-invest automatically.
The auto-pilot nature of our vSafes makes it straightforward to use. Investors require no maintenance to increase their underlying asset size and value over time.
In line with our mission to make DeFi accessible for everyone, we created vFarm (FaaS) to allow for any project to deploy new customized liquidity pools. We have incorporated pairs with flexible ratios, customizable fees, and a token contract minter approval for the Liquidity Pool. This service is free, and it allows anyone to bootstrap their new project making it more accessible with a couple of clicks. In the spirit of making the platform self-service, the Value DeFi community is empowered to review new pools and decide whether or not the project in those pools are deemed trustworthy or not.
Our expansion to Binance Smart Chain was a strategic decision as we want to give our users the ability to choose their preferred platform when using our products. This expansion is essential for our project because it lowers gas fees. This allows our investors to save on gas fees, but it also enables our vSafes to use more sophisticated strategies. We were very fortunate to reach $250 million in TVL and $150 million in trading volume. This comes only a few days after our launch on BSC; something that was made possible because of our fantastic community.
FOLLOW VALUE DEFI:
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
The BSCs' NFT space is rapidly developing with over 500,000 BEP-721 tokens, which projects will capitalize on this untapped market share?
MadDog_BSC is an investor and community admin at BakerySwap. When not investing in crypto, he loves to fish.
Crypt_oc is an investor, who loves science, sci-fi and crypto.
Why is everyone getting into Non Fungible Tokens (NFT)? A few days ago, PancakeSwap had an AMA with Binance; in it, and today they announced NFT with a twist. BCAEX announced that they are establishing a new NFT standard with Binance Smart Chain. So, what’s all the fuss about NFTs?
This is a breakdown of how Binance looks at it.
To be more specific, in the BSC ecosystem there are currently a few players. Below is a summary of a few and their current efforts with help from John Dough:
Analyzing the token space from BSC scan data as of December 12, there are up to 567,429 BEP 721 tokens created. We sorted the tokens based on the following categories to gain an understanding of the current BSC space. Our categories are:
A majority of NFT’s currently on the BSC revolve around the raffle component, with around 90% of total tokens; it also needs to be said that the raffle NFTs are for one-time use. Of the raffle tokens, pancake’s use case dominates.
In a distant second, we see the DeFi application of NFTs, with Dego’s use case dominating a majority.
With gaming as a third dominant use case, BattlePet and Alpaca NFTs show up. Alpaca have started minting in dego and have given out 5000 alpaca NFT aidrops and another 4000 in presale. As Alpaca is based on ERC-1155, the total count of NFT was determined from the contract, as it has not shown up as a token on Bscscan yet.
With art as the fourth dominant category, we see a much more diversified group of players. The three dominant are BCAEX, BAKE, and Mathwallet, and then a diversified set of art players.
In summary, the NFT space on the BSC is still budding as multiple players attempt to enter the space. The dominance that the main players have of each of the Raffle, DeFi, and GameFi categories will likely balance into something more sustainable as new entrants move and offer competing NFTs. The overall percentage of the NFT use cases will also need to rebalance to something more sustainable over the long term, with Art and GameFi more a natural fit for the BSC technical advantages over Ethereum.
Obviously, to the caveat of forward-looking statement disclaimers, it is always fun to think about what could be interesting in the future. In this section, we take a stab.
The first thing that’s interesting is the new standard that BCAEX is proposing on the BSC. This could be a derivative of ERC 721 and 1155 on the BSC, though that would be a bit simplistic and not take advantage of the features of BSC, with faster transactions at a lower cost.
One main theory could be interactive NFTs, similar to what Beyond has been doing with its interactive NFTs.
We also hope to see is further innovation in the space of NFT in a macro sense, with:
We also interviewed some of our fellow innovators in the BSC NFT space, and included some of their ideas on what the future will entail:
artist
