What is the Current State of Binance Smart Chain Decentralized Finance?

Binance Smart Chain’s innovation sees Ethereum dominance wane in the DeFi sector.

By
Dardania Havolli
on
August 9, 2021
Category:
BSC News

The GameFi Effect

GameFi set a new standard as a burgeoning industry with the huge success of games like Ethereum-based Axie Infinity. Binance Smart Chain (BSC) has since taken the GameFi space by storm with the development programs like Most Valuable Builder (MVB) and the growth of projects like CryptoBlades and My DeFi Pet

The GameFi market is understood to be worth around $100 billion according to a leading provider of market and consumer data, Statista. With the help of these new projects, BSC reached 13.1M transactions on July 29th and flipped Ethereum ten times over.

“In July, BSC volume was mostly contributed by upcoming GamingFi projects such as CryptoBlades, MyDeFiPet, MOBOX, XworldGame, BunnyPark, and more,” BSC Sue explained in an official report on Binance Smart Chain in July.
Source

The invigorating impact of the MVB Program was also highlighted:

“Interestingly, 6 out of the top 10 most contributing projects in the BSC ecosystem were also winners from the Most Valuable Builder Program II: Big bang of NFTs. The top 20 projects of the MVB II program delivered a total of 500K+ active addresses with 83M in transaction volume from May to July 2021.”

Unparalleled Growth

The BSC team has looked over the data and highlighted that GamingFi projects have an incredible reach. Large followings from places like the Philippines, Thailand, Vietnam, Indonesia, Brazil, France, and Russia have meant that the market has blasted opened up, with users pouring in from everywhere. 

The breakdown of regional interest seems to show specific developments in particular markets. For example, when it comes to Decentralized Finance (DeFi) lending and borrowing, Automated Market Makers (AMM), and yield aggregating projects saw the most significant traffic from places like India, Ukraine, and Argentina. 

This global pull helps propel these different sectors and contributes to the enormous strides BSC has been making and the impressive state of the DeFi ecosystem. 

Source
The impact has not gone unnoticed from Binance CEO CZ either, as he tweeted on July 31st, “#BinanceSmartChain handled 10M+ transactions yesterday #Ethereum handled 1.2M.” 

There is a clear understanding of the necessity to be ahead of the competition. Currently, BSC is making confident moves in the right direction and maintaining growth despite the Ethereum London Hard Fork


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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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