First Anniversary of Binance Smart Chain

The Binance Smart Chain

was established exactly one year ago, on September 1, 2020. Since then, it has managed to make a solid name for itself on the market. So, let’s check what achievements and milestones the project has reached in the last 365 days. Sponsored Sponsored The

data speaks for itself

Binance Smart Chain (BSC) has established itself as an important player among smart contract networks. Over the past year, BSC has grown exponentially and with strong momentum.

BSC launched on September 1, 2020 and has since registered 90,000,000 unique addresses. This high volume of wallets is due to BSC being a scalable and affordable decentralized finance (DeFi) network that handles up to 13,000,000 transactions per day at peak usage. Ethereum ‘s daily transaction volume pales in comparison to BSC’s record of

1,800,000 transactions in just 24 hours. Sponsored Sponsored First Anniversary of Binance Smart Chainbinance smart chain aktywne adresysource: BSCscan

BSC has provided a scalable DeFi solution to over 90,000,000 users with $100 million in ecosystem support

. With scalability and community, Binance Smart Chain captured 32% of DeFi’s total blocked value (TVL) within a year of its launch.

BSC has enabled access to decentralized finance for millions of users who were previously unable to participate in these markets due to Ethereum’s high fees. This is because the network offered affordable commissions and high bandwidth during the most difficult moments when the DeFi sector was growing like a yeast.

First Anniversary of Binance Smart ChainBinance uruchamia tryb ekspresowy, nigeryjska Naira dozwolona w handlu P2P

Binance Smart Chain development in 2021

The

development of the Binance network in 2021 can be divided into two stages. The first, which took place at the beginning of the year and involved a huge hype for decentralized finance. And the second, which took place during the craze for non-convertible tokens (NFT

). <

h2>Hype on Decentralized Finance (DeFi)

The

growth of the Binance Smart Chain accelerated dramatically in the first quarter of 2021. At the time, users needed cheap gas payments and an intuitive way to navigate the DeFi marketplace. It was these two things that BSC provided for them. This growth can be easily tracked by looking at unique active network addresses (UAW).

Looking at UAW on BscScan,

for 18 days – February 14 to March 4 – BSC gained a whopping 55,108,906 users. This growth shows the inherent demand for affordable DeFi solutions.

The growth was also evident in protocol usage. Binance Smart Chain surpassed $1 billion in TVL in early February. Since then, TVL growth in DeFi projects has become exponential, peaking at $39.5 billion in May. Decentralized financial products such as exchanges, loans, derivatives

, oracles and insurance have seen tremendous growth during this period. First Anniversary of Binance Smart Chaintvl binance smart chain source: DappRadar

Much of this explosive growth can be attributed to the Accelerator fund presented by Binance.com on September 7. This fund has led to ecosystem programs such as BUIDL and Most Valuable Builder. By the end of March, more than 25 projects had already received support from the fund.

The projects that have participated in these programs have grown to be the largest on the network. Among them were PancakeSwap (PCS), Venus, OpenOcean, PancakeBunny

, AutoFarm, AnySwap and ApeSwap. At the beginning of the year, there were only 15 verified smart contracts on BscScan. As the number of users and incentives grew, that number quickly increased to over 2,000.

While this fund was not the only catalyst for BSC’s growth, it played a huge role in getting the ecosystem off the ground. BSC’s leading projects helped shape the Most Valuable Builder program in particular.

Pancakeswap’s dominance

The

rapid growth of BSC has led to a parabolic rise in new DeFi projects – not just MVB winners. Individual protocols such as PCS, BeefyFinance, AutoFarm, BakerySwap, Venus, Alpaca Finance, MDEX and Nerve quickly became very popular. Of note is PancakeSwap, which dominated as much as 34% of the entire TVL Binance Smart Chain.

PCS is seeing the same rapid growth as the TVL of the network. In early 2021, there were 150 million values locked in the protocol. Since then, however, that number has increased by more than 800%, reaching

peak at $1.29 billion.

First Anniversary of Binance Smart Chainpancakeswap tvl source: DappRadar

DeFi’s rally was halted due to a general market correction. However, the overwhelming success has been maintained. Especially considering that DeFi’s TVL was below $1 billion at the beginning of the first quarter.

Today, according to leading data providers Defi Llama, DappRadar and DefiStation

, TVL BSC is between $18 billion and $27 billion. After filtering through the data, Defi Llama appears to have the most accurate statistics. This is because for other data providers, PancakeSwap’s TVL is incorrect. First Anniversary of Binance Smart Chaintvl bsc source: Defi Llama The

craze for NFT and GameFi

Just because there has been a broad market correction

does not mean that BSC development and growth has slowed. New trends have emerged in the sector – NFT and GameFi. In Q3, NFT gained popularity on every blockchain, not just BSC. However, for the Binance network, the growing hype was capitalized on by projects like ApeSwap, BunnyPark, AirNFTs, Refinable and BakerySwap.

ApeSwap created a huge market around its NFTs – Non-Fungible

Apes (NFA), which resembled the CryptoPunks market. The value of 1,000 monkey-like avatars is now over 10,000 BNB (about $5,000,000). First Anniversary of Binance Smart Chainnfa wartość apeswap Source: Ape Scan

These monkeys act as digital collector’s items, with each one being extremely rare. NFT ApeSwap also includes DeFi mechanics. This is because NFA owners receive airdrops. To date, these have been some of the most successful NFTs on BSC. PancakeSwap also recently announced the introduction of collectible avatars and an NFT marketplace.

Games on Binance Smart Chain

There

was also a new trend in Q3 where projects began to combine elements of DeFi with NFT. This gave rise to the GameFi sector, which saw explosive growth at a time of general market consolidation. The huge popularity of

GameFi’s platform feces such as CryptoBlades, Mobox, My DeFi Pet, Faraland, X World Games, Binamon and Yooshi.

By combining DeFi, games and NFT, these projects are able to create true Play-to-Earn economies and incentive structures. This allows gamers to monetize their favorite pastime and collectible items.

GameFi has found its place in the BSC. Apart from Axie Infinity

, most projects have found their way onto this blockchain due to the benefits of transaction fees.

In the last 30 days, over 140,000 users have interacted with the top 10 GameFi projects on BSC

. These projects started gaining massive interest in July and August.

Much of this success is also due to the Accelerator Fund, and in particular the Most Valuable Builder II program. This event focused on NFT and GameFi and supporting their development.

This wasn’t just a trend on the Binance network, but all other blockchains as well – the MVB II program only accelerated development on BSC. Axie Infinity became the largest protocol in all of DeFi, recording over 1 billion in volume

and 200 million in revenue. Looking at Google Trends, it seems that NFT hasn’t even hit the mainstream yet – it’s still below the previous search record. First Anniversary of Binance Smart Chainnft google trends source: Google Trends

Binance Smart Chain ecosystem support and incentives

The

incentives that the ecosystem offers are responsible for the huge success of Binance Smart Chain. As we mentioned earlier, the Binance exchange has created an accelerator fund worth $100,000,000. These funds have provided assistance in many forms – notably the Most Valuable Builder and BUIDL programs.

It started with the BUIDL Reward program, which offered projects rewards based on user activity. It launched in October and allowed projects to collect 30% of the gas charges used on their contracts. Regular beneficiaries of this program included PancakeSwap, MDEX, AutoFarm, Venus and Just Liquidity. Each month, Binance distributes up to $5,000,000 in BNB.

The second use of the Accelerator fund is Most Valuable Builder, which is currently in its third iteration. The first MVB was launched on February 5 to encourage growth and support BSC-based projects.

How the MVB program works

The program consists of three stages. In the first, a list of the top twenty projects is created. This is then narrowed down to ten projects that receive a grant of 10

000 dollars, a CertiK audit, and incubation with industry experts. Finally, five winners qualify for up to $100,000 in seed funding, $2,000,000 in liquidity support and/or placement in the Binance Innovation Zone.

In the second phase of the first MVB, the following winners were selected after over 650 applications were submitted: AutoFarm, PancakeBunny, LaunchZone (formerly BSCEX), Kebab Finance, NFTBox, Beefy Finance, BDollar and Sphinx.

First Anniversary of Binance Smart Chainprogramy motywacyjne binance smart chain source: Binance.com The

Beefy, AutoFarm, and PancakeBunny projects made it to the third stage. AutoFarm and Beefy were placed in the Binance Innovation Zone, while PancakeBunny received a $1.6 million seed round investment from Binance Labs.

MVB II focused on NFTs and was called The Big Bang of NFTs

. This round focused on improving the ecosystem that connects DeFi to NFTs.

The top ten MVB II projects are now some of the most popular BSC projects. Bunnypark, CryptoBlades, Faraland, MoBox, My DeFi Pet, X World Games, Alpaca Finance, ApeSwap, BiSwap and StreamingFast qualified for a $10,000 grant and a CertiK audit. The MVB II program was a huge success, with GameFi projects that participated seeing up to a 10x increase in value.

The third iteration has just begun. Currently, hundreds of applicants are waiting to select the first 20 projects.

MVB III will include three months of “Stars of the Month” that will be announced in the second week of August, September and October. The top MVB players will then be selected to qualify for the final phase.

In addition, the Binance Smart Chain Community has also introduced an MVB Incubation Program to support BSC startups. This program will provide workshops, consultation sessions and training

on development and fundraising. All Stars of the Month will be eligible for this support. First Anniversary of Binance Smart ChainVitalik Buterin sugeruje portfele społecznościowe przeciw kradzieży kryptowalut

Emphasis on Safety

Safety is extremely important at DeFi, and BSC recognizes this. Since the network’s inception, there have been countless hacks. However, Binance Smart Chain’s goal is to build an ecosystem that puts security first.

To that end, BSC has partnered with world-class auditing firms. On September 17, Binance Chain announced the partnership

o with PeckShield. Since then, this company has been providing security services for products and dApps built on BSC.

Shortly thereafter, on August 31, another major company came on board – CertiK. CertiK is the world’s leading cyber security company with over 200 clients. Among them are projects with established reputations – including Aave, Matic, Terra and ThorChain.

However, this was just the beginning. Since then, BSC has held a number of workshops, classes and summits on safety. One of these was the “BSC Security First: Safety Toolbox” event. Each guest speaker had a segment where they shared their knowledge. Companies included: CertiK, Merkle Science, Cream, dForce, Autofarm, Ogle, Chainlink, Immunefi and Tenderly.

However, the most recent security event was the launch of a $10 million bug bounty program. This program is in partnership with Immunefi, PeckShield and CertiK. This is another layer of security that encourages hackers to report vulnerabilities rather than exploit them.

While smart contract exploits are inevitable, incorporating leading cybersecurity companies, educating users and encouraging white hat hackers certainly reduces the risk.

Binance Smart Chain – Summary

BSC continues to grow its ecosystem after a year of tremendous success. The DeFi network has gone from 0 to 90 million users in 365 days. This is undoubtedly quite a feat.

The vision of the project, however, is just getting started. Both users and the Binance Smart Chain community expect more. As Biance himself states: “BSC aims to truly build a financial infrastructure that unlocks the Internet of Value.

BSC wants to continue connecting centralized and decentralized finance. This is because he believes that this is the key to creating a holistic DeFi ecosystem. Another goal is to promote compatibility with other networks. The idea is to unlock an “Internet of Value” that will allow users to use DeFi products in a very intuitive and interconnected way.

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