Decentralized Finance (DeFi) activity slowed during the bear market. However, there is still a lot to do with protocols on major ecosystems like BNB Chain.
BNB Chain, formerly known as Binance Smart Chain, is the second largest DeFi ecosystem after Ethereum.
BNB Chain has a total locked-in value of $ 7.7 billion, according to DeFiLlama. However, this is down 70% from its all-time high, which is in line with the broader bear market.
BNB Chain has several popular DeFi projects, here are the top three.
The largest decentralized exchange on the BNB Chain network is PancakeSwap. It has a total locked-in value of $ 4.36 billion which gives it a sizeable 56.6% market share. Additionally, it has a 24-hour trading volume of $ 302,665 according to DeFiLlama.
PancakeSwap boasts 1.9 million users and 55 million trades in the past 30 days. The DEX offers instant token exchanges and a number of liquidity farms. It also has a raffle and many freebies.
The DEX is powered by the native CAKE token which is grown and staking. Also, CAKE is used in Pottery, combining the blocked bet with the elements of the lottery. This allows for the chance to win higher returns on CAKE deposits.
Venus Protocol (loan)
Venus is the second largest DeFi protocol on BNB Chain. It offers a decentralized money market for cryptocurrency lending, lending and earning.
Venus has a total locked-in value of $ 933 million, equivalent to 12% of the BNB chain’s market share. The protocol is also a fork of the Ethereum Compound Finance lending platform.
It uses vTokens, which are tokenized versions of other resources that can be used as collateral. Various interest rates are offered on different tokens which can be lent or borrowed on the platform.
Additionally, the protocol is powered by the XVS token which is also used for agriculture and extra yields.
Venus suffered a loss of $ 11 million earlier this year due to a problem with the LUNA price oracles.
Alpaca Finance (yield)
The third largest DeFi protocol on BNB Chain is Alpaca Finance. It has approximately $ 367 million in total locked-down value. Alpaca is a lending protocol that enables leveraged yield farming in the Binance ecosystem.
Additionally, borrowers can obtain unsecured loans for leveraged yield agricultural positions. The protocol amplifies the liquidity level of integrated exchanges, improving their capital efficiency by connecting liquidity providers.
Alpaca also has its own native token of the same name. If it buys back regularly and burns to maintain deflationary supply.
Finally, these are just three of the most popular DeFi protocols on BNB Chain. Others include BiSwap, PinkSale, Wombat Exchange, and Coinwind.
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