Did you know, ‘crypto-savvy’ readers… that you can keep many of your crypto-assets liquid and under your control on the fee-cheap BSC network or Binance Smart Chain. This is where BNB, not ETH, is the native currency for all transactions.
It’s more secure than keeping crypto on the exchanges. And BSC is an independent, EVM-compatible blockchain not to be confused with the earlier Binance Chain [Learn more!] The BSC is built using Tendermint and Cosmos. You can configure your MetaMask wallet easily for BSC and use your existing wallet and eth address. Bear in mind any tokens will need to become BSC-based tokens, but you can bridge these via Binance exchange or site.
The BSC may currently not be as decentralised as Ethereum, but it’s still a secure bet fully supported by Binance, the major player in the crypto-space with a focus to expand the value of its BNB token. It’s got a good track record of helping out users who lose funds via its ‘portals’. It’s also an admirable move by Binance to recognise where the more decentralised crypto-future lies and effectively begin disrupting themselves, instigating (as it were) a larger, decentralised, more dynamic ecosystem. However, they can’t be held accountable for projects which set up camp there, and misbehave.
But it’s still a v. young chain, full of potential and full of early-stage de-fi projects which don’t cost a bomb just to use. One main suggestion: Pancake Swap and the $CAKE token. This project provides a kind of gateway to ‘earn’ tokens by staking CAKE into the dapps promoted pools and ‘farming’ the distribution.
You will need to decide if you feel any dapp in question has been sufficiently audited or ‘vetted’ by pro developers or just by popular demand, (anyone can do an audit on smart contract code). There is now a growing percentage of funds or TVL locked up within many, at least one sign of trust earned. Twitter is another: you can gauge the strength of the community and dedication of its team, at least.
Audits carried out by a respected online group will be the best sign you can trust your funds to a certain dapp, avoiding any bad surprises eg. ‘rug pulls’.
There are risky and less risky projects where you can stake crypto and earn passive income. DYOR.
I recommend exploring the following with your web3 wallet:
Venus app – supply crypto to borrow more crypto (feat. VAI stablecoin for staking)
Beefy Finance – yield aggregator: put your LP and single tokens to work
Pancake Swap – No.1 AMM: earn tokens etc. with CAKE
Mirror.finance – trade stocks on BSC, Amazon, Tesla, Google…
Bearn.fi – cross-chain auto-farming, bridge, staking and games [use my referral code:)]
Narwhal Swap – AMM: early stage, similar to above
PancakeBunny – earn more CAKE and BUNNY!
Smart Dollar – stable coin without centralised control
7up.Finance – lend/borrow Filecoin easily
Coke Finance – AMM lending protocol
Spartan Finance – liquidity protocol for asset exchange + synthetic asset generation
Standard Hashrate Token – mine Bitcoin by staking its token
and… more…….from BSCnews….
Note: due to early nature of these projects, even they may not know hidden exploits within their code where funds could end up being drained. Time will tell and battle-test the project.