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The top three DeFi projects on the BNB chain to keep an eye on

Decentralized finance (DeFi) activity has slowed during the bear market. However, there is still a lot going on when it comes to protocols on leading ecosystems like BNB Chain.

BNB Chain, formerly known as Binance Smart Chain, is the second largest DeFi ecosystem after Ethereum.

According to DeFiLlama, BNB Chain has a total locked value of $7.7 billion. However, this is a 70% drop from its all-time high, consistent with the broader bear market.

BNB Chain has several popular DeFi projects, here are the top three.

Pancake Swap (DEX)

The largest decentralized exchange on the BNB chain network is PancakeSwap. It has a total locked value of $4.36 billion, giving it a commanding 56.6% market share. Additionally, according to DeFiLlama, it has a 24-hour trading volume of $302,665.

PancakeSwap has 1.9 million users and 55 million trades in the last 30 days. The DEX offers instant token swaps and a range of liquidity farms. It also has a lottery and many freebies.

The DEX is powered by the native CAKE token, which is farmed and staked. In addition, CAKE is used in pottery, combining locked staking with lottery elements. This allows for a chance to get bigger returns from CAKE deposits.

Venus Protocol (loan)

Venus is the second largest DeFi protocol on BNB Chain. It offers a decentralized money market for lending, borrowing and earning crypto assets.

Venus has a total locked value of $933 million, which is 12% of the BNB chain’s market share. The protocol is also a fork of the Ethereum lending platform Compound Finance.

It uses vTokens, which are tokenized versions of other assets that can be used as collateral. Different interest rates are offered for different tokens that can be lent or borrowed on the platform.

In addition, the protocol is supported by the XVS token, which is also used for farming and additional yields.

Venus suffered an $11 million loss earlier this year due to an issue with LUNA price oracles.

Alpaca Finance (Return)

The third largest DeFi protocol on BNB Chain is Alpaca Finance. It has a total locked value of around $367 million. Alpaca is a lending protocol that enables leveraged yield farming in the Binance ecosystem.

In addition, borrowers can obtain undercollateralized loans for leveraged yield farming positions. The protocol extends the liquidity layer of integrated exchanges and improves their capital efficiency by connecting liquidity providers.

Alpaca also has its own native token of the same name. Performs regular buybacks and burns to keep supply deflationary.

After all, these are just three of the most popular DeFi protocols on the BNB chain. Others are BiSwap, PinkSale, Wombat Exchange and Coinwind.


All information contained on our website is published to the best of our knowledge and belief and for general information purposes only. Any actions taken by the reader based on the information contained on our website are entirely at your own risk.

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