Top Projects Building on Binance Smart Chain in 2022

summary: Binance Smart Chain is the largest smart contract blockchain after Ethereum in terms of revenue generated (i.e. fees paid for using the blockchain). Our thesis is that blockchains that generate real revenue are higher-value investments, so today we’re taking a deeper look at who’s building on Binance Smart Chain.

Binance Smart Chain is loosely overseen by Binance, the world’s largest crypto exchange. It runs on the BNB token (“build ‘n’ build”), which works similar to gas on Ethereum. Holding BNB also gives you governance rights such as B. Shareholder Votes. Our thesis is that investing in BNB is like investing in BSC – and to some extent its parent company, Binance.

Over 1,200 projects are currently being created on BSC. Here are the biggest.

	Number of transactions (7-day MA)	Daily transaction volume	Locked Total Value (TVL)	Daily Active Users (DAU) (7-day MA)
pancake swap	478k	$262.8M	$2.61 billion	156k
SecondLive	7.8k	$178.15	$575.15	6.9k
bomb crypto	2.9k	$314.26	$112.85.000	843
MOBOX	21k	$401.5,000	$38.9M	7k
XWorld game	22.5k	3.15k	$1.15 million	21.6k

pancake swap

Number of Transactions: 478,000
Daily transaction volume: $262.8M
Locked Total Value (TVL): $2.61 billion
Daily active users: 156k

PancakeSwap is a decentralized exchange native to Binance Smart Chain that allows users to swap coins for other coins. PancakeSwap focuses on BEP20 tokens, a specific token standard developed by Binance.

Most decentralized exchanges use an automated market maker (AMM). This unique system requires no intermediaries or order books to facilitate trading. An order matching system is not required as you trade against liquidity pools and not against counterparties.

Buyers don’t have to wait to be matched with sellers or vice versa. If you want to exchange one token for another instead, deposit your token into the liquidity pool and then withdraw the tokens you wish to receive.

For example, if you want to swap a BEP20-based token on PancakeSwap — say BNB for ALPHA — you simply find a BNB/ALPHA pool that has enough liquidity. Then deposit your BNB tokens and automatically receive the right amount of ALPHA based on the last exchange rate.

However, PancakeSwap isn’t just for merchants. They can also work as a liquidity provider, meaning you can deposit tokens in a pool to earn a portion of trading fees.

PancakeSwap users can also participate in yield farming by locking assets and receiving rewards in the form of the native token called CAKE. There is also a chance of winning a lottery by correctly guessing a set of winning numbers.

SecondLive

Number of Transactions: 7.8k
Daily transaction volume: $178.15
Locked Total Value (TVL): 575.15
Daily active users: 6.9k

SecondLive is a metaverse platform built on the Binance Smart Chain. In November 2021, SecondLive raised $30 million in seed funding to develop its social metaverse. SecondLive focuses on building social networks and supporting the commercial activities of creators. Users can design their own digital life within the metaverse by creating their avatars and choosing spaces to live and linger in. Users can also do different tasks with other avatars in different rooms, e.g. B. in virtual art galleries, game rooms, concert halls and exhibitions rooms and personal areas.

The goal of SecondLive is to help users experience powerful social interactions while allowing them to build a second, parallel life.

bomb crypto

Number of Transactions: 2.9K
Daily transaction volume: $314.26
Locked Total Value (TVL): $112.85,000
Daily active users: 843

Bomb Crypto is a play-to-earn NFT game where players can manage groups of cyborg bomb heroes. The bomb heroes are programmed to search for BCOIN and fight monsters. Bomb Crypto offers NFT heroes that can be earned through buy-in, redemption, or market auction. Game modes include a treasure hunt, story and battle modes.

BCOIN is the game’s native currency and can be used to purchase Bomber Heroes and Bomber Houses.

MOBOX

Number of Transactions: 21K
Daily transaction volume: $401.5,000
Locked Total Value (TVL): $38.9M
Daily active users: 7k

Mobox is a play-to-earn gaming platform that combines elements of game theory and decentralized finance to create a unique, community-driven, free “GameFi” platform. Mobox is managed by a DAO, where holders of the native MBOX token can vote on proposals to change the parameters of the platform.

Players can also earn passive income by completing tasks and quests throughout the game. Users can also participate in liquidity mining and use NFTs to earn a variety of rewards.

XWorld games

Number of Transactions: 22.5K
Daily transaction volume: $3.15k
Locked Total Value (TVL): $1.15 million
Daily active users: 21.6k

XWorld Games is a blockchain-based gaming ecosystem. ​​”XWorld” represents the unknown virtual world that players can explore and “Games” represents the connected gaming ecosystem.

XWorld Games’ mission is to connect traditional gamers worldwide with blockchain technology so that they can participate in different games together. It also aims to help more developers get started with crypto by providing and building an underlying blockchain framework.

XWG is XWorld Games’ native cryptocurrency, based on Binance’s BEP-20 standard.

Investor Takeaway

Binance Smart Chain (BNB) is the #2 blockchain by total revenue, so it’s worth serious consideration for crypto investors. (Our thesis: just one or two blockchain platforms will end up taking the majority of the market.)

However, aside from PancakeSwap — a Binance-like version of Uniswap — BSC doesn’t have any “killer apps.” It also has a number of projects that feel like downright Ponzi schemes.

In our view, Binance needs to devote its considerable resources to attracting developers with the goal of attracting more high-quality, unique projects to BSC.

As with the streaming wars or the console wars, users will flock to the platform with the best content. To beat Ethereum, Binance must take BNB’s slogan seriously: “Build ‘n’ Build”.

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