The number of DeFi projects on Binance Smart Chain explodes

The decentralized finance (DeFi) sector has stagnated after a rapid entry into 2021, but is now gaining momentum again.

While projects operating on the Ethereum (ETH) network struggled with high gas fees and long transaction times, some projects operating on the Binance Smart Chain (BSC) have increased.

4-hour comparison of XVS / USDT – CAKE / USDT – LINA / USDT. Source: TradingView

The three major projects in BSC, Venus (XVS), PancakeSwap (CAKE), and Linear Finance (LINA) DeFi protocols, saw a strong rise in transaction volumes, prices and number of transfers.

XVS / USDT

The Venus protocol is defined as an algorithmic money market and synthetic stablecoin protocol that provides a lending and receiving solution running on BSC.

Dogecoin (DOGE) will be added to Venus money market rumor made a significant increase in price possible.

Following the initial price hike and retracement, there was another surge on April 29, when the Venus Reward Token (VRT) and Venus non-fungible token (NFT) airdrops were announced.

With the listing of XVS on the Crypto.com exchange, there was a 70 percent rally in Venus price, which increased from $ 72 to $ 124.

4-hour chart for XVS / USDT. Source: TradingView

At the time of preparation for the news broadcast, the total asset locked in the Venus protocol (TVL) was approaching $ 10 billion.

CAKE/USDT

PancakeSwap; A BSC-based automated market maker (AMM) similar to Uniswap (UNI). It allows users to exchange tokens and earn earnings through yield farming.

CAKE has increased 102 percent last week, according to data from TradingView. It increased from $ 21.90 on April 23 to $ 44.28 on April 30.

4-hour chart for CAKE / USDT pair. Source: TradingView

The CAKE price has seen a steady increase following the launch of the V2 farm infrastructure on April 23 and the successful completion of the token migration on April 24.

The total assets locked on PancakeSwap have risen to $ 9,873 billion since the new liquidity pools were moved and launched, and the protocol climbed to second place in the DeFi ranking.

LINEN / USDT

Linear Finance (LINA); A decentralized protocol that enables the creation of synthetic assets representing traditional assets that can be traded on commodity, forex and various market indices on its own exchange.

According to data from TradingView, the price of LINA rose 70 percent last week, from $ 0.069 on April 23 to $ 0.1164 on April 30.

4-hour chart for the LINA / USDT pair. Source: TradingView

The latest move of the project is thanks to the Moonbeam Network, which calls itself “the easiest way to Polkadot” thanks to the Ethereum-compatible smart contracts on the Polkadot parachain. happened.

Cross-chain interoperability is one of the main themes of the 2021 bull market. Therefore, the idea of ​​running LINA on Polkadot, BSC and Ethereum networks was reflected positively in the price.

As individual and institutional investors participating in the cryptocurrency ecosystem continue to grow the pool, DeFi protocols on BSC allow them to see significant gains thanks to low fees and high return opportunities.

The opinions and comments expressed here belong only to the author. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.

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