As the competition among blockchain ecosystems continues to heat up, it is pertinent to get a better overview of the landscape. Binance Smart Chain is home to many exciting projects. Several of them can offer long-term potential, although thorough research remains advised.
To some people, PancakeSwap is the platform capable of rivaling Uniswap and Sushiswap. It is an AMM DEX on the Binance Smart Chain with CAKE as its native token. Currently valued at $11.44 per CAKE, the market cap sits at $1.459 billion. The exchange itself notes $893.8 million in 24-hour volume, which is more than respectable.
Its top trading currencies include Wrapped Bitcoin, BUSD, CAKE, and ALPACA. There are some concerns about how the majority of this volume pertains to wash trading, albeit these claims remain unproven. Whether PancakeSwap can effectively pose a “threat” to Uniswap or Sushiswap remains unclear.
Like PancakeSwap, 1Inch is an AMM DEX with plenty of potential to play a role of importance. The price per 1INCH is $3.85, yielding a market cap of $552.34 million. Volume-wise, 1Inch notes $341.1 million in 24-hour volume, which is not terrible. It has USDT, USDC, and DAI as its top trading currencies against Ethereum. Unsurprisingly, these stablecoins can be converted to and from ETH on many other exchanges.
Regarding the upward potential of 1Inch as an exchange and the 1INCH token, it isn’t easy to draw any conclusions. Anything can happen in this industry, yet gaining sustainable traction is often a tough ask. The AMM DEX space is very competitive, yet the “established order” will prove tough to dislodge.
Alpha Finance (ALPHA)
As a well-known DeFi project, Alpha Finance has been on many people’s radar for some time. The ecosystem spans multiple projects, all of which offer great potential to make money. Currently valued at $1.76 and a market cap of $431,1 million, there appears room for further value appreciation.
As yield farming remains incredibly popular among DeFi enthusiasts, it seems plausible that Alpha Finance continues to play an important role in the industry. By becoming part of the Binance Smart Chain ecosystem, Alpha Finance now spans two blockchains, as its Alpha Homora project exists on Ethereum.
While not many people will be familiar with Venus, it is a lending and borrowing platform running on the Binance Smart Chain ecosystem. It is a money market protocol capable of providing fast, secure, and low-cost transactions. A basket of stablecoins and crypto-assets also backs the VAI stablecoin. One XVS is worth $41.74, and the project has a market cap of $362.1 million.
Currently, Venus supports over a dozen cryptocurrencies for users looking to earn interest. Options include Ethereum, Litecoin, XRP, Polkadot, Filecoin, Cardano, and many others.. Tapping into cross-chain liquidity is mandatory to make a lasting impact.
On paper, the concept of SafePal sounds appealing. With its hardware wallet solutions and seed phrase security solutions, SafePal brings much-needed security to the cryptocurrency industry. In January of 2021, the team decided to introduce its SFP token to the masses.
As a utility token valued at $1.84 and a market cap of $193.7 million, SFP is gaining momentum. With the token, holders earn discounts on products and services, claim special coupons, earn more yield on the SafePal Earn programs, and receive other incentives, airdrops, staking rewards, NFTs so forth. Whether the token will skyrocket in value remains to be determined.
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