Binance Smart Chain: All Hype or Massive Opportunity? Going Behind the Scenes with One of Its Earliest Adopters
Binance Smart Chain and the BNB token are currently the #1 news story within the Crypto/DeFi space. Bitcoin is making new all-time highs, ETH is making new all-time highs and in the meantime, liquidity, volume and the price of BNB have exploded to an even greater degree.
On this episode of the LEO Roundtable, we sit down with LeoFinance statistician by day and DeFi farmer by night @dalz to talk about the BInance Smart Chain. Dalz was one of the earliest adopters of Decentralized Finance protocols on the Binance Smart Chain and he’s been crushing it on the various applications and pools that exist in that chain.
Binance Smart Chain is essentially a Proof of Stake fork of the Ethereum blockchain. This means that nearly everything on BSC is identical to Ethereum with the exceptions of having low fees but less decentralization.
The degree to which BSC is decentralized can be debated all day long but there is no question that DeFi has become more and more inaccessible to smaller investors on the Ethereum blockchain due to enormous fees.
BSC aims to solve this issue and bring liquidity, volume and attention over from ETH to BSC. This episode covers a lot of ground and Dalz does a great job introducing us to the various applications and opportunities on BSC. I may start personally dabbling in a few of these pools (especially as we scope out the possibility of launching a second version of Wrapped LEO onto the BSC).
In This Episode:
- 00:01:40 Is it too late to get into the Binance Smart Chain and BNB ecosystem?
- 00:03:17 Autofarm.Network application review on BSC | How to Get Started
- 00:06:30 Auto, Venus, Pancake Swap and bDollar: What are the aggregated pools on AutoFarm and what do they mean?
- 00:09:30 What is Venus doing and how do they provide APR?
- 00:10:30 What is the biggest risk? Will there be a major hack event?
- 00:21:20 Is it worth investing your time and a little bit of money to get familiar with platforms like BSC and its applications?
- 00:28:30 How long can yield farming and high APYs in DeFi last?
- 00:38:00 Risk it for the biscuit | why people like Dalz are making so many crypto gains right now
- 00:43:50 BNB token price analysis
- 00:50:30 Will Vampire Mining and Uniswap forks blow up some day?
Resources:
- https://leofinance.io/@dalz/bnb-price-shoots-up-above-300usd-or-here-are-the-top-5-defi-staking-apps-on-bsc
- https://autofarm.network/
- https://bscscan.com/
- https://yieldwatch.net/
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