Yield Protocol announced last Friday, May 14, through its Twitter account, its integration into Binance Smart Chain (BSC), which, in its opinion, will allow its community to enjoy new opportunities from Yield Farming, as well as of fast and inexpensive on-chain transactions on Binance Smart Chain with minimal hassle or expense.
“Today we have an important announcement that offers new and exciting possibilities for Yield Protocol and our community. Yield Protocol operates at the forefront of decentralized finance. Part of that role is keeping a close eye on the market and staying on top of emerging trends as they unfold. As a result of this, we have made the decision to integrate the Yield Protocol and our $YIELD token into BSC with the help of ChainSwap”, he said through an article published on the Medium platform.
The company explained that this integration is due, not only because “we have observed that Binance Smart Chain (BSC) and its ecosystem have enjoyed considerable growth this year”, but because that growth presents countless “new opportunities to grow yields”. In his view, there has been a proliferation of liquidity mines, share options and yield farms in BSC, with PancakeSwap and BakerySwap among the major exchanges.
“Taking a closer look at BSC’s leading exchange, PancakeSwap, gives you an idea of how far BSC has come in a short space of time. While Uniswap is often considered the gold standard of exchanges on DeFi, and is still the leading DEX on Ethereum, it has some serious competition from PancakeSwap on BSC. In April, the total locked volume (TVL) or locked liquidity on PancakeSwap reached $7.8 billion, beating Uniswap for the first time. Liquidity on PancakeSwap now stands at $10.8 billion compared to Uniswap’s $8.8 billion. Trading volumes on PancakeSwap regularly exceed Uniswap”, he added.
As Yield Protocol commented, unique addresses on BSC’s network have seen a cambrian explosion since February, going from just over 1 million to 70 million in May. During that same time, the number of daily transactions has grown from less than 1 million to around the 10 million mark.
Also, another great attraction of the BSC network, according to the company, is the ultra-low-rate structure it offers, as well as the fast transaction times. “While the average transaction costs on Ethereum are close to $30, while on Binance they are only a few cents”, he commented.