The increased adoption of decentralized finance (DeFi) has resulted in tremendous growth for the ecosystem. Meanwhile, 3 DeFi protocols on Binance Smart Chain have reached new highs.
Indeed, as the high costs and congestion on the Ethereum (ETH) network, has led many smaller investors to seek cheaper alternatives, Binance Smart Chain (BSC) has managed to increase its popularity in 2021.
Specifically, Venus (XVS), PancakeSwap (CAKE), and Linear Finance (LINA) saw their token prices and their total locked value rise to new highs. In fact, after a series of protocol updates and cross-chain integrations.
3 DeFi Protocols on Binance Smart Chain
Thus, three projects on Binance Smart Chain that have seen increases in trading volume, price, and activity within their DeFi protocols are Venus (XVS), PancakeSwap (CAKE), and Linear Finance (LINA).
By the way, one of the considered best options to achieve a good performance in BSC is Venus (XVS). An algorithmic money market and synthetic Stablecoins protocol, providing a cryptocurrency lending solution for the decentralized finance (DeFi) ecosystem.
Indeed, amid the increase in the total blocked value (TVL) figure and a increase of DeFi users, Venus (XSV) points to a further rise.
As it shows, after an initial price surge and retracement, momentum and price activity for the project saw another surge on April 29 following the announcement of the Venus Reward Token (VRT) and Venus NFT airdrops.
In a way, the announcement of the airdrops combined with the listing of XVS on the Crypto.com exchange, helped cause a 70% increase in the price of Venus. From a low of $ 72 on April 29 to a new all-time high of $ 124 on April 30.
Similarly, PancakeSwap is a decentralized exchange that runs on Binance Smart Chain, with many other features that allow you to trade and earn tokens.
In this regard, the crypto analyst and investor Andrew Kang, went on to explain why he’s so optimistic on PancakeSwap.
Also, TradingView data shows that the price of CAKE rallied 102% over the past week. Going from a low of $ 21.90 on April 23 to a new high of $ 44.28 on April 30.
The truth is that, since the migration and the launch of the new liquidity pools, the TVL in PancakeSwap it has skyrocketed to $ 9,873 million. Which makes the protocol the second DeFi protocol ranked by TVL.
Linear Finance (LINA)
It is a decentralized delta-one asset protocol, which allows the creation of synthetic tokens, to represent traditional assets such as currencies, market indices. In addition to other thematic sectors, which can then be traded on the Exchange Linear.
TradingView data shows that the price of LINA has risen 70% in the last week. Going from a low of $ 0.069 on April 23 to an intraday high of $ 0.1164 on April 30, with $ 196 million in 24-hour trading volume.
In closing, the DeFi protocols at BSC are well positioned to see significant gains thanks to low fees and high performance opportunities. What’s your opinion about it? Let me know in the comment box.
Very important, this article is informative in origin and does not represent any investment recommendation. Always do your own research.
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