BNB Chain Panorama is a weekly series that analyzes notable events on BNB Chain. Notable updates on BNB Chain this week are: PancakeSwap launches prediction feature, Hot Cross continuously has incentive programs and updates BAS sidechain progress
Highlights on BNB Chain Week 25
Highlights of events on BNB Chain this past week:
- Pancake Swap launches beta prediction feature.
- Project Galaxy is the first sidechain implementation on BAS.
- The season 5 MVB show is ongoing.
- Hot Cross launches event with Coin98 Super App.
- Binance Institutions are launched.
Important Update on BNB Chain Week 25
Binance Launches Platform for VIPs and Institutional Investors
The exchange's release of Binance Institutions is in line with CEO Changpeng Zhao's pledge to expand in a downtrend. This shows that despite the less than ideal market conditions, Binance is not only doing well, but has also increased its reach (e.g. applying for a multi-country license through the last CZ tour). With Binance Institutions, institutional investors are provided with large-scale digital asset trading with good liquidity.
MVB season 5
Most Valuable Builders (MVB) is a program that is held regularly and accompanies BNB Chain since the ecosystem has only about 200 projects to more than 1,370 projects today. MVB of previous seasons was the catalyst that helped BNB Chain filter out quality names for this ecosystem such as Tranchess, Biconomy, ApeSwap, Biswap...and many others.
The program lasts for 8 weeks starting from June 8, 2022, the projects will be supported by 2 main sponsors, Binance Labs and BNB Chain .
Not only will they receive financial support, but the project team will receive 1:1 advice from leaders and advisors in different fields for training and advice to improve the products. Focusing on the MVB V program will help BNB Chain earn more builders and quality projects for the ecosystem.
BAS Sidechain has its first project - GAL Chain
Project Galaxy is the first sidechain implementation project on the BNB Application Sidechain (BAS) called GAL Chain. This chain project will be supported by NodeReal, one of the infrastructure providers for BNB Chain, and is geared towards the development of the Web3 ecosystem. NodeReal and Ankr and Celer Network have collaborated to create a framework for the sidechain of BNB Chain.
NodeReal has built and deployed Project Galaxy on the BAS TestNet environment called “Aries”, designed to optimize for the GameFi array .
After that, NodeReal launched Semita product, which will be the backbone for the Project Galaxy project. Semita is an enterprise blockchain scaling solution that allows developers to deploy projects with high performance without the need to spend resources building their own infrastructure.
Since it is a sidechain solution, BNB Chain's BAS will be similar to Avalanche's subnet . Let's make a little comparison to understand them better.
Is BNBChain Application SideChain (BAS) similar or different from Avalanche Subnet?
The comparison factors are as follows:
- Network consensus mechanism: BAS uses Proof-of-Stake or zkRollup , while Subnet uses PoS.
- Token for paying gas fees: BAS (custom or BNB in zkRollup); Subnet (custom).
- Logical mechanism to define interactive behavior (Runtime): BAS will use EVM or custom, and Subnet is custom.
- Relationship with Mainnet: BASs will be connected to Mainnet BNB Chain by Celer Network bridge, while Avalanche Subnet will be completely independent, meaning that bridges can be optionally connected (e.g. Swimmers use cBridge to connect or DeFi Kingdom using Synapse).
- Blockchain service providers: BAS (Ankr and NodeReal); Avalanche (integrated into Avalanche infrastructure).
- Supported Wallets: BAS (Metamasks, TrustWallet and other wallets currently supporting BNB Chain); Avalanche subnet (Metamasks for EVM chains and Avalanche wallet for Avalanche virtual server - AVM chains).
The Rising Stars of June
June on BNB Chain certified and witnessed the development of the following rising stars on the system:
- Ex Sports : A Fan engagement platform that promotes athletes and leagues in niche sports. Exsports has a play-to-earn game project Urban with a combination of football elements.
- Go+ Security : Acts as a data protection layer for Web3 . Go+ Security is also the chosen name in the MVB program and they benefit greatly from expanding influence and increasing relationships.
- Web3 Auth : Passwordless and keyless authentication platform for Web3 apps.
- Corite : Music fan-based fundraising platform. Corite will be the basis for fans to support their favorite artists. Alan Walker was one of the first representative artists.
Opportunity with BUSD and USDT on Binance
In the previous Panorama ( here ), the Coin98 Insights team compiled and compared many aspects of BUSD and the top stablecoin USDT, thereby giving the most objective comment in the context of stablecoins losing their pegs. past time.
In these difficult profit-making times, stablecoins are a safer haven than tokens for investors as they do not have to bear the risk of falling prices due to market supply and demand. However, the consequences of UST with a high interest rate of 20% have caused later fork models such as USDD to be somewhat wary of investors with an APY of about 30%/year.
Therefore, a moderate interest rate that helps prevent inflation, high stability and no price slippage are what investors are looking for and Binance provides such services.
If everyone has USDT, BUSD and wants to make a profit from waiting for the bottom, they can use this method to make money and optimize current capital.
Binance is providing a profit (APY) for flexible savings (ie staking and withdrawing) BUSD and USDT up to 7 - 10%/year. If you have 10,000 USDT, your 1 day profit can be over 1.28 USD/day just from staking USDT or BUSD.
Detailed analysis of the puzzle pieces
PancakeSwap
On June 27, 2022, Pancake Swap has just launched a new service called Prediction. The calculation allows to predict the price for 2 trading pairs, CAKE/USDT and BNB/USDT in two directions up or down. The price will be recorded/provided by ChainLink Keepers at the time everyone commits the fund amount and Pancake Swap will take that price as a baseline for calculation.
This feature is like betting based on predicting the future price of an asset for a fixed time (currently about 5 minutes per round). If the player guesses correctly, they will receive a sum, and vice versa, they will lose part of the promised amount.
Note : This feature is currently in BETA only.
ApeSwap
Proposal 19 on optimizing BANANA token emissions (ApeSwap token) has been approved. In March 2022, ApeSwap and Gauntlets jointly researched and tested several farming models on BNB Chain to find the optimal emission method for BANANA tokens.
The test results show that the emissions rewards awarded by ApeSwap exceed the threshold for some farming pairs. Therefore, it makes sense to reduce token emissions to help distribute rewards more equitably and ApeSwap's tokens to be less rapidly diluted in value.
Surely people will worry that this will affect ApeSwap's important TVL stat. However, they have a different approach when creating an “Excess pool” and the amount of tokens received when farming this pool will be taken out of the total supply until the target is reached. This will leave the balance of token supply and demand as well as TVL and volume indicators unaffected.
Hot Cross launches event with Coin98 Super App
Hot Cross has partnered with Coin98 Super App and Impossible Finance to launch a swap-to-earn program to celebrate the launch of Coin98 Super App Version 12.0.
The total prize value is up to 75,000 USD C98 tokens with the deadline for the contest being July 8, 2022. People need to swap valid tokens like C98/IF/HOTCROSS/BNB with other requirements to have a chance to receive rewards.
More details can be found here: Swap-to-Earn Super Event
From the beginning of 2022, despite the downtrend of the market, HotCross is still an active project in cooperating with parties and launching bonus programs for users of the project's products.
As of June 2022, Hot Cross has organized more than 5 events:
- Liquidity mining with two partners, Kucoin and Hummingbot.
- Liquidity Farming . This made HOTCROSS-BNB the most farmed pair on PancakeSwap in the #24 Community Auction Farms contest ⇒ Thereby, making HotCross pool an additional reward of CAKE tokens.
- Hot Cross x Open Leverage: Hot Cross lending pool is opened on Open Leverage
- Swap2Earn Super Event: Impossible Finance x Coin98 Super App x Hot Cross
- Hot Cross Jungle Bill on ApeSwap.
summary
Above are the most prominent updates on BNB Chain last week. BNB Chain has recently had positive signals when the first sidechain project was launched with a builder program that promises to bring growth to this saturated ecosystem.
What do you guys think about the above updates of BNB Chain and the projects? Please comment below to discuss with cryptobnb!
