TL;DR
Binance Smart Chain (BSC) has been booming with activity. Ranging from token swaps to decentralized money markets and cute NFTs, there are many options to earn yield or simply to have fun.
But what do you need to get started, and how do you do it? We’ll go through it all in this article.
That article can give you a walkthrough of the mechanics of the blockchain, while this one will provide practical information about how to get started. So let’s dive in.
First things first, you’ll need a wallet to interact with the applications on BSC. The good news is that you have quite a few options to choose from.
It’s worth keeping in mind that this isn’t an exhaustive list. In addition to the ones mentioned below, you can also use Math Wallet, Ledger, TokenPocket, Bitkeep, ONTO, Safepal, and Arkane.
MetaMask
Something you might already be familiar with is MetaMask. If not, no worries, we’ve got your back – we have a guide on How to Use MetaMask.
But wait, isn’t MetaMask an Ethereum wallet? It is, but actually, it’s quite easy to connect it to BSC. This way, you can use a familiar UI when interacting with BSC.
Trust Wallet
Some dApps, such as PancakeSwap, allow you to connect using
Trust Wallet.
Trust Wallet is one of the easiest mobile wallets to use, so if you’d like to use BSC from your pocket, it’s among the best options.
Binance Chain Wallet
Binance Chain Wallet is another option that you have for certain apps on BSC. You can get it as a browser extension for Chrome, Firefox, and Brave. It’s easy to use and has a slick UI.
So, now we have plenty of wallets to choose from, but how can we move funds to the chain? We can withdraw from our Binance account or use the Binance Bridge.
Before we go further, however, it’s important that we clear up some conceptual background.
Binance Smart Chain supports the BEP-20 token standard, while Binance Chain, the home of
Binance DEX, supports the BEP-2 token standard. If you’d like to trade on Binance DEX, you’ll need to use BEP-2 tokens, while if you’d like to use dApps on BSC, you’ll need BEP-20 tokens.
Withdrawing from Binance
Chances are if you’re reading this, you already have a Binance account. The easiest option may be to simply withdraw from your Binance account to a BSC wallet.
Just make sure to select Binance Smart Chain (BEP-20) when withdrawing funds to your external wallet.
Binance Bridge
You can select many of the biggest blockchains, such as Ethereum or TRON, and convert their native tokens to wrapped tokens on BSC. The bridge works in both directions. You can monitor the on-chain reserve that ensures that the wrapped tokens on BSC are sufficiently collateralized by the native tokens here:
Proof of Assets.
If this seems like your preferred way of getting assets to BSC, check out our guide to Binance Bridge.
So, now we’ve got a wallet, and we’ve transferred some funds to it. What can we do with our magic internet money? Let’s take a look at some of the most popular decentralized applications on BSC.
And don’t forget that these are just a few of the biggest ones. New and exciting dApps are getting launched all the time. You can track them on
DefiStation,
DappRadar, or the
Math dApp Store.
PancakeSwap
Similar to Uniswap or SushiSwap, you can do token swaps for BEP-20 tokens on PancakeSwap.
You can also earn passive income by providing liquidity to one (or more) of the liquidity pools. Just be aware of impermanent loss before depositing.
While the AMM is at the core of PancakeSwap, there’s much more you can do. You can also take part in the lottery, win NFTs, participate in token sales, compete for spots on the leaderboard, and more!
Venus
Venus is a borrow-lending protocol similar to Compound or Aave on Ethereum. It’s a decentralized money market where you can borrow and lend BEP-20 tokens with algorithmically set interest rates.
Have some idle funds lying around? Venus can be an option to earn interest on them or use them as collateral to borrow against to participate in yield farming.
Venus also enables a decentralized stablecoin called VAI, which is backed by a basket of cryptoassets. In this way, you could think of Venus as a hybrid of Compound and MakerDAO on BSC.
Autofarm
Autofarm is a yield aggregator on BSC. You can think of it as similar to yearn on Ethereum. It automatically tries to find the most optimal way for you to earn a yield on your deposits.
BurgerSwap
BurgerSwap is also a popular AMM on BSC. You can do BEP-20 token swaps and provide liquidity.
Spartan Protocol
The
Spartan Protocol is a synthetic asset protocol on BSC. It allows users to create liquidity pools for BEP-20 tokens – just like many other AMMs.
However, it aims to allow for much more in the future, such as the creation of synthetic assets collateralized by liquidity pools, as well as lending and on-chain derivatives.
Cream
Cream is a popular lending protocol on Ethereum that is also deployed on BSC. You can borrow and lend BEP-20 tokens.
So, now we have almost everything to get started. But how will we track our activity on BSC? Well,
BscScan is the best place.
If you’ve been involved with DeFi at all, the site may look a bit familiar. It looks and feels very much like EtherScan – that’s because it’s made by the same team that made EtherScan.
Binance Smart Chain has seen some significant development and user activity, and it’s only bound to increase in the future.
If you’re interested in DeFi, It may be worth keeping a close eye on it. Where’s the best place to do that? Follow the
Binance Chain Community Twitter for the latest updates about BSC.
Do you still have questions about the Binance Smart Chain? Check out our Q&A platform, Ask Academy, where the Binance community will answer your questions.
