BNB Smart Chain (BSC) has been booming with activity. Going from token swaps to decentralized money markets and cute NFTs, there are many options to earn yield or simply to have fun.
In any case, what do you have to begin, and how would you make it happen? We’ll go through it all in this article.
To begin with if you’d like to get an overview of the technology behind BSC, check out An introduction to BNB Smart Chain (BSC).
That article can give you a guide of the mechanics of the blockchain, while this one will provide practical information about how to get everything rolling. So we should dive in.
BNB Smart Chain wallets (BSC)
First things first, you’ll need a wallet to interact with the applications on BSC. Fortunately you have quite a couple of choices to look over.
It’s valuable as a primary concern that this is not an exhaustive list. In addition to the ones mentioned below, you can also use Math Wallet, Ledger, TokenPocket, Bitkeep, Safepal, and Arkane.
Something you might already be familiar with is MetaMask. On the off chance that not no worries, we have you covered we have a guide On the best way to Use MetaMask.
But wait, isn’t MetaMask an Ethereum wallet? It is, however, it’s quite simple to connect it to BSC. This way, you can use a familiar UI while interfacing with BSC.
With respect to how to interface your MetaMask to BSC? We have a detailed guide about it, so check out Connecting MetaMask to BNB Smart Chain if you’re interested.
Some dApps, such as PancakeSwap, allow you to connect using Trust Wallet.
Trust Wallet is one of the most 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 applications on BSC. You can get it as a browser extension for Chrome, Firefox, and Brave. It’s not difficult to use and has a slick UI.
Step by step instructions to get crypto to BNB Smart Chain (BSC)
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.
BNB Smart Chain supports the BEP-20 token standard, while Binance Chain, the home of Binance DEX, supports the BEP-2 token standard. If you want to trade on Binance DEX, you’ll have to need 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 BNB Smart Chain (BEP-20) when withdrawing funds to your external wallet.
Another great way to bring assets to BSC is using the 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.
BNB Smart Chain dApps
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 is the number one automated market maker (AMM) on BNB Smart Chain.
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, take participate in token sales, compete for spots on the leaderboard, and more!
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 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 is also a popular AMM on BSC. You can do BEP-20 token swaps and provide liquidity.
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 is a popular lending protocol on Ethereum that is also deployed on BSC. You can borrow and lend BEP-20 tokens.
How to track BNB Smart Chain (metrics)
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 a lot of like EtherScan – that’s because it’s made by the same team that made EtherScan.
So once you’ve found your addresses, what else would it be a good idea for you to watch out for? There are several handy metrics that track the ongoing activity on BSC.
BNB Smart Chain has seen some significant development and user activity, and it’s only bound to increase in the future.
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