Top Binance Smart Chain Projects to Look Out For in 2023

Muhammad Naeem

Blogger

Launched in September 2020, Binance Smart Chain was initially designed to solve the interoperability and programmability issues of the Binance Chain. The dual architecture of the Binance smart chain enables users to build and develop decentralized applications on this blockchain. BSC enjoys significant traction due to its high scalability, security, and association with the largest crypto assets exchange Binance.

Why BSC Chain?

EVM compatibility, funding opportunities, liquidity, and marketing support are some of the main perks why blockchain projects like to develop on top of BSC. Due to its Exchange Binance, the BNB chain doesn't need to spend on blockchain marketing.

However, it has some limits like a lack of originality and differentiation, new projects face competition from other projects on BSC and Ethereum, and BSC suffered a major exploit in May 2021.

Top Binance Smart Chain Projects:

2023 has been a bearish market and bearish markets brew some really good projects. However, many of these projects take time to get enough traction to be listed in the top projects. Here is a list of Binance smart chain projects that rule the Binance blockchain space.

Binance Coin: BNB

Binance Coin, BNB is the native token of BSC and by far the most popular project on the blockchain. BNB chain projects started to develop on the BNB Chain Blockchain after the launch of this utility token. Binance Coin's popularity skyrocketed in 2020 and now it has over 1.5 million holders on the BSC blockchain technology and Ethereum ecosystem.

BNB Chain Blockchain Project Binance Coin BNB

Binance Coin,BNB, as a utility coin on the network, offers fee discounts on the Binance exchange platform, is used to pay transaction fees, is used as a payment solution, and much more. BNB is a vital component of many Binance sub-projects.

The current CoinMarketCap ranking is #4, with a market cap of $32,900,578,444. It has a circulating supply of 153,850,150 BNB coins. Since this is a softcap coin, the max supply is not available.

PanCakeSwap: Trade Digital Assets

PanCakeSwap is a Decentralized Exchange (DEX) built on the Binance Smart Chain. The Decentralized Application Dapp offers DeFi tools, DEX aggregator, yield farming, Automated market maker options, an NFT marketplace, and Liquidity pools. PancakeSwap is now ranked among the top decentralized exchanges to offer almost all crypto related services.

PanCake Swap Platform: BNB Chain Projects

With over 4 million users monthly, PanCakeSwap is definitely one of the most successful Binance smart chain projects. Cake is the native token of the PanCakeSwap platform. It's a BSC utility token on the ecosystem. In the bullish market of 2021, the Cake token was worth nearly $44 and a market cap of $8.84 billion. At its peak, nearly $820 million worth of Cake tokens were traded daily.

The value of the Cake token has now dropped to $1.2. This decline in price can be attributed to a bearish market, high competition, and token inflation. As per the current CoinMarketCap ranking, it is placed at #101 with a market cap of $276,459,057. The circulating supply of Cake coins is 224,053,403 while the maximum supply is 750,000,000 CAKE coins.

ChainLink:

Founded in 2017, Chainlink is a decentralized oracle network that connects real-world data with blockchain through smart contracts. Though Chainlink is a different blockchain, it can communicate with the Binance smart chain. It provides secure and reliable data from sensor inputs for smart contracts on the BNB Chain blockchain.

Chainlink: New blockchain projects

Chainlink's native token, LINK, has a circulating supply of 538 million coins, and a max supply of 1 billion coins. Currently ranked #22 on CoinMarketCap. Link has been trading above $40 in the 2021 bullish market due to high market demand and now it is trading at $6 with a market capitalization of $3.2 billion.

Chainlink Link Token and BNB Chain Ecosystem

Venus: Decentralized Lending

Venus is one of the top DeFi projects on the BSC chain and this decentralized protocol offers lending and borrowing services. Users can earn interest on their assets and borrow against their collateral. Venus supports a wide range of tokens, including stablecoins, wrapped BTC, and BNB.

Venus scored 3rd highest for security on BNB Chain as assessed by Certik in 2021. The platform offers a secure environment for DeFi services and has a TVL of over $674 million. Since Venus operates on the BNB Smart chain, it offers low transaction fees.

However, this multi chain protocol has some limits and cons. A fork of Compound MakerDAO that does not offer much differentiation. Suffered a major exploit in May 2021 that resulted in the loss of $200 million worth of tokens.

XVS is the native token of the Venus ecosystem and serves as a utility and governance token. The governance of the protocol is entirely controlled by the XVS community members since Venus founders, team members, and other advisors do not have any XVS token allocations.

BakerySwap: Automated Market Maker

BakerySwap is another AMM and a decentralized exchange based on the Binance smart chain blockchain. Like any other DEX, BakerySwap is used to trade crypto assets, manage yield bearing funds and yield optimization, and several crypto related services.

BakerSwap: Liquidity Pool and NFT Based Assets

However, these dApps lack a very basic function of centralized exchanges: their ability to trade leveraged assets. BakerySwap combines NFTs, yield farming, and IDOs. Also, it offers altcoin liquidity pools on BSC with faster transactions and lower trading fees.

BakeryToken (BAKE) was launched in September 2020, and it is a crucial part of the BakerySwap ecosystem. Liquidity providers who offer their digital assets on BakerySwap are rewarded with BAKE tokens. These tokens can be used to earn a share of BakerySwap’s trading fees, and they also give holders the right to participate in the voting process that BakerySwap uses for making important decisions.

Bake: Lower fees in DeFi space

The current CoinMarketCap ranking is #501, with a market cap of $26,572,329 USD. It has a circulating supply of 289,770,514 BAKE coins and since it has a softcap, the max supply of the coin is not available. Due to its inflationary nature, the price of the coin is facing a consistent drop.

That's a wrap, these are the top projects ruling the Binance Smart Chain BNB in 2023. If you want to develop a project on the most promising blockchain, maybe your project will be listed here next year. However, like any other blockchain, BSC has its pros and cons and it is better to consider those before choosing this blockchain.