Quick take:
- Binance Smart Chain has grown at a rapid pace since its launch last year
- A total of $4.325 Billion is now locked on the Binance Smart Chain
- 22.222 Million Binance Coin (BNB) is locked in the various DApps
- Venus, PancakeSwap, Autofarm dominate in the total value locked on the Binance Smart Chain
The Binance Smart Chain is reaching new heights in 2021. According to data from Defistation.io, a total of $4.325 Billion is currently locked on the smart contract platform. Furthermore, of this amount 22.222 Million Binance Coin (BNB) is currently locked on the various DApps on the Binance Smart Chain. This translates to roughly $2.844 Billion or 65.7% of the total value locked.
Below is a screenshot from DeFistation.io further demonstrating the steady increment of the total value locked on the Binance Smart Chain since the beginning of 2021.
Top Three Dapps on the Binance Smart Chain
With respect to Dapps with the highest total value locked on the Binance Smart Chain, the following DeFi protocols top the list.
- Venus – $1.967 Billion
- Pancakeswap – $1.416 Billion
- Autofarm – $435.5 million
Binance Smart Chain Hot on the Heels of Ethereum
The Binance Smart Chain is quickly gaining popularity partly due to low fees. Yesterday, the platform surpassed Ethereum in terms of daily transactions. This milestone was highlighted by the CEO of Binance, CZ, via the following statement.
Today is an important day. #BSC (#BinanceSmartChain) flipped Ethereum on daily transactions. This validates the logic that low fees attracts more users & projects.
We will continue to work with the #BSC community to promote low fees (even as #BNB rises) and #build more.
Over $15 Billion in Total Transaction Volume in January 2021
The progress of the Binance Smart Chain since its launch last year has also caught the attention of the team at DappRadar who pointed out that DeFi protocols are rapidly building on the platform. The Binance Smart Chain generated over $15 billion in total transaction volume in January alone. The team at DappRadar explained the progress of the Binance Smart Chain as follows.
Within the six months of existence, Binance Smart Chain (BSC) has shaken the blockchain industry with new interesting projects. The chain has distributed several DeFi dapps, which have empowered the protocol to grow quickly…
Binance Smart Chain generated approximately $15 billion in total transaction volume in January 2021. The biggest contributors were two DeFi dapps: PancakeSwap and Venus. These generated $1 billion and $14 billion respectively.