Yield Protocol Integrates Binance Smart Chain And $YIELD Cross-chain Bridge
Today we have a major announcement which offers fresh and exciting possibilities for Yield Protocol and our community. Yield Protocol operates at the cutting edge of decentralized finance. Part of that role is to maintain a close eye on the market, and to keep abreast of emerging trends as they develop.
As a result of this we have reached the decision to integrate Yield Protocol and our $YIELD token on BSC with the aid of ChainSwap.
We are doing this not only because we have observed that Binance Smart Chain (BSC) and its ecosystem has enjoyed considerable growth this year, but because that growth is presenting innumerable new yield farming opportunities. There has been a proliferation of liquidity mines, staking options, and yield farms on BSC, with PancakeSwap and BakerySwap among the leading exchanges.
Taking a closer look into BSC’s leading exchange PancakeSwap offers some insight into how far BSC has come in just a short space of time. While Uniswap is often considered the gold standard of exchanges in DeFi, and is still the leading DEX on Ethereum, it has some serious competition from PancakeSwap on BSC. In April, the total volume locked (TVL) or liquidity locked on PancakeSwap hit $7.8 billion — surpassing Uniswap for the first time ever. The liquidity on PancakeSwap now sits at $10.8 billion compared to Uniswap’s $8.8 billion. Trading volumes on PancakeSwap regularly surpass Uniswap.
Delving deeper into BSC and its ongoing progress, we see that unique addresses on the BSC network have undergone a Cambrian explosion since February, rising from just over 1 million to 70 million in May. Over that same time period the number of daily transactions has grown from under 1 million to around the 10 million mark.
With the ecosystem as a whole clearly in good health, and with a great amount of liquidity already locked-in, BSC is clearly becoming a go-to destination for DeFi and yield farming. To allow our users to design and deploy the best yield farming strategies, algo trading and lending we feel that $YIELD must be available on BSC.
Another great appeal of the BSC network is the ultra low fee structure it offers as well as fast transaction times. While average transaction costs on Ethereum are close to $30 while on Binance it is just a few cents.
For all of these reasons we now feel that the rapidly developing Binance Smart Chain ecosystem has reached a point in its development which means it can no longer be ignored. Yield Protocol has therefore made the decision to integrate the $YIELD token on Binance Smart Chain (BSC).
Thanks to this integration, our community will enjoy fast, cheap on-chain transactions on BSC with minimal fuss or expense. This integration is made possible thanks to ChainSwap technology which will provide Yield Protocol with their Ethereum-BSC bridge, allowing our native token $YIELD to be traded with ease on Binance Smart Chain.
Once on BSC, $YIELD can be swapped on major exchanges such as the aforementioned PancakeSwap and BakerySwap. Yield Protocol is also examining further ways that our BSC integration can be made to benefit our community. As a first step we plan to include $YIELD on PancakeSwap farms, allowing users to farm sugary sweet $SYRUP rewards.
As delicious as that may sound, this is just the beginning of our upcoming plans for Yield Protocol on Binance Smart Chain. Over the coming days and weeks we have a number of major follow-up announcements, so please make sure you have us added on our Twitter.
Yield Protocol Team