How to get started with Binance Smart Chain (BSC)? What are its main features? The Binance Chain is home to the BNB coin and is constantly being developed for better trading opportunities. In its infancy, it was based on a barter system, but it was not as flexible in terms of its amenability to programming as other blockchains. , and we will discuss the steps to start benefiting from Binance Chain through this topic.

How to start using String Binance smart (BSC)

Binance is one of the largest cryptocurrency exchange platforms with many useful and valuable features, and Binance Chain was founded in April 2018 with the primary goal of implementing a blockchain characterized by high speed and the ability to handle large amounts. of information.

It also supports remittance activities, and the team responsible decided to focus on the first Binance Dex app instead of supporting multiple apps, but people in charge of the Binance chain noted that they needed to implement a smart contract system that would allow people to manage their apps. , and allow the creation of new tokens on the blockchain so that people can use their own blockchain.

So Binance has created the Binance Smart Chain and it can be confusing for some, because there are two Binance chains, where if someone transfers his cryptocurrency from one chain to another and he is not aware of this fact, he will lose his money.

Instead of starting from scratch and creating new smart contracts, Binance has forked the Ethereum code to get the same features but in an easier and cheaper way Answered How to get started with Binance Smart Chain (BSC)? First we need to create a wallet so that we can use the BSC application completely freely and the best thing is that there are a large number of different options to choose from and we will mention some of them as follows:

1- Wallet Metamask

MetaMask is probably familiar to many people and if you hear about it for the first time it is a powerful tool for decentralized web browsing through which you can see potential wallets and although MetaMask is an Ethereum wallet, it is easy to connect with BSC and this is good because you can use the UI when dealing with BSC.

2- Wallet Trust the wallet

Some apps like PancakeSwap allow users to take advantage of Trust Wallet as it is one of the easiest wallets to use so it is a safe and available option if you want to use BSC from your wallet.

3- Wallet Binance Chain Wallet

The Binance Series Wallet is an available option that you can use through specific apps and as an extension on your browser, be it Google Chrome, Firefox or Brave.

Math Wallet, BitKeep, TokenPocket, ONTO, SafePal, Ledger and Arcane.

See also: How to get a free bitcoin wallet

How to transfer cryptocurrency Binance Smart Chain

We answered How do you start Binance Smart Chain (BSC)? Now we will explain the details after choosing from the right wallet, i.e. how to transfer funds from chain, where we can withdraw from Binance account or use Binance Bridge.

Since Binance Smart Chain supports BEP-20 token standard, Binance Chain, home of Binance DEX, supports BEP-2 token standard, we need to clear up some misconceptions. If you want to trade on Binance DEX, you need to use BEP-2 tokens, but if you want to use dApps on BSC, you need BEP-20 tokens.

Clouds from Binance

To withdraw from Binance, you must have an account with it, and using Binance Smart Chain Wallet is the easiest way to withdraw from your Binance account. However, you must ensure that Binance Smart Chain is BEP-20 when withdrawing. Money from wallet.

the bridge Binance

How to get started with Binance Smart Chain (BSC)? Without knowing Binance Bridge, one of the best ways to send assets to the smart Binance chain, you can use Binance Bridge to select a large number of blockchains:

Ethereum or TRON, and converting base coins into tokens on the Binance Smart Chain and two-way bridge, where you can use the coins on the Binance Smart Chain with the base cryptocurrency to monitor the guaranteed chain reserve.

See also: Binance Cryptocurrency Exchange Review

Smart Binance Chain Decentralized Applications

We learned how to get started with Binance Smart Chain (BSC) and now we see that we have a wallet and transfer some money to it, some people are asking what we spend and use. This money is used in a large number of decentralized. Apps are available on smart binance chain, new and interesting app appears every day these apps are downloaded from dfistation, dappradar, math dapp store.

1- Product Pancake Swap

PancakeSwap is an automated shopping mall product and Uniswap or SushiSwap is the first in the Smart Binance chain. Inft tokens can be exchanged with BEP-20 tokens on PancakeSwap, Income can be generated by providing liquidity to pools but beware of temporary losses before depositing.

Automated market generation is at the core of PancakeSwap but you can also participate in sweepstakes, win with Inft tokens, participate in token sale offers, compete for the top spot and more.

2- Protocol Fri

Venus is a credit lending protocol similar to Compound, Aave is a decentralized financial marketplace where you can borrow and lend BEP-20 tokens at computationally defined interest rates, with Venus as an option to earn interest or use as collateral for a loan. Exchange to participate in yield farming.

The Venus protocol also enables a decentralized stablecoin called VAI, which is backed by a basket of crypto assets. In this way, you can think of Venus as a combination of Compound and MakerDAO in BSC.

3- Assembly Autoform

Autofarm is a BSC return aggregator, which you can think of as having similar characteristics to Ethereum, in that it automatically tries to find the best way to earn returns on your deposits.

4- Protocol Spartan

The Spartan protocol is a proprietary protocol that does business in the BSC. It allows customers to implement liquidity pools for BEP-20 tokens – like many other AMMs, however, it intends to allow for more, such as the creation of synthetic assets secured by liquidity pools and on-chain in the future. Loans and derivatives.

See also: What is the first layer of blockchain?

How do we track activities in the chain? Binance clever?

The site will look familiar if you’ve been following decentralized finance before. It is similar to EtherScan and you will find it similar in terms of usage as the setup team is one.

The Smart Binance chain is one of the best platforms for dealing with cryptocurrencies, as it is constantly evolving and its market value is increasing day by day.