April 4, 2021
Decentralized Finance added a new layer of enthusiasm for crypto and allow its users to put their money to work. Different DeFi platforms offer us new ways of generating returns aside from crypto trading and holding.
Most of the Yield Farming platforms are made under the Ethereum blockchain. However, after Binance Smart Chain has been introduced to the market, it became the hot pick as it solved numerous issues of the Ethereum network, one of which is the high transaction fee as well as the slow transaction speed. More and more BSC-based projects pop out in the crypto market and it gave us more choices of DeFi platforms that offer high returns.
Are you looking for good Yield Farming platforms under Binance Smart Chain?
Binance Smart Chain Yield Farming
Binance Smart Chain became the popular destination of DeFi DApps with its compatibility with Ethereum Virtual Machine and interoperability with ETH-native protocols. We have witnessed how it rapidly grow and more participants kept adding on the line.
Let's take a look at these top BSC-based Yield Farming platforms.
PANCAKESWAP
PancakeSwap is the most popular DeFi platform and the billion-dollar project of Binance Smart Chain. The DeFi protocol easily surged to the top platforms in the DeFi space.
At the time of writing, the Total Value Locked in PancakeSwap is $6,080,627,841 with a total CAKE supply of 147,305,188. The platform currently has 80+ LP pairs with up to 300%+ APR and Liquidity Providers can earn more tokens from fees and rewards by supplying assets into their Liquidity Pool. Moreover, the Syrup Pool has 40+ pools where users can stake their CAKE to earn new tokens or CAKE itself.
The native token of the platform which is CAKE also shows a huge increase since the time the project was launched. From $0.48 at inception, it is trading at $16+ at the time of writing.
Aside from farming and staking, users can also participate in the Lottery to earn more CAKE and they can also collect Pancake Collectibles in which they can trade with CAKE.
VENUS
Venus is the first decentralized stablecoin built on a Binance Smart Chain, backed by a basket of stablecoins and cryptocurrencies. It is an algorithmic money market for decentralized lending and borrowing where users can deposit crypto assets like BNB, ETH, and stablecoins to earn interest. Interest earned can be used as collateral to borrow assets or to mint stablecoins.
Venus platform currently has the highest Total Value Locked with $7,058,543,013.33 among the BSC-based DeFi platforms with 17+ assets earning up to 10%+ APY. Users can also use their vToken collateral to borrow from the Venus Protocol with no trading fees, no slippage, and directly on-chain.
The Venus (XVS) token is currently in rank #124 on CoinMarketCap trading at $57+ with market capitalization of $534,753,187, circulating supply of 9,235,988 XVS coin and with a maximum supply of 30,000,000 XVS coin
BAKERYSWAP
BakerySwap is a protocol that works as a Decentralized Exchange with the Automated Market Maker model most people know like Uniswap. It is only a few of the projects under Binance Smart Chain that offers altcoins liquidity pool. It aims to be a faster and cheaper version of Uniswap.
Some of its features includes BakerySwap exchange, adding Liquidity to the pool, Farming and Staking, Gamification, Launchpad, and users can even create their own special NFT combos and collect their own NFT pets.
Once you stake your LP tokens on BakerySwap, users can also benefit from ETH2.0 liquidity farming. ETH2.0 staking token is an ETH-anchored asset issued by ETH2.0 and ETH2.0 commissioned mining institutions. For example, BETH is an ETH2.0 staking token issued by Binance on BSC and Ethereum. So users can stake their ETH in a 1:1 ratio to get BETH.
At the time of writing, the Total Value Locked is $146,460,810 with a 24-hour volume of $15,922,022. There are 58,145 minted NFT on the platform with an NFT trading volume of 27,333,028. The Bakery token BAKE has a trading price of $1.05 which is rank #288 in CoinMarketCap with market capitalization of $180,273,571, a 24-hour trading volume of $15,424,173, and a circulating supply of 171,104,118 BAKE coins.
BEARN.FI
Bearn.Fi seems to be a not so popular DeFi protocol but this platform is actually a cross-chain product in Decentralized Finance that provides yield generation, algorithmic stablecoin, bridge, gaming aggregation, treasury, and governance on multi-chain, Binance Smart Chain Blockchain (BSC), and Ethereum Blockchain.
Its main product is bDollar, the first algorithmic stablecoin on Binance Smart Chain. It has a solution that can regulate its supply to move the price of the token in the direction of a target price to bring programmability and interoperability to DeFi. Other main products include Binance Smart Chain Vaults, Bridge, Treasury, Gaming, and Governance.
Governance stakers receive 50% of all Games profit, 20% of Vault farming rewards, and BFI rewards (up to 60% APY). At the time of writing, taking BFI has 356% APY which is 31.80% of the circulating supply. Stakers can earn up to 200%+ APY on Binance Smart Chain Farms, and up to 1000%+ APY on Etheruem Farms.
The Total Value Locked in Bearn.Fi is $71,161,368 and the BFI price is $680.72. Meanwhile, the bDollar Total Value Locked is $129,123,925 with BDO price of $0.829, sBDO is $1862.433, and the bBDO is $0.829.
There are more good DeFi platforms under Binance Smart Chain like Monster Slayer and Fortube, but what I want to add to my top 5 is the newest and cutest DeFi platform, CubFinance.
CUBFINANCE
In my article Invading The DENS Of Cubfinance, I have tackled there the reasons why I have invested in this platform.
CubFinance is still on its Alpha stage but we've seen how it easily grows in the DeFi space. At the time of writing, the platform already has a Total Value Locked of $18,069,289.26. The total CUB supply is 1,404,637 with a market capitalization of $5,607,781. And the price of CUB surge to $3+.
Although the platform is not listed yet on CoinMarketCap, but since it is an extension to the LeoFinance project, we can tell that it is safe. Their Certik Audit is also coming soon and for sure, once Binance places CUB on its list, we will expect a surge in its price and more users of CubFinance.
Yield Farming is the best way to put our money to work while we sleep. But always consider the risks in investing in any DeFi Yield Farming protocols. You can read the things you should know and the risks in Yield Farming in this article.
My First Time Yield Farming On PancakeSwap and Things You Should Know About Yield Farming
You may also check my article about Invading The DENS Of Cubfinance for more info about Yield Farming On Cub Finance.
Which do you think is the best DeFi Yield Farming Protocol on Binance Smart Chain?
Thanks for reading and have a nice day.
Yield and farming are on fire 🔥