How to Use Binance Smart Chain? (BSC)

How to use Binance Smart Chain? What do you need and need to do to start using BSC? We answer these questions in detail in our article.

The opportunities offered by Binance Smart Chain (BSC) are increasing rapidly. From token swaps to decentralized money markets and cute NFTs for earning returns or just having fun.

Binance Smart Chain (BSC) wallets

First of all, you will need a wallet to interact with the apps on BSC. The good news is that there are lots of options to choose from.

We would also like to emphasize that what we have mentioned here is not an exhaustive list. Apart from the following, you can also use Math Wallet, Ledger, TokenPocket, Bitkeep, ONTO, Safepal and Arkane.

MetaMask

Among these wallets, you may be familiar with MetaMask.

You may think, “But wait, isn’t MetaMask an Ethereum wallet?” If the question came up, yes, MetaMask is designed to work with Ethereum, but actually connecting this wallet to BSC is pretty easy. This way, you can use a familiar user interface when interacting with BSC.

Trust Wallet

Some Dapps like PancakeSwap allow you to connect using Trust Wallet.

Trust Wallet is one of the easiest mobile wallets to use. So if you want to use BSC on mobile, Trust Wallet is among the best options.

Binance Chain Wallet

Binance Chain Wallet is another option you can use for certain applications on BSC. This wallet; You can use it as a browser extension for Chrome, Firefox and Brave.

How to move cryptos to Binance Smart Chain (BSC)?

We have many wallet options at our disposal, but how do we move funds onto the chain? We can withdraw from our Binance account or use the Binance Bridge.

But before we go into more detail, it may be helpful to clarify the basic concepts.

Binance Smart Chain supports the BEP-20 token standard, while Binance Chain, on which Binance DEX is based, supports the BEP-2 token standard. If you want to trade on Binance DEX, you need to use BEP-2 tokens. You will also need BEP-20 tokens if you want to use dApps on BSC.

Withdrawing from Binance

If you’re reading this article, you probably already have a Binance account. The easiest option is to withdraw from your Binance account to a BSC wallet.

You just have to be careful to choose Binance Smart Chain (BEP-20) when withdrawing funds to an external wallet.

Binance Bridge

Another great way to move assets to BSC is to use the Binance Bridge.

You can choose from many of the largest blockchains like Ethereum and TRON and convert their native tokens into wrapped tokens on BSC. The bridge works in both directions.

Binance Smart Chain (BSC) dApps

We now have a wallet and transferred some funds to it. What can we do with our magic internet coins? Let’s take a look at some of the most popular decentralized apps on BSC.

And remember, these are just some of the biggest dApps. We also frequently witness the release of new and exciting dApps.

PancakeSwap

PancakeSwap is the number one automated market maker (AMM) on Binance Smart Chain.

Similar to Uniswap and SushiSwap, you can trade BEP-20 tokens on PancakeSwap.

You can also earn passive income by adding liquidity to one (or more) of the liquidity pools. But we recommend that you pay attention to be informed about the temporary loss before investing your funds.

While AMM is the foundation of PancakeSwap, there are many other things you can do. You can participate in sweepstakes, win NFTs, participate in token sales, compete for a place on the leaderboard and much more!

Venus

Venus is a lending protocol similar to Compound and Aave on Ethereum. This platform is a decentralized money market where you can borrow and issue BEP-20 tokens with algorithmically determined interest rates.

Are your funds idle? Venus can be an option for you to earn interest income from these funds or to use your funds as collateral when borrowing to participate in yield farming.

Venus also allows the use of a decentralized stablecoin called VAI backed by a group of crypto assets. In this respect you can think of Venus as a mix of Compound and MakerDAO on BSC.

Autofarm

Autofarm is a yield aggregator on BSC. It is similar to yearn in Ethereum. It automatically tries to find the best way to get a return on your savings.

BurgerSwap

BurgerSwap is also a popular AMM in BSC. You can exchange BEP-20 tokens and provide liquidity.

Spartan Protocol

Spartan Protocol is a synthetic entity protocol on BSC. Like many other AMMs, it allows users to create liquidity pools for BEP-20 tokens.

But in the future, it aims to enable many other activities such as lending and on-chain derivatives as well as the creation of synthetic assets collateralized by liquidity pools.

Cream

Cream is a popular lending protocol that is also available on BSC along with Ethereum. You can borrow and lend BEP-20 tokens.

How to track Binance Smart Chain (BSC) metrics?

Now almost everything is ready for you to start using BSC. But how can you track your movements on BSC? You can use BscScan for this.

If you’ve been interested in DeFi before, the site may sound familiar to you. BscScan is very similar to EtherScan – because it was created by the team that created EtherScan.

Closing thoughts

Binance Smart Chain has gone through significant development processes and user activity on the chain has greatly increased. Moreover, it is almost certain that this increase will continue in the future.

If you’re interested in DeFi, it might be worth keeping a close eye on BSC. The best way to do this is to stay up to date with the latest updates from BSC.

If you are having problems with your exchange, you can click here and buy safely by registering! Plus, you pay a lower commission fee!

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