Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
Binance Smart Chain continues its streak of unprecedented growth. Whether it’s token swaps, NFTs, or decentralized markets, BSC supports more than one option to earn significant yield and make the crypto landscape more exciting.
Binance Smart Chain is a one-of-a-kind new blockchain with a dedicated environment that supports decentralized and high-performing applications. The cross-chain compatibility of BSC is one of its hallmark aspects. Also, it allows users to reap the benefits of Binance Chain and Binance Smart Chain.
But unlike Binance Chain, BSC functions parallel and can support smart contract compatibility with EVM (Ethereum Virtual Machine). Plus, BSC is highly flexible and viable and allows you to use coins from different chains.
Types of Binance Smart Chain Coins
It is vital to understand that BEP-20 and BEP-721 tokens are two different types of coins that Binance Smart Chain supports. Unlike BEP-20 fungible tokens, BEP-721 refers to NFTs that work on Binance’s network. Therefore, the focus of this article will be on BEP-20 coins in terms of market capitalization, popularity, and future potential.
Now, let’s review the top 7 Binance Smart Chain coins that you should keep an eye on in 2022:
1. Binance Coin
BNB token or Binance Coin has been around since 2017. Initially, Binance Coin was issued to support ERC-20 and run on the leading Ethereum network. At the time of the launch, the supply of the BNB token was 200 million, and it offered 100 million tickets in the initial coin offering. One of the main perks of the BNB token is its utility to pay a fee as participation of token sales or on the central Binance exchange.
What’s more, is that BNB complements the Binance decentralized exchange.BSC is designed to ensure cross-chain compatibility and help users reap the full benefits of the Binance Chain. You can also leverage smart contract compatibility and functionality through Ethereum Virtual Machine.
With each quarter, Binance uses 1/5th of its profits to buy back and burn Binance coins in the treasury. In a short time, the BNB token has managed to expand to a wide range of applications. For instance, you can use the BNB token to pay for transaction fees, online services, financial services, entertainment, and travel bookings.
The PancakeSwap or CAKE refers to the BEP20 token. PancakeSwap was launched on BSC and allowed users to trade a wide range of tickets and cryptocurrencies. At its core, CAKE fuels the liquidity provision on the PancakeSwap platform. It will enable users to stake their tokens and earn significant rewards. Token holders need to deposit LP tokens and then lock them up.
When it comes to purchasing tokens, Pancake Swap retains the custody. PancakeSwap token works on the model of an automated market maker. One of the most exciting things about the PancakeSwap pass is that it allows users to farm CAKE, its native coin. PancakeSwap also enables customers to stake their coins into different Syrup Pools that provide significant rewards to users.
As of now early November, the market capitalization of DYP stands at $13.78 million with a USD price of $0.7196. DYP may not have had a consistent ranking, but the average all-time highest price is still around $4.90.
DYP.Finance allows users to maximize their yield farming rewards. DeFi Yield Protocol compresses the impact of a large user base. This protocol comes with an anti-manipulation feature that minimizes the overall effect of converting tips onto native platforms. The anti-manipulation feature ensures stability and transparent liquidity access. It also simplifies and secures the DeFi platform for all users.
Fundamentally, DYP (DeFi Yield Protocol) is a unique platform that provides yield farming and staking solutions. It also allows users to take advantage of modern and advanced DYP trading tools. The hallmark aspect of DYP is its decentralized dashboard tool. It comes with advanced features like Community Trust Vote System, Decentralized Score, LunachPad, and DYP Locker. The idea is to help investors make logical decisions, minimize risks, and maximize yields. Recently, the DYP team has also launched V2 Staking, Buyback, and Farming Pools on Binance Smart Chain to strengthen their market position.
4. GALA (GALA)
GALA is the digital asset of the Gala Games platform that allows users to make P2P payments with rewarding nodes. Users need to get a license to run a dedicated software code from their computer and earn rewards in GALA tokens. On top of all, users can also make NFTs. In 2021, the price of the GALA token has had a consistent high trajectory, and experts predict that its token price will continue to increase in 2022.
5. Ankr (ANKR)
ANKR is the central native governance and utility token of the ANKR ecosystem. As of now, it has more than a 10 billion supply of tokens, with 7 billion tokens already in circulation. Moreover, the ANKR token is an ERC-20 token that users can store and trade on DEX or Ethereum wallets. In no time, ANKR token has managed to garner consistent support and praise from various centralized exchanges.
In fact, after each CEX listing, the token value of ANKR has had a boost. The ANKR token works on the ANKR platform, a multi-faceted ecosystem that integrates a wide range of protocols for blockchain adoption. Interestingly, ANKR caters to users, developers, and enterprises. And Apart from Binance Smart Chain, ANKR stakers can access more than 40 blockchains like Ethereum, Polkadot, and many others.
6. Coin98 (C98)
Coin98 allows users to access products across more than 20 blockchains. Currently, Coin98 has up to 284,000 users who have generated $216 million through 488,000 transactions. Furthermore, since Coin98 makes different blockchains accessible, users can get the best prices on swapping tokens.
It also offers an optimized gas fee and helps users explore different paths to complete transactions. C98 coin is compatible with blockchains like Ethereum and Binance Smart. You can use C98 for staking rewards, earn a transaction fee, and avail of membership discounts on a long list of products and services.
C98 coin also allows users to assume control over governing protocols and submit proposals about the Coin98 ecosystem. Coin98 may have not as many followers as other BSC-compatible coins, but the total supply volume paints a different story and hints at its growth opportunities.
7. Trust Wallet Token (TWT)
TWT (Trust Wallet Token) is a BEP-20 asset that empowers innovative contract crypto projects and works on Binance Smart Chain. And since the BSC has minimal gas fees than other blockchain projects, TWT offers fast transaction response time with token bonuses on BSC.
In short, TWT offers added value to users of Trust Wallet. You can process TWT as a service payment or swap it with another crypto asset. Furthermore, as a governance token, TWT has many use cases and allows users to reap many benefits of token features. For instance, TWT holders can partake in any Trust Wallet with governance protocol.
The Binance Smart Chain couldn’t be perfect for crypto users who want a low-cost and speed platform. In 2020, BSC broke the record of unique active users on the wallet. And by 2021, the volume of total transactions on the BSC will be more than $1.5 billion.
Although Ethereum is the most famous intelligent contract blockchain platform, it continues to become more congested. And if the slow transactions and high fees on Ethereum follow the same trajectory, it will pave the way for adoption to a more affordable chain like BSC.