Meet 11 Promising DApps in the BSC Accelerator Fund
Discover a list of the most promising DApps operating in the growing Binance Smart Chain ecosystem.
Binance — through the Binance Smart Chain Accelerator Fund — has committed to helping promising DApps built on the Binance Smart Chain access support and achieve their objectives.
In this article, we will discuss the BSC Accelerator Fund and the eleven projects that are currently benefiting from the program.
What is Binance Smart Chain?
Binance Smart Chain is a parallel blockchain to Binance Chain. It is designed to support smart contract functionality while Binance Chain is designed to facilitate fast exchange speeds. Due to their dual architecture — connected via relayers and oracles — users of Binance Smart Chain are able to benefit from the fast speeds on Binance Chain when they want to trade and smart contracts functionality that enables the development and deployment of DApps.
On September 10, 2020, Binance CEO Changpeng Zhao announced the formation of a seed fund worth $100 million to support promising DeFi projects on Binance Smart Chain.
Speaking during the virtual World of DeFi summit, CZ explained that the fund would play an important role in supporting the growth of the DeFi space by financially supporting propitious projects. The secondary goal of the fund is to provide a brief between DeFi and Centralized Finance (CeFi).
Developers are encouraged to apply in order participate in the program and receive funding. However, only DApps that meet stringent requirements will be successful in receiving funding. This is in line with BSC’s core mission, which is to grow the DeFi space with quality DApps. Selection criteria include security audits and a duly completed due diligence process.
The Benefits for DApps
The benefits of participating in the BSC Accelerator Fund are myriad.
First, due to Binance’s size and reach within the crypto ecosystem, selected projects have access to a wide network and support. Binance plays an active role in connecting projects to discuss mutually advantageous collaboration opportunities.
Secondly, Binance leverages its extensive reach to spread the word about the projects chosen to participate in the BSC Accelerator Fund. Additionally, Binance supports the selected projects with Public Relations efforts. This helps small projects to get their message out to the public in an effective way.
Finally, Binance helps the selected projects to recruit the human resources best-suited for their startup. Given the extensive talent at Binance, they are able to play matchmaker for the projects and staff they are looking for.
Additionally, Binance shares tips and tools to help the projects operate at the most optimum level with market standard practices.
Currently, there are eleven projects receiving funding from Binance’s $100 million accelerator fund. Six projects were initially chosen and another five were added recently.
Bounce is a decentralized auction platform designed specifically for non-fungible tokens (NFTs). Bounce allows marketplace participants to place bids on NFT auctions on-chain while simultaneously providing support for liquidity mining. Liquidity mining refers to providing liquidity to a DeFi protocol in exchange for fees and protocol tokens, which are issued as an incentive to participants.
Additionally, Bounce supports a decentralized governance structure, allowing participators to have a say in the direction the platform takes. Hardwired into the underlying software are staking incentive mechanisms that further encourage participation in the platform.
DeFiStation is an analytics tool for DeFi projects built atop Binance Smart Chain. The website also ranks the DApps on BSC, providing a leaderboard that users can utilize to gauge the DeFi platform they are interested in.
It is designed to provide access to important metrics, like the total value locked, for BSC-based DeFi to further the growth of the market. The platform explains:
“The metrics and charts displayed on Defistation allows you to gain insight into the growing trends and movements in decentralized finance.”
Gitcoin is an innovative rework of the existing model for open source developers. Currently, given the nature of open source software, developers who contribute to open source projects are unlikely to receive fair remuneration. Gitcoin aims to change that. The premise is that open source developers create substantial economic value but are not properly incentivized.
By leveraging bounties and crowdfunding, Gitcoin hopes to create a community of developers united in the belief of open-source tech and support their endeavors with
“a double sided market that connects coders to funding and multiple matching mechanisms that connects coders to funders and creates results.”
JustLiquidity is a platform designed to help liquidity providers in a DEX protect themselves from undesirable outcomes by hard coding token unlocking schedules and single-side liquidity at the protocol level.
The platform is integrated with Uniswap. It also has a native token named JUL. JustLiquidity hopes to create an ecosystem where
“JustLiquidity users and JUL token holders can expect a very steady and predictable ROI (return on investment).”
PARSIQ is a platform designed to turn blockchain data into actions. By leveraging “IFTTT” (IF This Then That) programmability, the platform supports the creation of simple triggers that produce notifications for blockchain transactions.
The platform is built for both personal use and for business contexts. PARSIQ helps to
“keep Smart-Triggers organized and accessible. Large enterprises are provided with a dedicated infrastruсture and have the ability to fully customize their monitoring applications.”
Anyswap is a platform that allows users to exchange digital assets held on different chains. It features an automated pricing and liquidity system and supports swaps between major assets like BTC, BNB, and ETH.
The decentralized cross-chain swap protocol is based on Fusion DCRM technology. This basis allows it to support coins on any blockchain that leverage either ECDSA or EdDSA as their signature algorithm. Examples of such coins also include coins such as USDT and LTC, among others.
The Arkane Network is a multi-blockchain wallet provider aiming to build an open network between individuals, ecosystems, and DApps. The platform allows its users to have easy access to blockchain infrastructures through a suite of developer tools.
By leveraging tools like SDKs and APIs, individuals can also use Arkane to track and manage wallets on multiple blockchains. Additionally, developers of blockchain-based games and other DApps are able to integrate BSC and their token into their applications.
BakerySwap is an automated market maker (AMM) operating on Binance Smart Chain. The team behind the DApp is also the creator of Bakery Combo, which is the first NFTfi (NFTFinance) platform built on BakerySwap and running on Binance Smart Chain.
The platform works similarly to AMMs on Ethereum such as UniSwap. However, they hope to provide a viable alternative to Ethereum because
“Ethereum’s current gas fees have been exorbitant to say the least and the barrier to entry for participating in on-chain activities is only getting higher and higher. Enter Binance Smart Chain. By leveraging BSC, we will be able to increase the speed of transactions while massively reducing the fees at the same time.”
Bitquery is a platform dedicated to providing quality data on a number of blockchains. Bitquery defines itself as the “Interchain Data Engine.” It features numerous tools like APIs, dashboard analytics, explorers, and widgets. The platform indexes over 20 blockchains.
Bitquery sources its data from trusted sources while maintaining mathematical integrity. It helps stakeholders to gain intelligence related to commerce for DApps working on BSC. BitQuery explains:
“This analysis in the form of products helps people and businesses to value from this data. As we do that we powered data transparency to the whole cross-chain ecosystem, helping entities and processes to adopt blockchain technologies.”
Pancake Swap holds the title of being the most popular AMM on Binance Smart Chain. The platform features typical AMM and DEX mechanics, such as yield farming and staking incentives. The platform has earned a good reputation in the Binance community due to its fast speeds, ease of use, and gamified UX.
Proxima is a highly-scalable trustless data query protocol based on Merkle proofs that supports authentication. It is fast, decentralized, and boasts features like storage, streaming, consensus, database, and enhanced smart contract (called Supercontract) functionality.
Binance Smart Chain DApps & Trust Wallet
Trust Wallet has been supporting Binance Smart Chain since its launch in September by acting as a secure storage solution for BSC-powered digital tokens and as a gateway into the world of Binance Smart Cain Dapps.
Using Trust Wallet’s in-app DApp Browser, users can seamlessly interact with decentralized applications and DeFi protocols on mobile. For users who prefer a web-based experience, Trust Wallet can be used via WalletConnect to interact with all available DApps on Binance Smart Chain.