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Update all the highlights on BSC for the past week: $1B BSC Growth Fund Program, Most Valuable Program III, the metaverse wave on BSC.

Binance Smart Chain has expanded rapidly recently. The number of partners and updates has increased significantly. The ecosystem is robust and accelerating. Let’s check out what is new for the past week!

Binance Smart Chain Overview

BNB Price Today

BNB is currently trading at around $650, having recovered from the ATH correction area to $300 in May 2021. BNB has grown by 16,000 percent since October of last year. 

Source: Coin98 Market - (Updated November 09th, 2021).

1 Billion BSC Growth Fund Program

BSC was launched in September 2020 as a parallel blockchain to Binance Chain. BSC has launched many programs to attract and support developers. Recently BSC has announced the 1 Billion BSC Growth Fund Program

Incentive packages have been launched by blockchain ecosystems on a regular basis in recent months in order to promote their ecosystems. When blockchain platforms compete not only in terms of technology but also in terms of user incentives, this is a good indicator.

Binance also doesn't want to be left behind when it comes to the biggest incentive package worth up to $1 billion.

Incentive programs of Blockchain Ecosystems.

The fund will focus on developing in the following areas:

1. Talent Development and Innovation: A total of $100 million will be invested in Talent Development, which entails providing mentorship to developer communities, allowing new crypto investors to learn and prosper, providing academic scholarships, and supporting R&D. This fund will help developers overcome their initial challenges.

2. Liquidity Incentive Program: The incentive program's goal is to generate a large amount of liquidity, which will attract investors and developers to the ecosystem. There is enough competition in the ecosystem to build appealing products that will keep users staying longer in the ecosystem.

This will be used to build trusting relationships between investors and the rapidly rising digital asset markets. Under the Liquidity Incentive Programs, a total of $100 million has been set aside.

3. Builder Program: $300 million will be invested in the Builder Program. $100 million will be spent on regional and global hackathons, cooperative bug bounty programs, developer conferences, and existing mainstream development activities. 

The remaining $200 million will be utilized to incubate 100 unique dApps/infrastructures built on top of BSC, which will be mentored by leading Venture Capitalists and receive infrastructure support from the BSC core community.

4. Investment & Incubation Program: For the exciting purpose of accelerating mainstream adoption and bringing disruption to financial infrastructures, a total of $500 million will be used. 

This fund will be utilized to grow decentralized computing, GameFi, Metaverse, VR (virtual reality), AI (artificial intelligence), and blockchain-based financial services. With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.

Source: Binance.org.

Most Valuable Program III

The goal of the MVB Program is to better support BSC startups growing into stable, reliable, and valuable parts of the crypto ecosystem. Some outstanding events of the MVB program in recent times are as follows:

Source: BSC.

The MVB I’s mission is to focus mostly on DeFi. This is a very successful BSC program since it has attracted 400 DeFi projects in just three months, laying the groundwork for BSC's current success. 

The MVB II initiative, which focused mostly on GameFi, was a failure because GameFi projects only lasted a short time. However, it has not been very successful, the majority of them do not show significant growth (GMR Finance, CryptoBlades, My DeFi Pet, Mobox, etc).

With Binance's previous experience, I believe the MVB III initiative will provide better assistance for the BSC ecosystem especially GameFi and Metaverse

The following projects have recently been added to the MVB III program:

  • DeFi: HotCross, Annex Finance, OpenOcean, HoneyFarm, Deri,...
  • NFT: Dvision Network, Venly, Treasureland, Alpha Quark, Project Galaxy,...
  • GameFi: Wanaka Farm, Radio Caca, Busta, CryptoBay, BinaryX,...

Breakdown of the BSC Fund portfolio over the past 12 months - Source: Binance

 17th BNB Burn

BNB used the Pioneer Burn Program to burn 17,839 BNB. BNB Pioneer Burn is a new project aimed towards assisting qualifying users who have lost tokens as a result of mistakes they made while experimenting with Binance Smart Chain. Binance will compensate users' losses through the BNB Pioneer Burn Program and count the lost tokens within our quarterly BNB token burn operations instead.

In addition, Binance commits to burning BNB every quarter until 50 percent of the total BNB supply (about 100,000,000 BNB) has been removed from circulation. Binance permanently removed 1,335,888 BNB from circulation, valued a stunning $640 million, making it the most valuable burn ever.

Source: Binance Announcement.

Introducing BEP-95 for Binance Smart Chain

BSC introduces the new Binance Evolution Protocol, BEP-95. BEP has been clearly inspired by the recent EIP-1559 update and added a deflationary burn mechanism to Ether transactions on the Ethereum network. A fixed-rate gas fee is burned with the following calculation: burnRatio * gasFee. 

  • The burning ratio can be changed through governance.
  • The original recommended burnRatio setting is 10%.

This burning process would further restrict BNB supply, driving up BNB value as demand increased.

BEP-95, a Real-Time Burning Mechanism - Source: Binance Blog

Highlight Numbers

Total Value Locked

At this time of writing, Binance Smart Chain's TVL (Total Value Locked) slightly increased to around $28 billion, up to 3.55% compared to the previous week.

After TVL peaked ATH (All-Time High) at $48 billion in May 2021, there was a sharp drop. Currently, TVL has recovered and has a slight growth.

Source: Defistation - (Updated November 09th, 2021)

Recently, BSC has launched programs like MVB III, 1 Billion BSC Growth Fund Program, especially Metaverse trends. I believe that these programs will attract more users who will convert to using DeFi platforms and contribute to the TVL growth.

Daily Transaction

Source: BscScan.com - (Updated November 09th, 2021).

The daily transactions BSC is about 10 million, had a fairly quick recovery to ATH at 3 months ago.

Ecosystem Analysis

AMM

1. PancakeSwap

Top 10 Projects with the highest social signal on BSC - Source: @Coin98Analytics

PancakeSwap is currently BSC's biggest AMM. Binance launches many attractive programs as I described above, so it will definitely benefit PancakeSwap. Many metrics, including the number of users, TVL, and trading volume, all increased in October 2021. 

PancakeSwap October Report.

PancakeSwap's upcoming roadmap is attractive including NFT Market Phase 2 buy & sell third-party BSC NFTs; Charts on Trading Site; Trading Comps as a Service; Simple Liquidity. 

PancakeSwap is constantly working to improve the user experience. One of the challenges of using the Trading or Swap Feature on PancakeSwap is that you won't know the past price of a token pair. As a result of this dilemma, PancakeSwap has planned to build the Charts on Trading Site feature that professional traders will demand.

PancakeSwap's product ecosystem has grown into DeFi Station with NFT, Prediction, NFT, Lottery, IFO,... Diversity in products and a clear development roadmap are plus points when considering investing in CAKE.

2. Belt Finance

Belt Finance, the Automated Market Maker (AMM) protocol on Binance Smart Chain (BSC), has published the roadmap in Q4 2021. It's still the cross-chain swap and pool integration that counts for the most. Three different stablecoins have been added to the system: US Dollar Tether (USDT), US Dollar EXCHANGE (USDEX), and kUSDT on the Klaytn Chain. Users will be able to swap among chains using Orbit Chain and the Orbit Bridge.

Belt Finance Roadmap Update.

3. Tranchess

Tranchess is a yield-enhancing asset tracker protocol with varied risk-return solutions. Binance has announced it will officially list Tranchess (CHESS) in its Innovation Zone. The move usually helps boost a protocol that has a unique and valuable approach. Binance Lists Tranchess, 4th Billion Dollar Protocol on Binance Smart Chain.

Users can now trade CHESS/BNB, CHESS/BTC, CHESS/USDT, and CHESS/BUSD pairings once the listings were implemented on October 22nd, 2021. 

In the Ethereum ecosystem, Tranchess might be compared to the Saffron platform (SFI). Tranchess is showing promising signals, despite Saffron's lack of success. This is still a very new category, and few projects have not explored it yet. Tranchess has the potential to fully develop in the future if it performs successfully.

Tranchess intends to support more tokens in the future, rather than just BTC at the moment.

Tranchess One-Page - Source: Coin98 Insights

Derivatives

1. OddZ Finance

According to its follow-up tweet, Options V2 will have an ‘OddZ Secondary Market.’ There are indications in the tweet which suggest that OddZ Finance will play a vital role in the secondary market.

Low gas fee to no gas fee. OddZ Finance is on a mission to simplify derivatives trading and has done away with gas fees for its transactions to encourage more user interest in derivatives.

OddZ Finance has revealed that it will soon launch a new version of its options trading platform. The latest version will be known as Options V2 and will have various bonus features to improve users’ trading experience. 

2. MCDEX

The recently launched $1 billion growth fund from Binance Smart Chain has invested in MCDEX, a decentralized derivatives exchange. MCDEX is the first decentralized perpetual swap available on BSC, helping it to become a major emerging player on the network.

Total Value Locked by Category - BSC.

As you can see, Derivatives is the most significant growth strategy. In October 2021, China's rules for Crypto transactions are not very favorable to its citizens. 

As a result, there will be a huge number of investors in their country who will use DEXs (Decentralized Exchanges) and Derivatives to limit control over personal information used while trading cryptocurrency. With governments' stringent laws on the crypto market, it's safe to assume that DeFi will continue to grow.

Launchpad

FC Porto Fan Token (PORTO)

In November 2021, Binance announce the 23rd project on Binance Launchpad - FC Porto Fan Token (PORTO). The token sale for FC Porto Fan Token will follow the Launchpad subscription format, with the recording of user BNB balances starting at 2021-11-06 00:00 AM (UTC).

Binance has arranged two Binance Launchpad programs and one Binance Launchpool program in a short period of time. It appears that the positive impact of previous launchpads' effective organization, which yielded a good ROI (return on investment), has attracted many users to invest in BNB coins. It's also the reason why BNB's prices have recently risen.

Binance focuses on Launchpad programs for Fan Tokens because they want to attract large fans of football clubs to become their users. This is a very good strategy to increase network effects. In the future, I predict that more Fan Tokens with a larger number of fans will participate in Binance Launchpad.

ATH ROI of projects on Binance Launchpad - Source: Coin98 Insights.

2. Lazio Fan Token (LAZIO)

The token price for LAZIO was set at 0.002 BNB or $1. At the time of writing $LAZIO sits at $21.28 on CoinGecko and it doesn’t appear to be falling. This huge interest and spike in price have not gone unnoticed, with some important figures indicating their admiration:

The token launch was incredibly oversubscribed, with over 225,000 participants taking place and committing 8,110,631 BNB during the subscription period. Binance will hope to garner the same interest in similar fan tokens going forward. 

Source: Binance Launchpad.

NFT/Gaming

1. MOBOX

Mobox: NFT Farmer has become one of the most played blockchain games in the entire industry. This dapp adds a real DeFi layer into the playing perspective. Mobox combines in-game mechanics with real DeFi features such as NFT staking and yield farming.  

By the end of July, Mobox had around $150 million in Total Value Locked (TVL), the amount that represents the assets staking on the platform. At the time of writing, Mobox’s TVL surpassed $326 million, more than doubling its value in less than three months.

The BSC game attracted over 30,700 daily UAW during September whilst generating almost $67 million in transaction volume. Overall, the usage in Mobox increased 335% QoQ  (quarter over quarter), and the volume during Q3 ascended to $280 million, 28% up from the previous quarter.

The BSC game attracted over 30,700 daily UAW during September whilst generating almost $67 million in transaction volume. Overall, the usage in Mobox increased 335% QoQ, and the volume during Q3 ascended to $280 million, 28% up from the previous quarter. 

2. CryptoBlades

CryptoBlades is another BSC game that drew significant headlines during Q3. CryptoBlades allows players to engage in PVE battles to gain experience and earn the in-game currency SKILL. Players can then stake their SKILL on the same platform to increase their token holdings, and ultimately acquire upgrades. Users can have up to 4 characters to fight as many battles as their stamina allows. 

At one point during Q3, it became one of the three most played games in the entire industry. However, in recent weeks, the interest in the battle game has cooled down. Mostly due to the fall in the price of SKILL, the potential earnings diminished, losing engagement and popularity among the crowd. 

Source: BscScan.

Metaverse/VR

Radio Caca

Radio Caca (RACA token) launched in May of this year and was rapidly gaining masses of fans to its already large global and devoted following. RACA recently broke into the top 200 coins per CoinGecko market cap charts, hitting an ATH (all-time high) of $0.00429 on November 09th, 2021. 

On October 14th, Radio Caca ($RACA) had its second Mystery Box sale on the Binance NFT Marketplace. The NFTs were centered around their new Binance Smart Chain (BSC) game, Metamon, a planned integration to their Universal Metaverse (USM).

Radio Caca is building an NFT Marketplace to support all the NFTs a user owns across Binance Smart Chain (BSC). The group looks to build the OpenSea equivalency of Ethereum on BSC.

The ultimate goal of their vision and efforts is to create a highly scalable Metaverse. The area where Facebook will focus in the near future, as they have just announced that their brand will be changed to Mana on October 29th, 2021 to represent their commitment to this field.

Radio Caca NFT.

Conclusion

This article has included the most critical and detailed information on Binance Smart Chain for the past week. Please leave any questions you have below, and we will get back to you as soon as we can!

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