While the concept itself has been around for a while, the crypto exchange’s backing means that projects can easily access the platform’s vast investment circle. 2021 was a big year for the BSC network as a record number of new decentralized projects, coins and applications were built and deployed on top of the BSC. Here, we will discuss the top BSC projects in 2022!
The main Binance Chain (BC) and its native digital currency Binance Coin (BNB) have been around for a long while. The BSC on the other hand is a parallel programmable network developed and deployed by Binance that allows crucial functions within its ecosystem. Tokens launched on the BSC are BEP-20 tokens and they include a wide variety of functionality.
In simple terms, the Binance Smart Chain is a public blockchain that allows other applications to be built on top of it. This functionality is also called smart contracts and can be found in other blockchain ecosystems like Ethereum, Cardano, Solana, Terra, etc. While the main function of each of these networks is the same, they have different approaches towards achieving that.
The BSC has a parallel system in place with the BC acting as the transaction arm of the network and the BSC acting as the smart contract functionality. Both BSC and BC run parallel with each other, and complete one another. In addition to its own native chain, BSC can also be integrated with Ethereum’s popular Ethereum Virtual Machine (EVM) feature. This allows Binance’s smart contracts chain to run Ethereum-based applications like the MetaMask wallet and Decentralized Autonomous Applications (DApps). Overall, the BSC has low latency and big capacity that makes it the perfect platform for cross-chain functionality and launching ambitious new projects.
Due to these major improvements, the BSC has attracted a record number of decentralized applications within its ecosystem in 2021. Many of these projects have already become quite successful in the investing community. Nowadays, many investors keep tabs on the latest BSC projects and see what they are up to. Then they try to identify upcoming projects with most value and invest money in them. This is why BSC’s incubator is now the most popular in the blockchain world and is likely to continue its strong showing of 2021.
Now let’s check all Top BSC Projects in 2022!
While there are a lot of new, incoming projects that may succeed in the near future, there is already a growing list of BSC projects that have already become quite successful in their own right and are likely to continue that performance in 2022 as well.
Here are some of these projects that are likely to achieve that:
The Pancake Swap is a Decentralized Finance (DeFi) application primarily that gained a lot of traction in 2021. It is one of the most promising BSC projects of 2022 to look forward to. It uses its DeFi features to provide a number of useful services to its users. Like Uniswap, it acts as a decentralized exchange platform where users can exchange their tokens via little fees.
CAKE is the main utility token that populates the Pancake Swap platforms and liquidity is achieved through farming and users can earn handsome rewards through its staking feature. There is another token called the FLIP that populates its exchange and users can earn staking rewards by dedicating their CAKE tokens to the official staking pool.
Pancake swap was launched in the third quarter of 2020 and quickly established itself as a future project to look forward to. Its main focus like many other DeFi platforms was to offer an exchange platform for the BSC digital currencies aka BEP-20 tokens. It is a Decentralized Exchange (DEX) meaning the entire interface and working is completely automated from end-to-end. It was launched by an anonymous group of developers through the Binance incubator program.
Pancake Swap is an Automated Market Maker (AMM) platform that allows its users to exchange different tokens. Other major benefits include yield farming and fees from transactions. For the AMM model, the interface has a liquidity pool that is populated by its users. There are no order books like a conventional cryptocurrency exchange like Binance itself.
There is also the added functionality of lotteries on the native Pancake Swap system that holds a lottery every six hours or so. Users can purchase a lottery ticket for 10 CAKE and then try their luck on it. A random combination of four numbers between 1 and 14 can be guessed by the users like 3-9-12-11. You need to correctly guess all four numbers on the lottery ticket to get as much as 50% of the entire lottery pool.
With the increasing popularity of Non Fungible Tokens (NFTs) and the overall slowdown of the DeFi sector, Pancake Swap has looked to pivot slightly and now users can get NFT rewards too. These NFTs can then be traded within the AMM trading platform for native CAKE tokens.
The native tradeable token is here is called CAKE. You can buy CAKE direclty on popular cryptocurrency exchanges like Binance, Ku Coin, VCC and others. To earn CAKE tokens, users can lock their FLIP tokens lock them up. By adding to this liquidity pool, people can farm the native LP (FLIP) tokens and get their earnings in CAKE tokens.
Overall, the Pancake Swap is a major platform to come out of Binance Smart Chain. It looks all set to continue its success of 2021 and might become one of the Top BSC Projects in 2022!
The Trust Wallet is a cryptocurrency wallet based on the Binance Smart Chain. It is set to continue its success in 2021 and continue to be one of the top BSC projects to come out of Binance’s ecosystem. The native token of the platform is called the Trust Wallet Token (TWT) which is a BEP -20 utility token that has various functions on the exchange.
The TWT was launched initially on the Binance Chain or BEP-2 in early 2020 but after the launch of the much more versatile Binance Smart Chain, it was migrated to the latter in October 2020, signaling the popularity of the BSC. The parent project called the Trust Wallet was launched as early as 2017 by Viktor Radchenko in Mountain View, California. Radchenko had a lot of experience in developing tech applications and was involved with the Trucker Path, a logistics application that became quite famous in the wider trucking community.
Binance acquired the Trust Wallet in July 2018 for an undisclosed amount of money but still retains the services of Radchenko who is now part of a larger 20-member team that takes executive decisions on the matters pertaining to the wallet.
The Trust Wallet is essentially an open-source wallet for a wide variety of digital currencies including Ethereum and its native ERC tokens. Native TWT Token holders are primarily taken into confidence regarding development measures of the wallet and they can vote on them. The Trust Wallet is useful because of its BEP-20 integration that allows it to have low transaction fees and instant confirmations. This is a big advantage over native blockchain wallets that use non- BEP-20 digital networks and often take considerable time for simple transactions.
The network was one of the pioneering blockchain systems to use the Proof-of-Stake (PoS) consensus mechanism. This is a much less energy-intensive approach than other digital currencies and has become very important over the years. Even Ethereum is close to moving to a completely PoS system in the near future. Binance exchange is also heavily involved in its development and has a big $10,000 bounty program in place for identifying weaknesses within the system.
The Trust Wallet Token (TWT) is the main digital currency of the Trust Wallet platform. While its main use is to populate the wallet and users have incentives while holding it, the TWT has grown on to become a popularly traded digital currency of its own right. Overall, it doesn’t have any real usage outside the Trust Wallet ecosystem.
Initially, it had over 100 billion TWT in supply but, as part of its migration to the BSC in 2020, 99% of the coins were burned and as a result, the total hard cap is around 1 billion tokens now. Roughly, around 1/3rd of this total supply is now in circulation at the moment and is likely to slow down over time. You can buy the native TWT token on major crypto exchanges like Binance, MXC and others as well.
The Trust Wallet was among the first open-source wallets for the digital currency space and is likely to continue its growth in 2022 as a BSC project.
Gala is an online gaming platform that gives players a lot of freedom in developing their own online gaming experiences. Its motto is to help users develop “blockchain games that you want to play”. Players have wide-ranging control within the blockchain-based gaming ecosystem and it is one of the most successful projects of the Binance Smart Chain. It is likely to continue its growth in 2022.
Gala Games was founded by Eric Schiermeyer who had previous success with Zynga, a major mobile games platform that made the popular Zynga Poker game as well as other hits like Mafia Wars and Farmville on Facebook. Schiermeyer launched the Gala gaming platform in July 2019 to create a space where decentralized blockchain-based games can flourish and make a name for themselves. Gala has now over 1 million monthly active users and is the biggest gaming platform to come out of the exclusive blockchain space.
Gala makes effective use of both Binance Smart Chain and Ethereum blockchain networks. So, while it is not a pure BSC project, it still uses a lot of its functionality and thus it falls under its wide circle as well. While it is a gaming initiative, Gala is not a single game on its own. It is a whole collection of games built with feedback from its users that employ blockchain technology in the backdrop of the proceedings.
Users run Gala nodes that form the backbone of the decentralized consensus-based network. They get returns in the form of GALA tokens, NFTs and other in-platform opportunities. A maximum number of 5,000 nodes are specified by the network for this purpose.
Town Star is a major game on the platform. Rather than managing a town like people do in SimCity, users in Town Star own the town itself and can use it to mint and trade NFTs as well. Various other games like Spider Tanks, Mirandus and Celestial Claims are also available for playing on the Gala platform. All of them have the Play-to-Earn (P2E) feature them and users can earn a wide range of gaming rewards by engaging in each game’s unique gameplay.
GALA is the native token of the platform and has been one of the success stories of 2022. It is likely to continue its success in 2022 as well. The overall hard cap of GALA is 35 billion. Out of which, around 7 billion GALA are in circulation right now. At every 0200 UTC, around 17.12 million GALA enter the system and are distributed via the founder’s node. Every year on July 21, the supply of GALA is halved. So, by July 2022, the market supply will be reduced to around 8.5 million GALA every day.
You can buy GALA on major cryptocurrency exchanges like Binance, Uniswap, Sushi Swap and a plethora of other exchanges.
GALA is a great gaming platform whose popularity is likely to increase in 2022 following a successful 2021 itself. The P2E genre is big at the moment and is attacting millions of new users every month. This is probably going to be see a considerable appreciation – surely, GALA will be one of the Top BSC Projects in 2022!
Bakery Swap is a decentralized exchange for digital currencies and NFTs. Like Pancake Swap, it also uses the Automated Market Making (AMM) protocol and is based on the Binance Smart Chain. This is also a potential big BSC project for 2022 even though it wasn’t as successful as others during 2021. Like other staking platforms, Bakery Swap has the option of staking and you get BAKE tokens in return.
Bakery Swap, like many BSC projects, was developed by an anonymous group of developers who are long-term proponents of Decentralized Autonomous Organizations (DAOs). It was launched in September 2020 and currently ranks at #335 in the crypto market cap graphs. The main idea revolved around a digital currency exchange which later incorporated NFTs as well due to popular demand.
Bakery Swap is a BEP-20 BSC project that is based on the BMM protocol. Governance is decentralized and carried out through the native token called BAKE. Coin holders can participate in a wide variety of governance updates and all moves are done via consensus. The platform also provides useful liquidity pools for all kinds of altcoins like LINK, DOT, and others as well. While a lot of such pools exist right now, only a few of them have BAKE rewards. The reward multiplier also differs from one pool to another based on various factors.
The platform charges a basic 0.3% trading fee for all trades, 0.25% of which go to liquidity providers themselves.
BAKE is the only native token of the Bakery Swap platform that can be traded and swapped with other digital currencies. Users who contribute to liquidity pools get rewards in BAKE tokens. They also vote on a wide range of governance proposals within the Bakery Swap ecosystem. The total supply of BAKE is currently around 193.5 million tokens but the hard cap is not available.
Overall, Bakery Swap is a really promising project but 2022 is going to be crucial for it as it didn’t have that great of a 2021 despite the overwhelmingly bullish setup to begin with.
Swipe, as the name suggests is a card payment service that is being developed on the Binance Smart Chain. The BSC platform is being developed to act as a bridge between the fiat and cryptocurrency worlds, the main goal is to help create global payment cards that will be universally accepted. In addition to the payment platform, Swipe also has an Automated Market Maker forked via Uniswap, Sushi Swap and ThorChain. Its native blockchain is called Swipechain.
Swipe was started back in 2019 as a card processing service based on blockchain technology. It was founded by Joselito Lizarando who himself is an early investor of Bitcoin was looking to develop a system to bridge the gap between the fiat and the crypto worlds. Lizarando also came with a wealth of experience in the startup scene. He remains the CEO of Swipe to this day, even though it was acquired by Binance for an undisclosed amount in July 2020.
Swipe started with a simple credit/debit card functionality in mind, but it has expanded its horizon over the years to include other crucial features to its growing ecosystem. While the project for developing card payments is one aspect, there so are useful newer options like Swipe Swap which is an exchange platform for decentralized assets.
The main card payment feature has seen considerable improvement and growth over the years. Two of the world’s largest cryptocurrency exchanges Binance and FTX use the native SXP token of the Swipe platform to connect with VISA, one of the largest fiat payment systems in the world. Through these two exchanges acting as intermediaries, users can make use of its instant cryptocurrency-fiat conversions feature. This is especially useful for e-commerce purposes as many merchants want to start accepting cryptocurrencies but need instant conversions back to fiat because of the former’s high volatility.
SXP is the native token of the Swipe platform. Contrary to other coins in this list, the SXP token is based on a Proof of Work (PoW) consensus system but is not moving to a more energy-efficient PoS mechanism through a Byzantine Fault Tolerance consensus mechanism. You can buy or trade the SXP token on major cryptocurrency exchanges like Binance, Ku Coin and Poloniex.
Swipe (SXP token) has a bright future ahead as the crypto world is looking for more crypto-fiat bridges to make the incoming transition possible. It is one of the low-capped coins in this list and is likely to improve its standings if its crypto-fiat swap solution gets more and more traction.
So, we have to say in this Top BSC projects in 2022 article, Binance had a big 2022: its trading volume went through the roof and resulted in the platform earning a lot in commission and fees. Its native Binance Coin (BNB) also appreciated a lot, rising almost 1500% at one point. A record number of blockchain projects were also mentored and released through Binance’s launchpad. Most of these projects were developed on top of the BSC blockchain network and have thrived through it.
But, while 2022 was awesome for the Top BSC projects in 2022 and for the larger Binance ecosystem also, it was a bullish year overall and things might not be the same for its different arms including BSC in 2022. As the cryptocurrency market loses value, so do many of the top BSC projects and some are likely to be killed off. However, the advent of metaverse and NFTs has changed the landscape a lot. These two sectors aren’t directly related to the larger crypto/coin market and may yet need services similar to projects coming from that sector including token listings and a blockchain ecosystem.
This is where the BSC network can still remain quite useful overall in the near future. It can help users launch their NFTs, tokenize and release metaverse tokens and much more. So, it is kind of like a mixed bag for the main developmental network of Binance. But, if it can utilize these new sectors effectively and pivot when needed, it can continue on and perhaps even overtake the kind of explosive growth it had witnessed in 2021. But, if doesn’t, other competitors are likely to present themselves sooner or later and claim a share of the overall pie.
But, considering the immense utility of the BSC network, it will be very difficult to stamp out its unique place in the virtual world altogether, even if it fails to incorporate the right kind of changes.
Image Source: pixabay.com
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