A Complete Guide on Binance Smart Chain Based DeFi Dapp Development

Given its quick growth and the number of new emerging use cases, it’s not unrealistic to expect DeFi to be the next “big thing” in global finance.

The internet-native financial market is referred to as DeFi. It opens up the possibility of creating and selling products and services similar to traditional banking but in the form of decentralized, autonomous blockchain-based apps, such as crypto exchange platform development.

Decentralized apps can be developed on a variety of blockchain networks, which can be used by DeFi initiatives. So, it is imperative to choose a reliable blockchain protocol that provides a dependable, affordable, fast, and user-friendly platform for decentralized applications (dApps). These days many start-ups, organizations, and individuals are taking an interest in DeFi dApp development on Binance Smart Chain (BSC).

Binance Smart Chain is one of the most important blockchains for decentralized finance and decentralized applications.

So, before moving further, let’s understand more about Binance Smart Chain

Binance Smart Chain (BSC) is a Binance-developed blockchain system that works with Binance Chain. Unlike the Binance Chain, it is adaptable with the EVM (Ethereum Virtual Machine) and has smart contract capabilities.

BSC also has one of the quickest blockchain transaction times and the most affordable fee structures, making it appealing to developers to create DeFi apps using the protocol.

What Are Binance Smart Chain Dapps?

They are decentralized apps, like any normal apps but the only difference is that they run on a Binance Smart Chain blockchain network.

Due to its rapid block time of 5 seconds and much lower gas charge than Ethereum, more and more dApps are starting to build their products on Binance Smart Chain. And some of them have already seen significant growth in the number of users and volume on their platforms. For example, PancakeSwap, which is regarded as the Uniswap on Binance Smart Chain (BSC), has already surpassed Uniswap in terms of volume.

Benefits of Binance Smart Chain Dapps

• No Central Authority – one of the main advantages of BSC-based dApps is that they eliminate the intermediary by automating operations using trustless smart contracts.
• Open-source — The code that underpins BSC-based dApps is usually open-source, which means that the codebase is available for scrutiny and ongoing improvement.
• No downtime — Because dApps are decentralized, they don’t have a single point of failure, such as a hosting server that can bring the entire network down.
• Censorship resistance — Since dApps have no single point of failure and are not controlled by a central authority, controlling or censoring the network is exceedingly difficult.

To Sum Up

If the conventional applications offered the aforementioned benefits, it would be a game-changer. Seeing all of these advantages offered by dApps, it’s simple to see why interest in developing Binance Smart Chain dapps is on the rise. Nonetheless, given the aforementioned reasons, creating dApps from scratch is still a challenge. Antier Solutions makes BSC-based dApp development as simple as traditional app development while allowing you to leverage the advantages that dApps have to offer.

Schedule a free demo of one of our Binance Smart Chain-based platforms or connect with our subject matter experts to share your business needs.