Why is Kebab Finance Built on Binance Smart Chain?
The past two days saw unique contributions from our community regarding our first contest question, “Why Blockchain projects Choose Binance Smart Chain?.
We were amazed at the tremendous flow of information that gave insight into Binance Smart Chain’s core values of empowering Blockchain projects’ growth. After reviewing your submissions, we realized that nearly 73% indicated the rapid adoption of BSC for Defi projects in addition to the lower fees it offers. The rest of the answers elucidate its fast and decentralized attributes while still in its early adoption phase.
Before we dive into answering the question, it is essential to remember that Binance Smart Chain (BSC) runs separately from Binance Chain (BS). There is also a seamless exchange process of transactions or data between the two blockchains. It is something we wish to explore with you in another contest question.
But for now, let us focus on why Kebab Finance chose Binance Smart Chain.
1. EVM-compatibility: It has the majority of the tools and features to connect seamlessly with many standard tools used by Ethereum developers to ease the user experience and enhance security and scalability for decentralized applications (DApps). Additionally, existing DeFi smart contracts effectively port assets onto Binance Chain. This feature reduces development time to help enhance the security and interoperability of data.
2. Better Performance: Binance Smart Chain uses Proof of Stake Authority ( PoSA) to solve the problems of the most popular algorithm, Proof of Work (PoW). The algorithm improves the speeds of transactions by producing a block every 3 seconds within a network of 21 validators while giving rise to Defi adoption.
Seamless Transfer of Assets, also known as Cross-chain compatibility, is the ability to move and exchange assets between chains, giving it the flexibility to deploy multiple infrastructures without the presence of a 3rd party. This seamless trading mechanism opened a new space for building decentralized apps.
3. Better Transaction Fees: Lower fees are necessary to keep the crypto space growing, while increased costs only hinder its development. Binance Smart Chain (BSC) offers the lowest possible fees not to affect your trading revenues.
4. A Growing Ecosystem: Binance ecosystem helped empower and accelerate the development of Decentralized Finance (DeFi) by supporting startups to build around its ecosystem and benefit its growth and development by introducing a $100,000,000 seed fund to power emerging projects and drive collaboration between centralized finance (CeFi) and decentralized finance (DeFi).
While Binance Smart Chain (BSC) continues to witness steady growth in on-chain activity and usage, we continue to build an ecosystem of trust for our community in the decentralized finance or “DeFi.”
Here is the full list (Twitter handles) of the 3 lucky winners of The Binance Smart Chain Contest
Congratulations to the winners! Thank you for participating in the Binance Smart Chain Contest Question.
Stay tuned for more giveaways!
Keep your curiosity for Binance Smart Chain alive!