One of the most popular crypto exchange platforms Binance, offers trading in more than 345 crypto coins and more than 1364 coin pairs. Binance has its own native coin BNB, considered a good HODL coin which was built under the Binance Smart Chain network (BSC).
Binance Smart Chain, a newer platform built to complement the Binance chain, aims to lower transaction fees and offer a space for creating DApps and other DeFi products. It is a blockchain network designed to run smart contract-based apps. BSC is run in parallel to Binance’s native Binance Chain, (BC). This allows users to have the best of both: the high transaction volume of BC and smart contract functionality of BSC.
Furthermore, Binance Smart Chain also implements the Ethereum Virtual Machine (EVM), which allows it to run Ethereum-based applications like MetaMask. This platform enables developers to create decentralized apps (DApps), and users to manage digital assets cross-chain with low latency and large capacity. This article will analyze the top tokens on the BSC Network using the Binance Smart Chain token standard BEP-20.
… But What Is BEP-20 Token?
BEP-20, a standard token on Binance Smart Chain is very similar to the ERC20 token, one of the Ethereum Token Standard. This token’s main purpose is to allow developers to launch a variety of tokens on Binance smart chain.
BEP-20 tokens are fully powered by a BNB. One could create a native token using BEP-20 standards, or peg tokens from another blockchain to make them usable on the BSC.
Top 5 Binance Smart Chain BEP20 Tokens With Great Potentials:
1. BUSD:
Binance USD (BUSD), a stable coin that is 1:1 USD-backed, was issued by Binance in partnership with Paxos. Approved by the New York State Department of Financial Services and regulated by NYDFS.
BUSD was launched on 5 September 2019 and aims to combine the stability of the US dollar with blockchain technology. It is a digital fiat money, which was issued as ERC-20 but also supports BEP-2. BUSD is the third largest stablecoin by market cap, behind Tether and USDC. At the time of writing (January 2022), it has a market cap of $14,828,230,246 with a 24-hr volume of $5,159,718,905.
2. PancakeSwap (CAKE):
PancakeSwap’s native token abbreviated as CAKE was built under a BEP20 token which was launched on the Binance Smart Chain. PancakeSwap sounds like food but it is no joke nor a meme. It is one of the more popular DApps of all time regularly bringing in over $100 million in 24-hour trading volume and also a very popular decentralized exchange (DEX) on BSC.
The PancakeSwap platform allows users to securely trade or exchange tokens like the Binance Coin (BNB) and some other BEP-20 tokens, providing liquidity to the exchange via farming and earning fees in return. With PancakeSwap users can stake LP tokens to earn CAKE, stake CAKE to earn more CAKE and stake CAKE to earn tokens of other projects.
At the time of writing (January 2022), CAKE has a market cap of $1,839,696,886 with a 24-hr volume of $180,286,954.
3. BakeryToken (BAKE):
Just like PancakeSwap, BakerySwap is a decentralized automated market-making (AMM) protocol that is based on the Binance Smart Chain (BSC). BakeryToken (BAKE), which was launched in September 2020, is part of the BakerySwap eco-system. BAKE tokens are awarded to liquidity providers to help them earn a portion of BakerySwap trading fees. They can also be used to vote as part of BakerySwap’s governance.
Binance, Kucoin, and CoinTiger are some of the exchanges where you can trade BakeryToken. At the time of writing (January 2022), BAKE has a market cap of $113,755,498 with a 24-hr volume of $26,200,207.
4. SAFEMOON (SFM):
SafeMoon is a DeFi protocol with its own deflationary utility token designed to simplify the DeFi process and reward investors who hold on to their tokens with static rewards.
SafeMoon has a self-sustaining liquidity pool that takes tokens from transactions in the form of fees and adds them onto PancakeSwap’s liquidity pool. This creates a stable price floor for the token. It also penalizes selling, which discourages investors from dumping the token in the markets.
The SafeMoon project was launched in March 2021 and runs on the BEP-20 token standard built on the Binance Smart Chain. There is a huge community behind this protocol and with the recent launch of SafeMoon V2, a wallet, a physical office space, and lots more in the roadmap, CEO, John Karony is excited for what the future holds for the SafeMoon army.
At the time of writing (January 2022), SFM has a market cap of $1,010,667,903 with a 24-hr volume of $1,820,819.
5. C.R.E.A.M Finance (CREAM):
C.R.E.A.M which stands for Crypto Runs Everything Around Me was first launched on the Ethereum network in August 2020 but by September 2020, it transitioned to the Binance Smart Chain (BSC). It is a DeFi protocol that allows individuals or institutions to lend, borrow, stake assets and help govern the network, allowing them to vote on assets to support or delist.
Top Crypto exchanges like Binance, KuCoin, FTX, ByBit and more have the CREAM token available for trading. And at the time of writing (January 2022), Cream Finance has a market cap of $21,081,317 with a 24-hr volume of $25,744,679.
Others:
Other tokens on the Binance Smart Chain Network BEP-20 token standard include; Swipe (SXP), Alpha Finance Lab (ALPHA), Wrapped BNB (WBNB), BUX Token (BUX) and Burger Swap (BURGER).
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
