Recently, affected by the wealth effect of Axie Infinity, Play-to-Earn “play to earn” GameFi has become another outlet after “Animal Coins”.
Although the second quarter of 2021 is like a roller coaster for the crypto market, overall, the positive trend of blockchain exploration continues.
Starting from Axie Inifinity, the hot money on the market saw the feasibility of GameFi. The history is also strikingly similar. Due to the lagging nature of the market, users who stepped out have begun to collectively flock to the more user-friendly BSC chain to seek alternatives to Axie.
BSCScan data shows that on July 30, the number of transactions across the BSC chain reached nearly 14 million, which is another record high since May 14.
BSCDaily data shows that before Bitcoin regained stability, the number of users of BSC Eco-GameFi has shown explosive growth.
In fact, before GameFi, BSC had already given satisfactory answers in the DeFi and NFT boom. It can be said that from DeFi to GameFi, BSC has always been a hot spot for attracting developers and users.
With Coumpound’s first liquidity mining boom completely igniting the market, the summer of DeFi led by Ethereum officially kicked off in 2020.
However, at the end of 2020, the impact of Ethereum’s high gas cost, congestion and other issues began to appear-developers and users began to look for a more user-friendly public chain ecology, and the first to challenge Ethereum’s dominance was Binance Smart Chain BSC.
With the support of a $100 million support fund and the world’s largest exchange Binance, BSC began to rapidly expand its DeFi ecosystem.
The design idea of BSC emphasizes two points. One is to ensure high performance and reduce the transfer rate, and the other is to be compatible with the Ethereum virtual machine EVM. With the huge ecology of Ethereum, Ethereum developers can quickly access BSC. The combination of the two “catalysts” and BSC’s determination to target DeFi has attracted a large number of users who come to “gold out”.
Messari data shows that by May 2021, the lock-up volume of the BSC smart contract Dapp has reached about 13% of the Ethereum TVL.
DappRadar data shows that the current total lock-up volume of BSC is about US$20 billion, which is close to one-third of the total lock-up volume of Ethereum.
Among them, the AMM agreement PancakeSwap and the lending agreement Venus are the two most successful applications on BSC, and they are also the applications that received the most asset inflows in 2021. They are respectively against the Ethereum AMM unicorn Uniswap and the lending agreement Aave, which has a European compliance license. .
PancakeSwap attracted more than 2.13 million unique active wallets in June alone, and generated more than $863.5 billion in revenue in the same time period.
Although PancakeSwap is the absolute leader of the BSC DeFi ecosystem, the trend shows that the value proposition of BSC Eco DeFi is not directly driven by TVL at this stage. The widespread use of the BSC native protocol is more worthy of attention.
As far as TVL is concerned, Venus is the second largest BSC dApp; Autofarm, Pancake Bunny, Biswap and ApeSwap are currently the most commonly used dApps in BSC. In July, these agreements were able to drive more than 50,000 unique active wallets.
It is worth noting that most of the functions in these dApps can be combined across protocols and even other verticals, providing BSC with a very complete and integrated ecosystem. And important cross-chain DeFi protocols such as Curve, 1inch, SushiSwap and Cream have also fully completed the expansion of the BSC DeFi ecosystem.
NFT Ecological Blossom
In 2021, NFT, an emerging form of encrypted digital currency, seems to have become a hot topic within and outside the circle overnight. From the classic dunk shot of NBA star LeBron James, to the first tweet in history by Twitter founder Jack Dorsey, to the digital work “Every Day: First 5000 Days” by encryption artist Beeple sold for $69.34 million With its high price, “Everything is NFT” has become the iconic Slogan in the crypto community.
Recently, another unicorn in the crypto market was born. OpenSea completed a $100 million Series B financing led by the famous Silicon Valley venture capital a16z, with a post-investment valuation of $1.5 billion.
In the face of opportunities, the BSC NFT ecological layout, which focuses on motivating creators and traders with low fees and high speed, is equally dazzling.
In order to focus on the development and innovation of the entire NFT ecosystem and talent input, BSC officially launched the most valuable builder program MVB II with the theme of “NFT Big Bang”. As of the beginning of June 2021, the number of MVB II registered projects has reached 356, and the total locked-up volume of projects has reached 1.8 billion US dollars.
On July 29th, BSC officially announced the list of 10 MVB II winning projects, including the recent very popular P2E chain games such as CryptoBlades, MyDeFiPet, MOBOX, and X World Games. It is understood that the selected projects will receive $10,000 in seed funding, Certik’s QuickScan service, comprehensive audit fee support, and incubation opportunities.
Although it has been less than a year since it went online, the degree of NFT diversification on BSC has been relatively high.
BSCProject data shows that BSC has launched more than 650 projects in total, of which NFT mainly covers six vertical ecological fields: digital art, games, meta-universe, social media, NFT+DeFi and infrastructure.
There are many star projects in many NFT segments.
Dego Finance, as a member of the DeFi+NFT track in the BSC NFT ecosystem, Dego brings a new concept of a sustainable DeFi ecosystem. Dego adopts a modular combination design concept, combining different products into governance, mortgage, expense and other scenarios.
BakerySwap, as a member of the Marketplace track in the BSC NFT ecosystem, its role is an AMM protocol, making it the first AMM+NFT platform on BSC.
It is worth mentioning that the #DiamondsAreForever series of NFT blind boxes jointly launched by Tesla CEO Elon Musk’s mother Maye Musk and Kodak launched BakerySwap on June 24 and sold out in a few seconds.
GameFi new hot spot
DappRadar data shows that at present, whether it is user growth or daily transaction volume, GameFi has indeed shown a trend of rapid growth.
Among them, four of the top ten popular games with 24-hour trading volume are deployed on BSC. Among them, the most eye-catching performance is undoubtedly CryptoBlades, whose number of users has more than ten times in a week, and its trading volume has increased by nearly 40 times.
However, compared with the explosion of DeFi liquidity mining last year, with a total lock-up amount of tens of millions of dollars at every turn, the data and social media dissemination under the GameFi boom are much inferior, far less than the data indicators like TVL. Eye.
From the perspective of entry threshold, DeFi’s main threshold is the use threshold of wallets, decentralized exchanges, etc., which are “one-off” thresholds. The threshold for GameFi is even higher. For example, Axie Infinity will cost thousands of dollars to buy 3 little elves. It also requires a lot of time and energy to research diverse pet combinations, different card strategies, and so on.
And different games also have different public chain characteristics.
For example, the Flow chain, which is the main NFT chain, is characterized by the main game public chain, and the development difficulty is moderate, but the ecology is still in the initial stage. The Wax chain, which is also the main game, has been in a tepid state due to the existence of a review mechanism for developers. The Ethereum chain once again turned away a large number of developers and users due to gas cost and speed issues.
In contrast, the basic resources of BSC’s public chain are more excellent and more tolerant.
In the 2021 roadmap, BSC officially stated that their goal is to build a cross-chain financial infrastructure and unlock the Internet of Value. One of the important steps is to cultivate a strong developer community, incubate and accelerate original innovation and outstanding developers.
A BSC spokesperson said: “Our role is to match, that is to say, we will provide high-quality underlying infrastructure and services, and provide guidance for high-quality and high-quality projects, through BSC, seed funds, and Binance Ecosystem. Quickly verify the growth optimization model with resources such as the community.”
Previously, BSC initiated a funding event sponsored by the BSC ecosystem and held on HackerLink.io, a blockchain developer platform under DoraHacks. Developers from all over the world can submit projects to Hackerlink.io. The scope of participation in the Grant project includes protocols deployed on BSC, DeFi, DAO, NFT, wallets and other infrastructure, data analysis and visualization tools, and communities.
It is understood that the fund aims to better develop the innovation of BSC ecology and attract fresh blood into BSC. Up to now, the BSC community has raised a total of 2907.15 BNB (approximately US$780,000), which has been distributed to 108 global developer projects. Among them, 92 projects are deployed on BSC.
It is worth noting that in terms of developer training, whether it is regularly holding hackathons around the world, or launching the Mars project, Learn & Earn activities, BSC is trying to build a strong innovative developer community, and BSC is right Developer support is unmatched by other public chains.
Due to the frequent occurrence of DeFi security incidents, BSC officially launched the “Priority ONE” joint bounty program with a total bonus of $10 million at the end of July, aiming to reward “bounty hunters” who disclose verifiable attacks or security vulnerabilities in dApps. , And join the community to participate in the ecological construction and maintenance of BSC.
In addition, backed by Binance, BSC is also easier to attract players. The Internet has made us deeply understand the huge role of the traffic economy, and the unique advantages of BSC will also become the only choice for developers and users to nurture and promote GameFi.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/from-defi-to-gamefi-bsc-why-is-it-always-a-hot-spot-for-nuggets/
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