DeFi adoption on the Binance Smart Chain reaches new highs

DeFi adoption on the Binance Smart Chain reaches new highs


Decentralized finance (DeFi) has taken a well-deserved break from the spotlight over the past couple of months after being one of the hottest sectors at the start of 2021, but recent growth on several top platforms may hint at another DeFi run in the near future. 

While projects that operate on the Ethereum (ETH) network continue to deal with wild fluctuations in gas fees and transaction times, several that operate on the Binance Smart Chain (BSC) have seen an uptick in protocol activity and token value over the past week.

XVS/USDT vs. CAKE/USDT vs. LINA/USDT 4-hour chart. Source: TradingView

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Three projects on the BSC that have seen increases in trading volume, price and activity within their DeFi protocols are Venus (XVS), PancakeSwap (CAKE) and Linear Finance (LINA).

XVS/USDT

The Venus protocol is an algorithmic money market and synthetic stablecoin protocol that provides a lending and borrowing solution for DeFi on the BSC.

Recent bullishness for the project began to increase around April 20

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