Blockchains and How to Trade on them | Part 1 | Binance Smart Chain (BSC)

Author: Alex

We are currently experiencing a diverse Crypto space, where we need to constantly keep learning and adapt in order to maximize our ROI while also keeping up to date with the latest news and adoptions.
This sounds scary when you think about it — I need to learn more than 1 blockchain ? How many are there? Where do I even being? Well, this article is mean to answer some of the most usual questions and also point the users in the proper directions when it comes to multichain trading.
I have tried to provide the basic information on each of the Blockchains, starting with a small intro and following up with the most used wallets, exchanges, the native token and how to obtain it. Hopefully this comes in hand to the majority out there looking to expand their knowledge.

Binance Smart Chain
Everyone has heard of BSC — Binance Smart Chain — basically the home of BNB currency. Launched by Binance in 2019, it is a ultra-fast trading blockchain with the primary focus on facilitating decentralized trading. Biggest dAPP on it is, of course, Binance DEX, the most user friendly decentralized exchanges in crypto trading. Due to its flexibility, assets from a number of chains can be used in the growing DeFi space. Let’s take a look at the most popular Exchanges used on Binance Smart Chain

1. PancakeSwap
Without doubt the most known exchange is PancakeSwap which allows users to trade assets and engage in yield farming as well

2. Bogged Finance

Bogged has so many extended features that it’s impossible for traders not to know of it; let’s take a look at some of them

  • Portfolio Tracker — need 50BOG to use; track your assets with value charts
  • Limit Orders — $2.5 in BOG / order; buy/sell an asset at the price desired
  • Stop Losses — 100 BOG required; want to sleep on a token but you are afraid ? Set your stop loss and bogged will sell for you should it reach that margin
  • Trailing Stop Losses — 5000+ BOG required; an improvement on stop loss as here you can actually use % to better cash out
  • Sniper — 7500 BOG required; want to snipe a token ? This is the one for you (expensive, however, worth it from what I have heard)

3. BurgerSwap
Decentralized AMM (automated market-making) with BURGER as its native governance token (token which can be earned by providing liquidity on BurgerSwap); they also offer a Bridge in order for users to convert any ERC-20 token to a wrapped bToken;

4. Venus
It’s a borrow-lending protocol (similar to Aave / Compound); decentralized money market where you can borrow and lend BEP-20 tokens with algorithmically set interest rates. It also offers yield farming and enables a stablecoin called VAI which is backed by a basket of crypto assets.

The tracker for all activities on BSC is BscScan and it’s very similar to EtherScan (well mainly because they are both made by the same team). You can find all the activity related to a wallet, contract, or transaction there. Come to think of it, we should probably approach the Wallets as well, right ?

1. MetaMask
Available as a browser extension and as a mobile application as well, it equips you with a key vault, secure login, token wallet and token exchange.

2. TrustWallet
Easy access to your Crypto Currencies; the best (in my opinion) browser for DApps; available on Google Play, App Store and also as an APK.

3. Binance Chain Wallet
Another solid option when you are in need of certain apps on BSC; available as a browser extension for Chrome, Firefox and Brave; easy to use and great User Interface

What most of us need to understand as a basic principle of trading on BSC is that any transaction performed will be subject of a fee, payable in BNB — the native token of BSC. The beauty of this Blockchain (in comparison, as an example, to ETH) is that the standard fee for a transaction is almost every time under 1$ which makes it convenient for all types of traders, big or small.



DISCLAIMER: The information presented here is for educational purposes only and is not financial advice. Always investigate crypto projects fully and never invest more than you are willing to lose. The DeFi District is not responsible for the accuracy or reliability of information presented. Projects presented on the daily launch list are not to be considered vetted or approved by The DeFi District.