https://cryptoxicate.xyz/wp-content/uploads/2020/11/BinanceProjectCanal_SMALL_Banner_Cryptoxicate_com.pngBinance DeFi Ecosystem expands with Project Canal and Btokens
I have always had this love and hate towards Binance, first when Binance Card to Panama?? , but really every year Binance impress me more and not necessary because of the power that they have over the space but how they adapt to competitors and come up with new products when on 2017 everyone saw exchanges just as a platform to buy and sell then came Bitmex with futures contracts and after that Binance start expanding with more and more products, some of them I agree with but some others definitely look like they trying to create a monopoly but keep in mind that if you are in a market but your competitors cant keep you with production and innovation its not your fault you turn to be on every corner competing in every aspect of the market.
If you are not new to crypto or DeFi you know the story between Uniswap and Sushiswap, well Uniswap came up with a great idea it has been working as design but then came Sushiswap with way more Hype based on the returns it was genearting until the greedy developer decided to send it all to hell to then backoff and hand the keys of the project, well I think Binance was very smart during this time, listing DeFi tokens on their futures platform left and right based on the narrative that if they don’t do it someone else will, this are the type of things I don’t like about Binance sometimes they are so strict with their listings and some others they are not because its on their own benefit.
https://cryptocurrencytalk.com/uploads/monthly_2020_11/image.png.825bfc66aa1d694b963b5c226d469909.pngToken Canal Upgrade: Binance Wrapped BTokens on Ethereum, Panama Turns into Bridge | Binance Blog
Binances for a long time had in mind releasing a platform where users could build dapps, DeFi dapps is the sensation right now so they have been pushing on this direction, latter on very similar to Uniswap pools and wrap tokens as on Ethereum Binance came up with their own version and they call it B Tokens with the backup of Binance.com with their immense liquidity this is not the peoples project like Uniswap is, here born Binance version of Uniswap and their own wrap tokens. Tokens that were first launch BTC, DOT, FIL and WRX with more on the way as they probably build up more liquidity pools, the concept of wrap tokens is great when it comes to use your tokens from one chain into another with a 1:1 peg asset, IMO what makes it more attractive is that all this tokens are also covered by the SAFU Fund, if you are not aware Binance has a fund since they were hacked, they call it the SAFU fund based on a typo CZ did on a tweet and this is great because if for some reason they get hacked your funds are “”SAFU”” it still crypto so no 100% guarantees but at least it gives me the hope I wont loose my crypto if using any of this B Tokens.
There are already projects using this B Tokens as part of their platform for example ForTube, a DeFi lending platform, with all the incentive of Binance behind this entire ecosystem I cant imagine the liquidity provided right from the start, on one their post they claim to already have a total of $350 million worth of BTokens on the Binance Smart Chain, that’s a lot of crypto, its true that there is probably 20 times more on Ethereum DeFi ecosystem but keep in mind how many times we see this other platforms getting hacked over and over and over, rug pulls ppl already lost the count, I think its in Binance best interest that this platforms using their Binance Smart Chain and B Tokens have some similar security in place although they clearly mention some of the risks for getting involve on projects because at the end of the day its software and on a decentralize platform anything can happen, this in regards to developers who would like to join the BSC.
https://cryptocurrencytalk.com/uploads/monthly_2020_11/image.png.06ec8f664bd3f716fe66b8dd78ebe786.pngBinance Chain B Token Wrap into Binance Smart Chain
I’m definitely leaving a lot of details about Binance Smart Chain but this is just my opinion in regards of Project Canal, although what you can be sure about is that in the short term at some point Binance Coin will go up in price rapidly again and more users of the exchange will try to hold it because they are going to get benefits from validators, I really sounds similar to what Ethereum ecosystem is and in my book its ok, there are some things you don’t have to re invent you just need to improve and expand, Ethereum has done a great job as the biggest smart contracts platform and has been evolving but if BSC continues this path I’m not saying it will replace ETH but can probably have a chance to give a run for money, its all about adoption sometimes the tech is not that good but their is a big community behind, in the case of Binance that could probably not be the case because they have the liquidity, tech and certainly Binance community is big.
Hope this article helps you to have an idea of what Project Canal is on BSC.
Here official links for this project.
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https://www.binance.org/en–
https://www.binance.org/en/smartChain-https://www.binance.com/en/blog/421499824684901212/Explore-the-DeFi-Ecosystem-with-BTokens-Introducing-Wrapped-Tokens-on-Ethereum-
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