Solana NFTs are on the rebound in 2023. Here are the top 5 marketplaces on the chain this year, including Magic Eden, Rarible, OpenSea, Solanart and Solsea.
So far in 2023, the Solana ecosystem has bounced back in a big way from the crash and doldrums from last year. A major contributor to that upswing is increased activity in the Non-Fungible Token (NFT) space.
(Check out a previous BSC News story about Solscan’s bullishness on the chain’s NFTs this year.)
Here are the top 5 NFT Marketplaces on Solana in 2023, ranked by number of Unique Active Wallets (UAW) in the past 30 days, according to statistics from DappRadar.
As you can see, Magic Eden is the clear leader in number of users in the past month with more than three times the UAW of its nearest competitor on the chain, Rarible. But even more striking is Magic Eden’s dominance in terms of volume, which is 100 times more than the combined volume of the other top four marketplaces.
Solana is a public, open-source blockchain that allows for smart contracts, non-fungible tokens (NFTs), and various decentralized applications (dApps). The SOL token, which is native to Solana's blockchain, provides network security through staking as well as a means of transferring value.
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Robinhood continues to find ways to tarnish its crypto reputation as $16k is lost in latest scam.
The Twitter account for disgraced financial institution Robinhood promoted a scam token called RBH on BNB Chain Wednesday, January 25.
The erroneous post, presumed to be a hack, appeared on Robinhood, reminding users that a new token would launch on Jan. 25 at noon Eastern Time. The move was quickly deemed a scam by many users on Crypto Twitter, even prompting Binance CEO, Changpeng Zhao, to tweet about the event.
Looks like Robinhood account got hacked and was promoting a coin on BNB Chain. Always have critical thinking even is the account looks or is real. https://t.co/XSwHIVdEdw
Only around $16,000 USD was pumped into the scam token before Robinhood could take the tweet down and announce the exploit. However, this could have been much worse.
The latest episode between Robinhood and BNB Chain is a strong reminder to be vigilant and Do Your Own Research (DYOR).
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
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Pancakeswap has taken the BNB Chain by storm and continues to innovate and bring excitement to the decentralized finance space.
PancakeSwap is the leading multichain Decentralized Exchange (DEX) across Decentralized Finance (DeFi). Since establishing itself as one of the first DEX on BNB Chain in November 2020, PancakeSwap has become the top protocol in all of DeFi with a suite of innovative products and a powerful community.
PancakeSwap landed during the end of DeFi Summer, alongside other famous projects like SushiSwap, BakerySwap. With CAKE, the native token of PancakeSwap, deployed as a BEP-20 token via BNB Chain, it allows users to boast fast transactions and fees that have made it the most used DEX around.
PancakeSwap is the number one Automated Market Maker (AMM) platform on BNB Chain, which puts it in the same field as ERC-20-based AMMs such as Uniswap and Sushiswap. The DEX uses permission-less liquidity pools run by algorithms and this process creates what is known as an automated market maker (AMM).
For those who are unfamiliar with AMMs in DeFi, they allow people to trade their digital assets against liquidity pools. This differs from traditional financial markets that use an order book to match buyers and sellers. On AMMs, users can provide their funds and, once deposited, become liquidity providers (LP) to the respective pool to receive LP tokens.
PancakeSwap has its own native BEP-20 token, CAKE, which can be staked––or spread––across Syrup Pools. Syrup pools provide tokens from other notable BNB Chain projects. Every day PancakeSwap emits hundreds of thousands of CAKE tokens but these tokens are a great way for users to earn passive income in various ways.
The CAKE token has had a volatile history, as with most cryptos. The token has seen highs over $40 but has recently been living below the $10 mark. The token did maintain value better than Ethereum and Bitcoin in the latter half of 2022.
Unlike Centralized Exchanges (CEX), anybody can trade hundreds of digital assets with over $100,000,000 in liquidity. Did I mention it's super simple to use? There will be more information below.
As previously mentioned, PancakeSwap runs on BNB Chain, using BEP-20 tokens. BNB Chain has much lower fees than most blockchains, with fees ranging anywhere from $0.04- $0.20, and transactions taking about five seconds on BNB Chain.
The speed on the multichain options of Ethereum and Aptos is also very fast. For example, PancakeSwap's users can take advantage of Aptos transaction speeds that process 100k tx per second, while Ethereum’s speed comes with its robust security. The fees on both Aptos and Ethereum are negligible and vary.
PancakeSwap also has one of the fastest ZAP features in DeFi. Zap was built by PancakeSwap to make adding and removing liquidity from PancakeSwap easy for all levels of users. With Zap, liquidity providers on PancakeSwap can add liquidity with a single token in the trading pair of their choice.
2022 was a big year for PancakeSwap as the project went multichain. With the help of Celer Network’s C-Bridge technology, PancakeSwap has been able to successfully bridge its Decentralized application (Dapp) to Ethereum and Aptos. And using the CAKE Bridge, users can flip their tokens between Aptos and BNB Chain with ease.
PancakeSwap currently dominates both BNB Chain and Aptos, with over 50% of the Total Volume Locked (TVL) on both chains. The Ethereum integration is a much harder hill to climb, where PancakeSwap retains a minor market share.
PancakeSwap has gone above and beyond and received audits from top security protocols like Slowmist, Peckshield, and CertiK. PancakeSwap has also participated in several bug bounty programs to help protect user funds.
The CAKE Chefs worked extremely hard to get the token to where it is today. After starting out inflationary and with an unlimited supply, the token battled through market adversity and to maintain the market share it has today.
It is essential to note that CAKE now has a total supply of 750M across all blockchains, according to the v2 tokenomics. At this time, there are over 285,000 new CAKE tokens added to the supply every day.
The current supply of the CAKE token can be tracked on their website. There is a current circulating supply of over 160 Million CAKE. There have also been more burned tokens to date than in total supply: 700 Million.
Some strategies used by the PancakeSwap team to control token supply are regular token burns built into the lottery system and a new 0.05% burn made of every trade made from the recent PancakeSwap V2 update.
One of the main reasons why most users are attracted to PancakeSwap is yields that you cannot even fathom from centralized finance (banks). They are a couple of different ways to earn yield rewards on PancakeSwap. After beginning with just under thirty pairs, there are dozens of liquidity pools on PancakeSwap. They also offer Annual Percentage Yields (APYs) ranging into the hundreds for for supplying liquidity and working in boosts.
To name a few:
· CAKE-BNB FLIP
· BUSD-BNB FLIP
· ADA-BNB FLIP
· BAND-BNB FLIP
· DOT-BNB FLIP
· EOS-BNB FLIP
· LINK-BNB FLIP
· BAKE-BNB Bakery LP
· BURGER-BNB FLIP
The yield from the LP is rewarded in CAKE and sometimes other tokens. The CAKE governance token can also be staked and used to participate in a deflationary lottery.
When providing liquidity to these pools, it is crucial to understand how AMMs work and the arbitrage opportunities they provide, putting the LPs at risk of Impermanent Loss (IL). This can be exceptionally risky when pooling un-correlated assets and have high volatility, so it is essential to understand the risks associated.
Yield can also be generated through staking CAKE tokens. CAKE can be staked in the SYRUP pools. Less than twenty of these staking pools exist, and they are usually on a rotation. Staking proved extremely valuable at the start of PancakeSwap, with APYs soaring around 500%, but now average about 20-30% APY at the writing time. As mentioned previously, you can stake CAKE to earn tokens like INJ, CTK, CAKE, and even TWT.
In late 2021, PancakeSwap ventured into the world of Non-Fungible Tokens (NFTs). The team has developed a marketplace to launch and sell NFTs that has maintained a stronghold on BNB Chain. The two main collections have been released by the developers from PancakeSwap: Pancake Squad and Pancake Bunnies. Made by artist Cecy Meade, the Squad NFTs are some of the most popular and highest prices on BNB Chain, Each collection has been some of the hottest NFT releases on BNB Chain, with more collections on the way.
To access PancakeSwap, you must use one of the crypto wallets below. For this guide, we will show how to create a custom network in a Metamask wallet and connect it to BNB Chain.
If you are unfamiliar with navigating Metamask, follow this tutorial about setting up a BNB Chain wallet on MetaMask. Remember to keep your account safe and never share your seed phrase.
Once completed, you will be able to access PancakeSwap and begin swapping, staking, and providing liquidity.
Once liquidity is provided, simply navigate to the farm tab, select your respective pool, approve the FLIP tokens, and begin farming.
To stake CAKE, navigate to the SYRUP POOL tab and approve the contract, and then stake CAKE to the respective pool.
PancakeSwap is the most used AMM and farming projection on BNB Chain. It boasts a TVL of over $2 Billion and a daily volume of nearly a quarter-billion dollars. The DEX currently has over one million Twitter followers. It is the largest DEX on BNB Chain and the second in all of DeFi.
PancakeSwap will continue to provide high volume and lots of liquidity to BNB Chain, especially as the world of DEFI expands. DeFi on BNB Chain is a massive alternative as it allows users to participate DeFi while not worrying about exorbitant fees, which can be seen on Ethereum.
Overall, the DeFi space is rapidly expanding, and PancakeSwap has built itself a name in the room where it continues to innovate. The team has plans to develop itself further and bring more innovation to both DeFi and BNB Chain making it a project worth paying attention to.
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Major mixup from Binance as the exchange is made to eat its own words regarding the allocation of customer assets in the wake of the FTX fiasco.
Binance reportedly keeps exchange users' funds in a cold wallet that holds reserve collateral funds. The mix of funds has admittedly been a mistake by the world’s largest cryptocurrency exchange and is a troubling acknowledgment in wake of the FTX collapse.
The mix of the funds, first detailed in a Bloomberg report from January 24 by Emily Nicolle, is held in the “Binance 8” wallet, which is publicly known to be the reserve collateral for some of the Binance-minted tokens or B-Tokens.
The wallet in question has an over-collateralized amount of reserves, potentially misinforming the public of the true collateral percentage. Binane published its Proof of Collateral Report for B-tokens on January 23, and Bloomberg immediately found discrepancies.
Binance has consistently maintained public that it keeps user and collateral assets separate and has called this proper business practice. The news of the mixing of funds is a troubling note of hypocrisy, especially given this was a major catalyst in the collapse of FTX in the Fall of 2022.
Binance CEO Changpeng Zhao, CZ, has maintained that users should swat away at FUD, but he has not commented on the recent mistake.
The Binance spokesperson reportedly reiterated to Bloomberg that customer assets have always been back 1:1, apart from minor operational issues in the past that have since been resolved.
There was no confirmation of when Binance first learned of the fund mixup.
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
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A look at the most important five facts about Pi Network.
Pi Network is trending in the crypto space. The mobile mining initiative established by two Stanford University academics, Nicolas Kokkalis and Chengdiao Fan, has raised the expectations of many Decentralized Finance (DeFi) enthusiasts.
By allowing Pioneers to mine the native Pi currency freely, there is optimism that the network will raise millionaires in the nearest future. However, the protocol remains in its enclosed mainnet, building its framework for open mainnet launch.
While we await the open mainnet launch, BSC News has curated some of the top five facts about the Network to address the confusion among Pioneers in the DeFi industry.
Contrary to various reports and claims from Pioneers, $Pi is a coin, not a token. This is because the protocol has its native Pi blockchain. Like BNB Chain and Ethereum networks, the Pi blockchain is backed by the Pi Coin.
A token resides in an existing blockchain, while a coin is built in its blockchain.
On January 6, BSC News reported Pi Network’s response to unauthorized $Pi listings on Centralized Exchanges (CEX). The protocol urged users to avoid purchasing the coin on any exchange because Pi Network is still in an enclosed mainnet.
Since Pi Network is in an enclosed mainnet, $Pi cannot be traded on any DEX or CEX. Trading is only possible after the open mainnet goes live.
You can only have the $Pi coin by mining through the mobile application. As stated above, $Pi cannot be traded on any exchange.
Like other top networks in the industry, developers would be able to build their Decentralized Applications (dApps) on the Pi blockchain. Builders have already shown interest in utilizing the decentralized blockchain by participating in the Pi Hackathon.
Mining Pi is free of charge. Interested users only need to download the application on IOS or Android to start mining the cryptocurrency.
Pi is still in its enclosed mainnet, focusing on mass KYC and ecosystem building. The hackathon event is part of ecosystem building, inviting teams and developers to showcase their ideas on the blockchain. As for KYC, the Pi Core team is continually making efforts to expand the solution powered by machine automation and human verification to its large user base.
Pi Network is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.
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The Game Jam is set to last the entire month of February once applications close on January 31.
BNB Chain hosted the Launch Party for its inaugural Game Jam competition in London on January 24.
The competition opened for application submissions on January 20 and the event was the official in-person kick-off. Application submissions will last one week until February 1, when the Game Jam officially kicks off. Photos from social media show that the event occurred at a pub with drinks, appetizers, and even a ping-pong table.
The event was attended by a variety of team members from projects like SuperPower Squad and Sugarverse, both games on BNB Chain, and independents as well.
Another amazing night at @BNBCHAIN Game Jam Launch Party in London! 🔥🎉
Besides connecting with developers and talking about Superpower Squad, we also found out some super fresh memes made by our users! 🤗
Let’s keep building Web3! 💪 #BNBChainLondon #Web3 #SPS pic.twitter.com/pK4tHa1GCV
The Game Jam will be a developer competition designed where different teams will compete to create the best Web3 blockchain game. The competition is sponsored by important developer and infrastructure projects connected to BNB Chain and Web3, like NodeReal, Polkstarter, CARV, and more.
Great to be at @BNBCHAIN #GameJam and talk about #GameFi , utility and what’s ahead in 2023. Our team's founder Philip Balkanski and Head of Gaming Investments Peter Tsang had attend the @BNBChain Game Jam meeting in London! 🎮🍭 #BNBChain #GameJam #London #PlayToEarn #GameFi pic.twitter.com/Rt35cI5RaM
The Game Jam will last all four weeks of February and with winners set to receive special incubation attention to build their game from BNB Chain. Final projects will be submitted for judgment on March 1, and the winners will be announced three weeks later on March 24.
BNB Chain has shown a focus on growing its blockchain gaming community of late. The world’s largest and most active blockchain also announced a partnership with Gaimin, a major Web2 and Esports company.
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
