Binance Smart Chain: Hype or Massive Opportunity? Behind the Scenes with One of Its Earliest Adopters

in LeoFinance2 months ago

Binance Smart Chain and the BNB token are currently the #1 news story within the Crypto/DeFi space. Bitcoin is making new all-time highs, ETH is making new all-time highs and in the meantime, liquidity, volume and the price of BNB have exploded to an even greater degree.

On this episode of the LEO Roundtable, we sit down with LeoFinance statistician by day and DeFi farmer by night @dalz to talk about the BInance Smart Chain. Dalz was one of the earliest adopters of Decentralized Finance protocols on the Binance Smart Chain and he's been crushing it on the various applications and pools that exist in that chain.

Binance Smart Chain is essentially a Proof of Stake fork of the Ethereum blockchain. This means that nearly everything on BSC is identical to Ethereum with the exceptions of having low fees but less decentralization.

The degree to which BSC is decentralized can be debated all day long but there is no question that DeFi has become more and more inaccessible to smaller investors on the Ethereum blockchain due to enormous fees.

BSC aims to solve this issue and bring liquidity, volume and attention over from ETH to BSC. This episode covers a lot of ground and Dalz does a great job introducing us to the various applications and opportunities on BSC. I may start personally dabbling in a few of these pools (especially as we scope out the possibility of launching a second version of Wrapped LEO onto the BSC).

In This Episode:

  • 00:01:40 Is it too late to get into the Binance Smart Chain and BNB ecosystem?
  • 00:03:17 Autofarm.Network application review on BSC | How to Get Started
  • 00:06:30 Auto, Venus, Pancake Swap and bDollar: What are the aggregated pools on AutoFarm and what do they mean?
  • 00:09:30 What is Venus doing and how do they provide APR?
  • 00:10:30 What is the biggest risk? Will there be a major hack event?
  • 00:21:20 Is it worth investing your time and a little bit of money to get familiar with platforms like BSC and its applications?
  • 00:28:30 How long can yield farming and high APYs in DeFi last?
  • 00:38:00 Risk it for the biscuit | why people like Dalz are making so many crypto gains right now
  • 00:43:50 BNB token price analysis
  • 00:50:30 Will Vampire Mining and Uniswap forks blow up some day?

Resources:


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I'm dipping my toe into these waters with a massive $80 of assets. Watch out BSC.

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Hey mate, that's a huge amount of money! 😜👏

Will watch tomorrow, seems a pretty interesting talk.

On my experience, I must say not only reduced gas fees but Autofarm and Pancake are doing better than theirs homonyms.

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Going to check this out tomorrow, but I think that the significantly lower gas fees will be finding their way into the spotlight as people begin looking for alternatives to ETH

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I suspect it is still early, but certainly the early implementers are seeing great returns.

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Oh man, watched the whole thing and I just realized that I am a complete noob when it comes to DEFI and making money with DEFI, I'm actually quite close to Dalz, and I am 90% sure I know where he comes from but I'll respect his decision of staying low for a while. I subscribe to Neal when it comes to safety regrading using these platforms and I guess I'll take Rolland's approach and wait for LEOFI. By the way guys, don't feel blue about RUNE, I'm having the same frustrations about UNI. Don't forget that when these two rallied BNB was lagging and when you check the charts all of them have their run ups, but not all at the same time.

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Congrats, you were upvoted from this account because you were in Top 25 engagers yesterday on LeoFinance .
You made a total of 18 comments and talked to 13 different authors .
Your rank is 15 .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.

The single pooling is something that interests me. Pooling BUSD might be the best for me.

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how's that work

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I just asked Dalz in his post and he said it less risky but also less rewarding. I want to do it with Autofarm

Posted Using LeoFinance Beta

I might get into this as well once we enter bear market.

Posted Using LeoFinance Beta

Wait, close to him geographically or just meaning he is a friend? Aren't you in the U.S.? I accidentally got the region out of him when I talked about my Germany experiences.

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Geographically. No, I'm not in the US. Isn't that obvious yet, from my grammar and vocabulary?

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Cheers guys ... it was great talk!

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Man thanks for such a great explanation especially for Auto on BSC. You helped me a lot!

The other thing is that honestly speaking, I can listen to you a whole day with your nice pronunciation and speaking speed 😌

I think you should join such informative talks more often ^^

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Thanks a lot!

Posted Using LeoFinance Beta

I'm glad you did this vid. Ive been really confused by this stuff. Im with Rolland & Neal on this one.

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I honestly have no BNB I didn't think I could get it here in the USA RIP

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Binance is getting a good head start recently.

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I might actually have to watch this one, looks like great info. Thanks! :)

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The message is very encouraging .. I really gain from this.thanks man

i was thinking of trying one of the stable coins, because Neal is the spreadsheet guy and knows what he is saying :D thought just to test it out with 150$. the fee to transfer it to my metamask is 54$.
The curse of starting your crypto experience on Hive... All those blockchains for the rich.

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good show thanks guys

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really great insights.

I like to have links to learn how to trade coin

I think the safe bet for noobs is to wait for LeoFi :)

🌈 LeoFi sounds great! 😍😎

Yes it does but I didn't invent the name :)

greeat

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Good talk! I like Autofarm, but I'm also worried about hacks. I see some great upside here, and I hope many people will have fun and be prosperous this year.

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Defi has to go through the fire of the bear market to forge itself in unfavorable market conditions. After that, what will be left of it, and the rates we'll see then, will be a better foundation to build upon.

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Now i have an idea of what goes on inside those places, very interesting, whats left for me now is funds.

@empoderat is going to love seeing this. He is the one who introduced me to much of the awesome stuff of BSC. He was putting his money where his mouth was. Congratz! I hope those early adopters HODLed long enough to reap these awesome benefits :)

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That was great to listen to you guys, 1 hour just flying !
I’m preparing a post for the BSC DeFi full degens, some of you might better skip it for mental sanity reasons :D

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These are crazy times! I'm making some nice gains on the Binance Chain too. Now let's see how long it can last!

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This more than an hour video is my first steps into the Binance chain. But WTF: these APY's and gains can't be real while they are real at the time of the video I suppose. I don't believe too much that Binance will pull some kind of scam, they have too much to lose. Meaning, I don't see too many risks in the chain itself, regardless of its governance system. However, I do see the risks in many of these pools. The smart contracts can be hacked, or those who set them up can take the money. But I suppose, many of them are more or less legit, but we don't know which ones.

Like some of the guys in the video, I'm likely too old to take advantage of all of this DeFi stuff. Though someone in the video stated it's all not too complex, I think crypto space with all these DeFi services, the complexity we see in the fiat world, is ported to the crypto world and adding even more complexity. In the fiat world, we kinda know most of the services and companies can be trusted. The added complexity in crypto is the fact we can't trust anything. No laws are around that can be applied. The additional complexity is that setting up something, ie add some liquidity to some pool at Binance chain, takes a few steps in between. Maybe I shall explore this by using some small money, just to see how this works, but somehow it puts me off as well since I feel I don't understand what I'm doing anyway.

I noticed that many of the millennials are going crypto. Especially since the recent boom in the market. That said, this was also the case 4 years ago, middle to end 2017. Since the bust in early 2018, many of them lost much of what they pushed into. Some sold just before the crypto winter started, they got lucky. None of them I know, those who got out the right time, and those who lost much of their fiat they put into crypto, returned to crypto. They stay away from it. I feel this may happen again. Now so much new money is flowing into crypto, because of the boom, because of mainstream media and social media talking about crypto in combination with the boom itself. I suspect many of them get wrecked, since many of them are greedy, jumping on whatever is hyped while they do not understand what they are doing. Loing story short, I feel like when I enter these games of massive gains, with much more knowledge then the average crypto guy or girl joining the crypto game as of recent, I'm stealing from them. On a macro scale, we could see what's happening in crypto, the move of money from one to another hand is very similar to what happens in the fiat world. In the end, we ending up with an inverse Robin Hood (not the service, but the Robin Hood from the stories, books, and movies. Stealing from the poor and giving to the rich.

Euhmmmm, didn't want my comment to go this way :) But now written it, I'll leave it like it is :)

I wonder what you think of chains supporting smart contract without having transactions fees. Like HIVE chain when it will go the direction to support Smart Contracts. Or KOINOS, the chain that is in development. No transaction fees to these chains. Can these chains be the next thing to DeFi? Or do you think the chains itself require some form of transaction fees to be suitable for DeFi projects?

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