The Binance Smart Chain is a blockchain that runs parallel to the originally launched Binance chain. Though both chains were launched by the Binance exchange, they differ in that BSC is compatible with smart contracts and the Ethereum Virtual Machine (EVM). This means that it is compatible with all Ethereum applications and tools, as well as wallets such as MetaMask. Even if the Binance Chain went offline, the BSC network would still remain functional as they are independent of each other.
How to earn crypto on BSC
Apart from trading crypto on the Binance exchange, there are several ways to earn crypto rewards on the Binance Smart Chain network. In this article, we shall focus on play-to-earn games and dApps on the network.
Play-to-earn games
There are several games hosted on BSC through which gamers earn crypto tokens and NFTs. Below are some examples of those.
1. RobotWars
This is a defense strategy game hosted on the BSC chain. Essentially, players use robots to defeat Destroyers who threaten the human race. In return, players earn the native $WAR token for their conquests. They may also use $WAR to purchase upgrades, swap robots or weapons on the game’s marketplace.
The robots they collect and upgrade can be sold as NFTs in exchange for WAR tokens, which can later be sold in exchanges for fiat currencies. Further, the more a player upgrades their robots, the more they get in payout from successfully defending the Earth from Destroyer attacks.
2. SecondLive
SecondLive is essentially a virtual world where you get to do everyday activities like shop, run a business, dance, sing or create content. To do this, you would first need to create an avatar and design it using Avatar Editor. Once your avatar is ready, you can create content on the platform and earn from your creations.
Since it is essentially a sandbox, there are multiple spaces within SecondLive that you can access. You can choose to play games, visit the shopping center, attend workshops or even concerts. What’s more, any third-party NFTs can also be traded on the platform’s marketplace.
3. Binamars
This is a platform that combines yield farming and role-playing games functionalities. The game works by collecting dragon eggs, which are then hatched on Mars using the Binamars element. Players then need to wait 15 days for the hatched dragon to grow into an adult. Meanwhile, as the dragon grows, they earn BMARS tokens, just as you would from yield farming. When it is fully grown, the player can then release it from the farm to go fight invaders.
BSC dApps
1. PancakeSwap
This is a decentralized exchange platform hosted on the BSC network. On it, users can trade BEP-20 tokens or stake their holdings in liquidity pools to help run its automated market maker model (AMM). In return, they earn CAKE, the native token of the platform. The CAKE they earn can then be farmed in yield farms to earn returns over time.
Alternately, CAKE holders can opt to invest in syrup pools, which work similarly to yield farms but offer lower returns but offset the risk of impermanent loss. Users can also launch their own tokens through initial farm offerings, participate in lotteries and BNB price predictions to earn rewards.
2. Venus
Venus is a protocol on the BSC network that enables users to lend and borrow digital assets. These users can use their digital assets as collateral to borrow tokens for use in yield farming. All this is possible without having to pass the KYC and credit check requirements that riddle centralized finance systems.
Users can also stake their cryptocurrency or stablecoin holdings in liquidity pools and earn rewards from the interest charged to borrowers. What’s more, users can mint VAI stablecoins in a matter of seconds, thanks to Venus’s high speed and low-cost transactions.
3. Autofarm
Autofarm is a multichain yield farming and decentralized exchange aggregator hosted on the BSC network, as well as the HECO blockchain. Using the Vaults feature, Autofarm searches across several decentralized finance (DeFi) protocols on both blockchains, selecting only those that offer the best yields. This could be anything from yield farms, liquidity pools, or AMMs.
Once it presents these pools and farms, you can easily stake your tokens in them to earn maximum yields. Autofarm can also automatically reinvest and compound your returns to maximize your gains.
Another impressive feature on the platform is called AutoSwap. This feature searches for the best prices for token swaps across various decentralized exchanges, allowing you to get the best swap prices and lowest slippage costs.
4. BurgerSwap
Launched in 2020, BurgerSwap became the first automated market maker on the Binance Smart Chain. It features low gas fees, reduced slippage, and fast transaction speeds. On the platform, users can buy BURGER tokens to participate in governance decisions. Users can also stake their holdings to liquidity pools to facilitate the running of its AMM model in return for BURGER rewards.
What’s more, if you trade coins such as BUSD, USDT, ETH, DAI, CAKE, and BURGER on the exchange, you can get rewards of up to 50% of the transaction fees in BURGER, its native coin. It also features a cross-chain bridge that connects to the Ethereum network, enabling interoperability with the leading DeFi blockchain.
Conclusion
Binance Smart Chain is arguably the leading network of the so-called Ethereum killers. It has several play-to-earn games hosted on it as well as various DeFi protocols. As such, users can easily earn tokens from games such as RobotWars, SecondLive, and Binamars. BSC users can also provide liquidity to AMMs such as PancakeSwap and BurgerSwap, in return for crypto tokens. PancakeSwap also allows for yield farming, syrup pools, lotteries, and prediction games, all of which are ways of earning crypto tokens from BEP-20 token holdings. Autofarm, another protocol of the BSC network, automatically chooses the highest yielding liquidity pools and yield farms so as to enable users to maximize their gains from staked crypto.