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BSCex: Making Binance Off-Chain Services Available on the Blockchain

· in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The Binance Smart Chain (BSC) has been expanding as a great platform to release decentralized finance (DeFi) protocols and solutions. Moreover, it has been growing as an ecosystem to host a wide range of blockchain and crypto services.

However, not all the off-chain services offered by the Binance ecosystem are currently available on the blockchain. This is where BSCex comes into place. BSCex is a decentralized cryptocurrency exchange (DEX) and ecosystem that is working on top of the Binance Smart Chain.

The main goal behind BSCex is to make Binance’s off-chain services available on the blockchain. Moreover, this platform will also develop applications on top of the Binance Smart Chain and leverage the benefits of decentralized finance solutions.

BSCex: Empowering the Binance Smart Chain Ecosystem

BSCex has developed a unique technology that is known as Cross Liquidity Layer 2 and that would allow users to have access to unique DeFi services. The technology works with the liquidity of AMMs on the BSC. Some of the AMMs include Pancakeswap, BakerySwap, and Burger Swap.

The goal is to provide improved and better liquidity to users. Moreover, yield-farming solutions can also get improved by using the Cross Liquidity Layer 2 technology. Users can deposit funds and provide liquidity to the market. Liquidity providers will earn passive income that will be paid using the BSCX token.

This has been very popular this year. Several investors have been providing liquidity to a wide range of platforms. The goal is to help traders get better services in DEX platforms and get rewarded for their contribution.

Decentralized Finance solutions are allowing users to get access to financial services without depending on centralized financial institutions. This is providing users with financial freedom and a wide range of possibilities they do not have using centralized platforms and solutions.

Mining BSCX Token

Participating in the solutions provided by the BSCex ecosystem would reward users with BSCX tokens. These tokens are created through a process called liquidity mining. Liquidity mining is the method used by DeFi ecosystems to incentivize the deposit of funds on their respective networks. In this way, liquidity providers ger rewarded with tokens from the projects that provide the necessary arrangements to promote liquidity pools.

The BSCX token will be given to users as a reward for providing liquidity. This digital asset can be used as a governance token for the BSCex ecosystem. With the BSCX token, users can easily participate in a wide range of solutions and services offered by BSCex.

BSCex Ecosystem Solutions

There are different services that have been developed by the team behind the BSCex ecosystem. These solutions are closely related to the DeFi market and can be very useful for users to enjoy a wide range of crypto services.

Those users that hold the BSCX token can participate in liquidity farming, IDO (LaunchpadX), LaunchpoolX, and other on-chain activities that might be conducted by the BSCex ecosystem. New solutions and services can be released to the market in the future.

Taking Binance as an example, the entire Binance exchange was able to offer a wide range of solutions to clients from all over the world. They started by offering crypto trading and now they are one of the largest crypto ecosystems in the world.

The BSCex ecosystem is also ready to continue moving forward and offer more services to individuals from all over the world. The DeFi market continues to expand and BSCex is ready to face the new challenges that lay ahead.

SwapX

The SwapX product is the cornerstone product of the BSCex ecosystem. This solution works similarly to the Binance Liquid Swap with the difference that it is currently offering more advanced solutions for traders.

SwapX supports a wide range of stablecoins and digital assets. At the same time, individuals can easily exchange their BUSD and USDT without friction and in just seconds. Moreover, a few days ago, the TVL of SwapX surpassed 100 million dollars.

By implementing the Cross Liquidity Layer 2, SwapX can solve the slippage issue faced by DeFi projects on the BSC. The Cross Liquidity Layer 2 solution facilitates transactions with minimal slippage.

To do so, the BSCex Aggregating Engine works very efficiently to find the AMMs that have the best liquidity on the BSC. In this way, it is possible to divide, match, and also execute orders without lag or delays, offering the best solution to users with minimum or no slippage.

This would allow traders to open larger trades without being affected by slippage. The SwapX solution solves one of the main issues faced by Liquidity Pools and decentralized swapping platforms.

LaunchpadX

LaunchpadX represents the on-chain version of the Binance Launchpad that we all know. The Binance Launchpad allows companies to gather funds from investors through a system called Initial Exchange Offering (IEO). Some selected Binance users can participate in these token sales and become early investors in these projects.

Meanwhile, LaunchpadX is offering the same solutions in a decentralized manner and through a process that is called Initial Dex Offering (IDO). Only users that win the LuckyStar ticket of the LaunchPadX can participate in these IDOs. In order to win the ticket users will be required to hold the Liquidity Provider (LP) token of the BSCX-BUSD trading pair.

LaunchpoolX and DexX

The LaunchpoolX works as the On-Chain version of the Binance Launchpool that can be found on the Binance exchange. Users can use the LP tokens of the BSCX-BUSD trading pair to earn new tokens for free. This is known in the DeFi market as one of the best ways to get access to new tokens.

Meanwhile, the DexX as the name suggests is a decentralized crypto exchange that works on top of the BSC. Users can place a wide range of order types, including Limit, Market, Stop Limit, and Stop Market.

The Decision to Run on Top of the Binance Smart Chain

At the time of writing, several blockchain networks in the world are offering services to DeFi platforms. One of them is the Binance Smart Chain, which we talked about in the first paragraphs.

According to BSCex, the high demand for DeFi services on the Ethereum network is currently producing high demand for network resources. That means that transaction fees are high, and services do not run smoothly as they could using other networks.

Thus, Ethereum became certainly unusable in recent months due to the large congestion it is facing. For example, back in 2017 when retail traders were investing large funds in the crypto market, Ethereum was so congested that transactions could take days to be approved and the fees were very high.

Nowadays, Ethereum can process between 25 and 30 transactions per second. This is not enough to cover the demand that currently exists in the market. Ethereum is not offering the necessary solutions for companies, developers, and firms to deploy stable and efficient solutions for thousands of individuals.

These are some of the reasons why the Binance Smart Chain became a fast and cheap competitor with better solutions than the Ethereum network. BSCex considers that the Binance Smart Chain has better speeds and also lower transaction fees than Ethereum.

Moreover, the Binance Smart Chain is supported by Changpeng Zhao, the CEO of Binance and an entrepreneur that was able to build one of the largest cryptocurrency ecosystems in the world. In addition to it, the Binance Smart Chain has been growing in recent months. This has allowed it to gain a performance advantage compared to Ethereum.

Additionally, the Binance Smart Chain is also increasing its liquidity for the wide range of DeFi products currently available. Furthermore, with the deployment of new projects on top of this network, BSC could become a leader in the market and surpass other blockchain networks.