Cross Finance Enables Cross-Chain DeFi on Binance

| Updated
by Steve Muchoki · 3 min read
Cross Finance Enables Cross-Chain DeFi on Binance
Photo: Coinspeaker

Cross Finance wants to build a one-stop platform where users can yield-farm & swap on not just one but many blockchains on which DeFi dapps are hyperactive.

The Decentralized Finance alias DeFi has experienced an astronomical growth in the first year of launch. Notably, Defi projects that run on the Binance ecosystem are poised to explode further since the Binance chain offers a more scalable network than what is offered in the Ethereum network.

DeFi Ecosystem in Different Blockchains

The Binance developers team tirelessly laid down a strong foundation capable of holding large data at a huge throughput. “Binance Chain is a very simple chain in terms of application, but it can handle very large loads. It is our opinion that the load is more important than the features,” Binance CEO Changpeng “CZ” Zhao stated during its launch.

Binance Smart Chain comes with an Ethereum Virtual Machine-compatible environment, which allows Solidity developers to move into the new chain with almost no friction.

Ethereum on the other hand is experiencing scalability issues with its community months away from fully implementing Eth2, an upgrade of the current Ethereum blockchain, to handle larger load capacity.

However, with Ethereum striving to be fully decentralized, Binance smart chain is largely controlled by its parent company with the other remaining nodes elected by BNB holders.

Earlier this month, BurgerSwap was introduced in the Binance chain as a DeFi protocol, ready to tap on the high-end features. Notably, it has managed to scale to total liquidity of approximately $14.7 million as of the time of writing and its daily volume in the past 24 hours stood at approximately $7 million. Thanks to the Binance smart chain, BugerSwap continues to experience exponential growth.

Notably, Ethereum, Tron, Binance Smart Chain holds the top most active DeFi dapps, especially DEXes & yield farming platform. Apparently, the total value locked & daily trading volume of DEXes on the 3 blockchains currently are approximately $4B and $900M respectively.

On the downside, the interaction between the different DeFi protocols in different blockchains holds the scalability of the Defi ecosystem in the future.

Cross Finance Saves the Day

Hereby, Cross Finance wants to build a one-stop platform where users can yield-farm & swap on not just one but many blockchains on which DeFi dapps are hyperactive.

Cross Finance has six major features that set it on a vantage point to take the DeFi ecosystem to a new phase of adoption.

According to the company, the first notable feature is cross-chain solution. Any asset on any blockchain can have their synthetic version on Cross Finance via trustless bridges. The bridges are powered by a decentralized group of trustless custodians.

The second feature is the inter-chain swapping, whereby synthetics and native digital assets can be cross-chain traded.

The third feature is the multi-chain yield farming that allows users to add funds into liquidity pools from many blockchains and earn CRP.

The fourth notable feature is the liquidity backing stablecoin. The fifth is the gasless and a reasonable trading fee. And the last but not the least is the fact that it is DAO- governed.

Conclusion

Binance is in the way to become one of the best blockchain for DeFi products thanks to its technical advantages and enormous already-exist ecosystem. Standing on the Shoulders of Giants, Cross Finance can leverage the perks and influence of Binance to emerge in the DeFi world as a new game-changer.

Altcoin News, Binance, Blockchain News, Cryptocurrency news, Ethereum News
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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