Binance Smart Chain (BSC) is grabbing headlines as the contender to Ethereum’s crown as the king of DeFi. The new chain is gobbling up fresh and defecting applications and outpacing transaction volumes while its native token — BNB — has soared to become the third-largest cryptocurrency by market capitalization.
Launched in September 2020, BSC is a blockchain protocol from Binance that runs in parallel with Binance Chain. Unlike Binance Chain, BSC allows for the hosting of decentralized applications (dApps) and the execution of smart contracts. BSC’s Ethereum Virtual Machine (EVM) allows developers to code in the same manner as Ethereum, while BSC’s BEP-20 token mirrors Ethereum’s ERC-20 tokens, which are both essential components of DeFi. https://yieldapp.medium.com/binance-smart-chain-the-answer-to-defis-prayers-56a025d0a40f.