Since the official launch of the Binance Smart Chain mainnet on September 1st this year, the community has continued to develop at a fast pace. Over 50 projects have deployed on Binance Smart Chain (BSC) to date. The total locked value on BSC has reached $220,000,000, with over 294,047 on-chain addresses and over 200,000 transactions daily.
Just 11 days after BSC’s launch, Binance CEO CZ announced the launch of Binance’s $100 million DeFi Accelerator Fund to support new and migrating projects building on BSC.
At the same time, we launched multiple parallel incentives such as the “Liquidity Incentive Program” and the “BUIDL Reward Program” to financially support eligible BSC projects. Up to now, Binance has announced that 11 projects will receive over $850,000 as funding in total from its accelerator funds, $10,000,000 in liquidity support and a total of 1,059 BNB in developer bonuses, which has been distributed in proportion to the gas used for their contracts. We’re seeing many of the projects that received financial and technical support from our team going through a period of substantial growth and development improvements.
Today we want to share with you an interview we conducted on behalf of the BSC community with some of the DeFi projects on BSC. We believe this will help you better understand the advantages and perks of Binance Smart Chain, and persuade you to consider BSC as an infrastructure provider for your dApp or DeFi platform.
In this series of articles, we’ll share interviews of 11 BSC projects, starting with ForTube, a project built on BSC that is supported by the Binance Liquidity Incentive program.
Please describe your project to those who might not be familiar with ForTube.
ForTube: ForTube is the world’s leading DeFi lending platform launched by The Force Protocol. It is committed to providing decentralized lending services for encrypted digital asset enthusiasts around the world, supporting most of the world’s popular assets. ForTube is based on smart contracts and automated algorithm technology. Users can deposit tokens to earn interest and borrow other tokens with interest. ForTube’s interest rate is determined by market supply and demand, and assets are controlled by the users.
Why did you decide to migrate/build on Binance Smart Chain?
ForTube: This decision is based mainly on three reasons:
- First, the Ethereum network is congested, and users generally complain about high transaction gas fees. The Binance Smart Chain adopts the Proof of Stake and Authoritative Consensus Mechanism (PoSA), which can produce blocks faster and has low gas costs, which greatly improves the user experience.
- Second, Binance Smart Chain is compatible with the Ethereum virtual machine, which is very friendly to Ethereum developers.The contracts we developed in the previous stage can be directly deployed and used, saving a lot of learning and R&D costs.
- Third, relying on the Binance ecosystem, we can introduce more assets into the ForTube lending business on the Binance Smart Chain, expanding the business scale and user base.
What do you see as the main advantage of BSC compared to other blockchains?
ForTube: We believe that the main advantage of BSC is that it can meet the performance and user experience requirements of dApps while being compatible with Ethereum so as to support the large-scale use of dApps in the future. Simultaneously, relying on Binance’s huge ecosystem, ForTube can inject great value into the development of BSC with its large supply of liquidity.
How was the migration process? Can you name some of the highlights or positive experiences and on the other hand some of the challenges?
ForTube: The migration process went very smoothly, with almost no difficulties encountered. The BSC team of engineers and developers were helpful throughout the process to support our migration efforts.
What kind of perks or benefits within the Binance ecosystem directly affect the performance and success of ForTube?
ForTube: A growing network of users, dApps, tools, and assets make the Binance system ideal for developers. Assets such as BNB and BUSD are attractive to investors looking to use a lending platform. Obviously, having a large exchange like Binance to serve as a gateway between users, assets, and digital assets helps as well.
What do you hope to see next from the BSC community?
ForTube: I hope that BSC can build a project incubation platform from all aspects of technology, capital, user traffic, etc., to support more builders developing applications based on BSC in an efficient and low-cost manner, and form a situation where many projects can thrive.
Where do you see DeFi and BSC in five years?
ForTube: Five years later, we believe that BSC may become a core infrastructure of the blockchain industry. Various business ecosystems on BSC are already thriving. The DeFi applications developed on BSC will see wider adoption as more mainstream users look for decentralized solutions to meet financial needs.
If you’re interested in knowing more about the Binance incentives for BSC projects, please visit: https://binancex.dev/index.html.
Alternatively, you can directly apply for the funding via this simple and straightforward form. Apply today and launch your project to the moon!