No matter do you agree or not, no exchange has such a huge and usable ecosystem as Binance has. Not only does Binance offer the best place to trade asset with biggest trade volumes, it also comes with a bunch of other platforms with different functions.
The exchange
Main service, Binance offers is an exchange with multiple trading options: spot trading, derivatives, P2P-trading as well as the abilities to farm and stake coins. By the april of 2022 more than 600 crypto and 40 fiat assets are available for trade with 90M registered users. Binance exchange is also considered to be the most valuable exchange in the world with a 200B$+ self esteem.
Speaking of security, Binance has a dedicated fund, called SAFU (Security Asset Fund for Users), which is being constantly recharged with a percent of operation commission. The fund has already proven itself, when a hacker attack caused 40M$ refunds in 2019 - all the money refunded was taken from SAFU.
BNB chain
An EVM-compatible chain, responsible for Binance based dApps’ proper work. BNB chain is now the single blockchain, Binance uses after the BNB Beacon Chain and BNB Smart Chain (BSC) were united in February. BNB uses the PoS consensus and was mainly created for DeFi, NFT, GameFi and MetaFi services development. With the launch of 1B$ funding in 2021 Binance was able to attract lots of projects to their chain.
The native BNB and BUSD tokens have different uses. BNB is more of a governance coin, capable of being used to pay for commission; staking; use of liquidity pools. BUSD is a stablecoin with all of it’s traditional scenarios of usage.
Platforms, that are a part of Binance trademark and use BNB chain as their core:
- Binance Labs - An incubator for start-ups and early projects, that are built on BNB chain. Has helped to develop over 120 projects.
- Binance Charity Foundation - A charity fund, created to withstand the problem of poverty.
- Binance Launchpad - A launchpad platform, that has already been used for releasing such projects as Axie Infinity, The Sandbox and Celer Network.
- Binance NFT - An NFT marketplace with loads of art pieces and thousands of users. The recent hyped STEPN project was also released as a part of Binance NFT.
Other well-known platform, based on BNB, that however still have their separate trademarks:
- PancakeSwap - An AMM DEX, being in the Top-3 DEXS according to trade volume.
- AutoShark Finance - A liquidity aggregator, used for optimising farming income and loss.
- Venus - A decentralised market creation protocol.
- Singularity - A P2E metaverse.
- Cream - A lending protocol for BNB chain based tokens.
Binance has also bought CoinMarketCap and TrustWallet, but those have nothing to do with Binance besides the owner and are still fully autonomous.
And some more services, not connected to BNB, Binance offers:
- Binance Academy - An educational purposed portal about crypto.
- Binance Research - An analytics group, making researchers and providing reliable reports.
That was all the services from the Binance ecosystem that might catch your eye. We don’t think our opinion on Binance is necessary, because everyone already knows how great this exchange actually is.
