Binance Smart Chain DeFi dapps continue to shine
Belt Finance, an automated money market (AMM) protocol incorporating multi-strategy yield optimization running on Binance Smart Chain has seen a huge increase in unique active wallets and transaction volume over the last 7-days.
In the last 7-days, the average number of unique active wallets (UAW) interacting with the dapps smart contracts has increased by over 1200% to around 3,481 per day with a peak on the 11th of March of 7,647. Compared to the previous 7-days where the average number of UAW was just 442, we now see a huge surge in interest.
In tandem with increased user activity came increased transaction volume as users started to explore the options available on Belt. At the time of writing Belt Finance has generated almost $168 billion in transaction volume in the last 7-days with an average of $239 million in daily transactions.
Yield Farming still driving interest
It is vital to identify the causes of such activity surges as sometimes these reactions come as the result of simple integrations or more complex product launches and updates. In the case of Belt Finance, we observe activity starting to surge around the 10th of March 2021.
The date is significant in the Belt Finance roadmap as it was the day the initial public allocation distribution of BELT began via PancakeSwap. BELT is the governance and incentivization token of Belt Finance. Belt Finance (BELT) has now been added as a Farm Offering to be hosted on PancakeSwap.
Those wanting to participate in the IFO (Initial Farm Offering) needed to buy CAKE and BNB tokens and then get CAKE-BNB liquidity provider (LP) tokens by adding CAKE and BNB liquidity.
Once the sale went live users then had to commit their CAKE-LP tokens to buy BELT tokens at PancakeSwap. When the sale was complete those that had added liquidity were able to claim BELT tokens.
The reason for the surge, therefore, is a rush by yield farmers to benefit from a new farm with attractive APY and token rewards. Scrolling through Belt Finance’s Twitter gives a clear indication that this product launch was very successful and adds to the noise around the rapid ascent of Binance Smart Chain as a serious Ethereum competitor.
Belt staking also provided a further incentive as those that added or removed liquidity to the WBNB-BELT pair on PancakeSwap to get WBNB-BELT LP tokens were then able to stake those LP tokens on Belt Finance to receive BELT rewards.
What is Belt Finance?
Belt Finance is an AMM protocol that incorporates multi-strategy yield optimizing on Binance Smart Chain (BSC) with low fees/slippage that also provides aggregation through vault compounding, lending, and yield generation for maximum returns.
Unlike other exchanges, users can directly swap between stable assets instantly. Moreover, Belt allows users to automatically earn with their stable assets by yield farming with an optimized strategy while also getting BELT tokens.