Chinese centric simplified staking and rewards
Within one month DeFi protocol Solo Top grew from nothing into a $5 billion powerhouse on Binance Smart Chain. The stripped-back DeFi service sure had an impressive first month.
Solo Top saw its transaction volume grow to over $5 billion in the last 30 days. At the same time, the protocol claims to have made those staking over $10 million in USDT. The DeFi platform stands out with a Chinese-centric design and localization. In addition, it stands out by offering very few features, while the competition is overwhelming users with yield farms, staking, and lending options.
The surge has taken Solo Top up the rankings. At the time of writing the platform is the 9th most used application on Binance Smart Chain in the last 30 days, when ranked by volume. Conversely, when taking into account the number of active wallets interacting with the dapps smart contracts the application falls right down to 51st. This shows that value is flowing into the platform, even though user numbers are not huge when compared to other leading DeFi protocols on BSC.
We see a remarkable increase in transaction volume on the 11th of May when it rose from $194 million the day before to $550 million. Interestingly at the time of writing the protocols rewards program is not up and running and users are utilizing only the single asset-mining opportunities.
One major driver of usage is the favorable APYs being touted on the platform, the ability to mine MDX tokens, and the mainstream appeal of the tokens available to stake, such as ETH, CAKE, USDT, and BUSD.
For example, users can stake PancakeSwaps native token CAKE in return for MDX at a rate of over 126%. Mdex is an automatic market-making decentralized exchange based on the concept of fund pools, which uses MDEX as its native token. It is similar to some DEXs on the market, but also proposes and implements a dual-chain DEX model based on the Huobi Eco Chain and Ethereum. It combines the advantages of low transaction fees of the Huobi Eco Chain and the success of the Ethereum ecosystem and is building a considerable community around itself.
Upon first loading, users are greeted with the Chinese language option, which can be changed easily to English. Arguably, in a market where cryptocurrencies are banned Chinese users are finding ways to get their funds into the platform. Despite their focus on the Chinese market, the platform is actually operated out of Korea with the majority of the team Korean.
Early signs for this stripped-back DeFi protocol look promising as Binance Smart Chain finance dapps continue to dominate the narrative right now.