11 thousand users in just 3 days
Swapping and liquidity platform Smoothy on the Binance Smart Chain reached the second spot in the DappRadar DeFi rankings thanks to its large BSC userbase, as it served 11,320 unique wallets in just 3 days.
The liquidity platform just launched on Binance Smart Chain, giving out extra rewards to users that provide stablecoins as liquidity. Smoothy recorded 9,100 connected wallets in the past 24 hours, placing it above established products on BSC, like Autofarm, ApeSwap and Venus.
The number one in the DeFi segment is still PancakeSwap with almost 52 thousand wallets in the past 24 hours. Taking the exchange rankings into account, we see that Uniswap on the Ethereum blockchain and JustSwap on Tron both attract more users than Smoothy. The Ethereum powerhouse had 56,770 active wallets, while the Tron-based platform recorded 11,120 wallets.
Smoothy doesn’t only serve Binance Smart Chain users. The project also taps into the Ethereum ecosystem, allowing users to swap stablecoins like USDT, DAI, USDC, but also BUSD, PAX and GUSD.
Users need to login by connecting their Metamask or WalletConnect web3 wallet. As a result they can switch easily between their wallet on the Ethereum blockchain and the one on Binance Smart Chain.
DeFi on Binance Smart Chain
For many Binance Smart Chain is an alternative to the DeFi sector on Ethereum. While Ethereum requires users to pay significant gas fees, often with a value north of $20, transactions on BSC are a lot cheaper. This makes it more affordable for investors with smaller wallets to put their money into DeFi products.
The popularity of yield farming also comes with a downside. Even though projects like PancakeSwap and Autofarm can be seen as established platforms, many new ones pop up on a daily basis. Often these new project are hardly adding anything new to market, except for promising incredibly high yields (APY). As a result the danger of a rug pull or exit scam is always there.