Mapping out Binance Smart Chain's ecosystem

In September 2020, the Crypto exchange Binance launched an Ethereum-compatible blockchain, with its exchange token BNB as the native token. Like Ethereum, Binance Smart Chain (BSC) provides a smart contract platform for decentralized finance applications (DeFi).

The rise and popularity of DeFi applications and demand for the Ethereum network have subsequently made it more costly to conduct transactions and engage with these financial applications' contracts. With higher gas prices on Ethereum, certain use cases, participants, and decentralized exchange trades have been priced out and or forced onto layer-2 scaling solutions for the time being.