Summary

Today, BNB Smart Chain (BSC) is booming. From token exchanges to decentralized currency markets and interesting non-fungible tokens (NFTs), there are many ways for users to earn income or enjoy cryptocurrencies.

However, you need to know how to get started and how to do it in detail. We will bring the introduction in this article.

Introduction

First of all, if you want to have a general understanding of the technology behind BSC, please read "Introduction to BNB Smart Chain (BSC)".

In that article, we described the operating mechanism of the blockchain. Today’s article provides practical information about getting started. So, let’s dig into it.

BNB Smart Chain (BSC) Wallet

First, you need to prepare a wallet to interact with applications in BSC. The good news is that there are a variety of wallets to choose from.

It is important to note that the list we provide is not exhaustive of all wallets. In addition to what is introduced below, Math Wallet, Ledger, TokenPocket, Bitkeep, ONTO, Safepal and Arkane are also good choices.

MetaMask

For MetaMask, you must Not unfamiliar. It doesn't matter if you don't understand it, please read our carefully written guide "How to use MetaMask".

Wait a minute, isn’t MetaMask an Ethereum wallet? Even so, connecting it to the BSC is actually not difficult. This allows you to use a familiar user interface when interacting with the BSC.

Want to know how to connect MetaMask to BSC? Please read our carefully written guide "Associating a MetaMask Wallet in the BNB Smart Chain".

Trust Wallet

Some DApps (such as PancakeSwap) allow the use of Trust Wallet for connection.

Trust Wallet is one of the most convenient mobile wallets. If you want to use BNB Smart Chain (BSC) on the mobile side, it is The most ideal choice.

Binance Chain Wallet

Binance Chain Wallet is another option for using BSC in some apps. It can be installed on the device as a plug-in for Chrome, Firefox and Brave browsers. The user interface is exquisitely designed and easy to operate.

How to transfer cryptocurrency to BNB Smart Chain (BSC)

There are many wallets to choose from, but how do you transfer funds to Binance Smart Chain? We can withdraw through a Binance account or use Binance Bridge.

However, before diving in, some conceptual background must be cleared up.

BNB Smart Chain supports the BEP-20 token standard, while Binance DEX’s “Basecamp” BNB Beacon Chain supports BEP -2 tokens standard. If you want to trade through Binance DEX, you need to use BEP-2 tokens; if you choose to use DApp in BSC, you need to use BEP-20 tokens.

Withdraw cash from Binance

By the time you read this, you must have already registered a Binance account. The easiest way should be to transfer the funds directly to the BSC wallet.

When transferring funds to an external wallet, make sure to select the BNB Smart Chain (BEP-20).

Binance Bridge

Another ideal option for transferring assets to BSC is to use Binance Bridge.

You can choose one of the largest blockchains (such as Ethereum or TRON) and natively generate it in BSC Coins are converted into wrapped tokens. Binance Bridge provides a two-way service that monitors on-chain reserves through proof of assets, ensuring that wrapped tokens in the BNB Smart Chain (BSC) are collateralized by sufficient native tokens.

If this is your preferred way to transfer assets to BNB Smart Chain (BSC), please read our article on Binance Bridge guide.

DApp in BNB Smart Chain (BSC)

Now we have a wallet and transfer funds to it. How do these magical internet currencies work? Let’s take a look at the hottest decentralized applications in BSC.

Don’t forget, these are just a few of the most famous apps. Exciting new DApps are still being launched, and you can keep track of them through DefiStation, DappRadar, or the Math DApp Store.

PancakeSwap

PancakeSwap is the number one automated market maker (AMM) in the BNB smart chain.

With Uniswap or Similar to SushiSwap, you can exchange BEP-20 tokens through PancakeSwap.

You can also earn passive income by providing liquidity to one (or more) liquidity pools. Before depositing funds, please be aware of the possibility of loss.

While the Automated Market Maker (AMM) is at the heart of PancakeSwap, you can do much more than that - buy lottery tickets , win non-fungible tokens (NFT), participate in token sales, compete for rankings on the leaderboard, etc. You can try it!

If you are interested in learning more, please read our in-depth analysis of "PancakeSwap Guide".

Venus

Venus is a lending protocol similar to Compound or Aave in Ethereum. This decentralized money market supports lending and borrowing BEP-20 tokens, with associated interest rates set algorithmically.

Don’t know how to use the idle funds on hand? With Venus, these idle assets can generate interest through savings, or they can be used as collateral for loans in exchange for liquid mining funds.

In addition, Venus enables a decentralized stablecoin called "VAI", backed by numerous cryptocurrency assets. In this way, Venus can be viewed as a hybrid service of Compound and MakerDAO in the BNB Smart Chain (BSC).

Autofarm

Autofarm is a revenue aggregator in BSC, similar to Yearn in Ethereum. It automatically tries to find the optimal solution to help users earn money from their deposits.

BurgerSwap

BurgerSwap is also a popular automated market maker (AMM) in the BNB Smart Chain (BSC). You can exchange BEP-20 tokens and provide liquidity.

Spartan Protocol

Spartan Protocol is a part of the BNB Smart Chain (BSC) A synthetic asset protocol. Like many other automated market makers (AMMs), it allows users to create liquidity pools of BEP-20 tokens.

However, it aims to support more services in the future, such as the creation of synthetic assets collateralized by liquidity pools and Lending and on-chain derivatives.

Cream

Cream is a popular lending protocol in Ethereum and has also been deployed in the BNB Smart Chain (BSC). You can borrow and lend BEP-20 tokens.

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How to track BNB Smart Chain (BSC) indicators

Now, we’ve pretty much covered everything to get started. But how do we track activities in the BNB Smart Chain (BSC)? BscScan is the best choice.

If you have ever participated in DeFi business, this website may seem familiar. Its appearance and usage experience are similar to EtherScan, and it is another masterpiece of the same R&D team.

After finding the address, what else should you pay attention to? Through some simple and intuitive indicators, you can track the ongoing activities in the BNB Smart Chain (BSC). For details, please read this article: "Six BNB Smart Chain (BSC) Indicators You Must Know".

Summary

BNB Smart Chain has made great progress and has a certain degree of user activity, and will still maintain strong development momentum in the future.

If you are interested in learning about DeFi, please pay close attention to relevant developments. So, where is the best place to start? Please follow the Twitter account of the BNB Chain community to keep abreast of the latest information on BSC.