Earlier this month, Binance announced the launch of Binance Smart Chain to enable the creation of smart contracts and the staking mechanism for BNB.
At that time, it announced Ethereum-based Cream as its DeFi collaborator, and today the DeFi project has gone live on Binance Smart Chain.
Unlike the sky-high costs on the Ethereum network, BSC boasts of only $0.05 – $0.10 per transaction.
“BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees,” said Binance CEO Changpeng “CZ” Zhao.
Imagine only paying 20 Gwei gas fees.
— Binance (@binance) September 12, 2020
Binance is speeding up its efforts to keep up with the DeFi world. Recently, it announced a $100 million fund to connect the DeFi and CeFi world with “support for Yield Farming with major crypto assets coming soon to Binance Smart Chain.”
As Binance chases DeFi, its native token BNB enjoys the greens of 18% to trade at $27.5.
“The Binance ecosystem and its reach of 400,000+ accounts and fiat gateways covering over 170 countries and regions will help get DeFi into mass adoption,” states Cream’s official announcement.
Since its launch two months back, C.R.E.A.M Finance has amassed $309 million in deposits or total value locked (TVL), $224 million of which were added just this week — making it the 10th largest DeFi project as per DeFi pulse.
This week, the DeFi aggregator also launched an automated market maker (AMM) called ‘Swap,’ a market that is increasingly getting crowded with new projects popping up every other day.
A fork of Balancer, Swap comes with a slightly lower fee structure than the popular Uniswap with support for Yearn, Aave, Compound, Balancer, Uniswap, and TokenSet besides its own tokens.
The governance token of the project is currently trading at $252 in green. In the past seven days, Cream has jumped 170% in value and made its ATH at $289 on Wednesday.