In the previous articles of the Project Spotlights series, where we’re interviewing projects developing on Binance Smart Chain, we shared with you the first three projects – ForTube, BurgerSwap, Bounce, Arkane Network, AnySwap, Bitquery, Tenderly, and Blink. We continue with the Project Spotlights interviews, and the next project you’ll learn about is Defistation.
Please describe your project to those who might not be familiar with Defistation.
Defistation: Defistation is a DeFi analytics and leaderboard website for projects operating on Binance Smart Chain. Users can discover and track the historical and real-time total value locked into decentralized finance projects on BSC. The metrics and charts displayed on Defistation allow users to gain insight into the growing trends and movements in decentralized finance.
Why did you decide to migrate/build on Binance Smart Chain?
Defistation: Binance Smart Chain is at its early stage with many opportunities for projects to begin building applications on with a platitude of use-cases. Providing an analytics website from the inception of this ecosystem can provide useful information and awareness for not only those who are current users or developers in the BSC ecosystem but also for people who wish to learn more about the growing DeFi trends and developments in BSC.
What do you see as the main advantage of BSC compared to other blockchains?
- Cosmostation, the team behind Defistation, has also previously worked under the Binance X fellowship program to build a block explorer for Binance Chain. Binance Chain powers Binance decentralized exchange with its highly performant matching engine.
- Binance Smart Chain is an Ethereum Virtual Machine(EVM) compatible Proof-of-Stake network that exists as a dual-chain architecture along with Binance Chain. Users can easily migrate applications originally built on Ethereum to BSC or build applications from the ground up to take advantage of its fast transaction speed and robust security while also being able to trade directly on Binance DEX through relayers between BC & BSC.
How was the migration process? Can you name some of the highlights or positive experiences and, on the other hand, some of the challenges?
Defistation: Defistation is a DeFi analytics project built specifically for Binance Smart Chain. This project was not migrated from a different network.
What kind of perks or benefits within the Binance ecosystem directly affect the performance and success of Defistation?
Defistation: Being part of the Binance ecosystem allows for a fluid working environment for projects to easily communicate and collaborate with each other. In the process of gathering necessary data to accurately count the TVLs of each DeFi project, we were able to get connected to Bitquery, a blockchain data & crypto API service for Binance Smart Chain. Through this connection made possible by the Binance team, we could quickly query in-depth data points and reduce overhead in the research process we would have otherwise spent significant time on, and instead dedicate more development hours into the core technology behind our product.
What do you hope to see next from the BSC community?
Defistation: We hope for more teams to migrate Ethereum based projects to BSC and/or iterate on existing concepts to take advantage of the speed and security of Binance Smart Chain. There have been various applications in the past that were either successful in providing value to users or unsuccessful due to slow transaction speed and high fees. Building an application on BSC allows for a much more immersive and intuitive user experience with its fast block time of ~5 seconds and comparatively lower fees. The Binance Chain Fund Program is actively funding teams that can bring value to this ecosystem - BSC is at its early stage, and there is ample space for opportunities and growth.
Where do you see DeFi and BSC in five years?
Defistation: Decentralized Finance will continue to garner interest from institutions and retail investors alike. The emergence of blockchain technology as an alternative to enabling financial transactions and investment strategies that were traditionally available only through centralized organizations is a phenomenon that cannot be overlooked. Today, the DeFi ecosystem growing at a fast pace may seem a bit premature or over-complicated to the vast majority. As the industry evolves, development at both the protocol level and end-user experience level will also evolve to provide services that are accessible and comprehensible by the average user.
One of the most important pieces to transitioning from centralized finance to decentralized finance is to be able to provide a middle ground between the two drastically different approaches to the way we deal with monetary transactions. Change cannot happen overnight. Transaction speed is an essential part of our daily experience with traditional finance that we often take for granted. Binance Smart Chain provides a secure platform that enables fast transaction speed, which we believe to be one of the basic deciding factors for a platform to attract projects and applications. We believe that in 5 years, BSC has the potential to grow into one of the most used platforms that act as a foundational block for major decentralized finance applications.
Did this interview inspire you to start building on BSC? We’re looking for new DeFi projects to join the ever-growing BSC ecosystem. Binance is prepared to help you with the transition, and support you both financially and technically. The ecosystem will help you grow, attract new users, and elevate your project to new heights.
If you’re interested in knowing more about the Binance incentives for BSC projects, please visit https://binancex.dev/index.html.
Alternatively, you can directly apply for the funding via this simple and straightforward form.