Binance Smart Chain (BSC) is now the choice among crypto investors trying to escape the expensive transaction charges on the Ethereum (ETH) network.
With BSC-focused attention, most DeFi projects operating on the network have seen a spate of buying activity over the past few weeks following investors providing liquidity for the newly launched protocol.
One such project is Venus (XVS), a financial markets algorithm and the stablecoin synthetic protocol specially designed for BSC.
On record, the XVS price jumped 775% from a low of $ 10.04 on February 2 to a new all-time high (ATH) of $ 82.86 on February 18, driven by increased activity at BSC.
Just like the MakerDAO (MKR) and DAI platforms, Venus users can borrow for their assets and mine Vai, stablecoin for the Venus protocol. Since February 1, the supply of VAIs has grown by 360% from 42 million tokens in cycles to over 195 million VAIs.
The total locked value (TVL) in the Venus protocol has reached $ 3.54, making it the seventh largest DeFi protocol based on TVL after SushiSwap owns $ 3.7 billion.
At the same time, the PancakeSwap (CAKE) price spike caused the token to become the first billion dollar project at BSC.
For the record, the CAKE price has jumped 520% since its lows, $ 1.89 on February 3 before rocketing to $ 11.12 on February 17. This brings its total market capitalization to over $ 1 billion for the first time.
For now, gas prices on the Ethereum network do not show the potential to go down and this will cause investor choice to drive more sustainable development on networks such as BSC and the DeFi protocol.
