Yield Finance ($YIELD) – a platform that allows users create and execute yield farming & trading strategies on the Ethereum DeFi ecosystem – has announced the integration of Yield Protocol and $YIELD token on Binance Smart Chain (BSC) with aid from ChainSwap.
The official report from Yield Finance announcing the integration of the $YIELD token on BSC explained the rationale behind the decision: “Today we have a major announcement which offers fresh and exciting possibilities for Yield Protocol and our community. Yield Protocol operates at the cutting edge of decentralized finance. Part of that role is to maintain a close eye on the market. Also, to keep abreast of emerging trends as they develop.”
Chainswap will play a key role in the integration, providing Yield Protocol with a Ethereum-BSC interoperability bridge. This enables the $YIELD token to be “traded with ease on Binance Smart Chain.”
What Are the Benefits for Users?
In it’s current state of development, BSC provides effective options for both DeFi and yield farming. Users will be able to design and deploy yield farming strategies, algo trading, and lending that can all be applied to $YIELD.
The BSC platform also offers reduced transaction fees alongside fast transaction times; some of which cost just a few cents. BSC is much cheaper option when compared to the higher fees charged by other platforms like Ethereum. Instead, users will be able to experience fast and cheap on-chain transactions on BSC with minimal inconvenience.
Additionally, once integrated onto the BSC platform, it will be possible to swap the $YIELD token on other top exchanges like PancakeSwap and BakerySwap.
Yield Protocol also plans to add $YIELD to PancakeSwap farms in aims to benefiting the community and helping users farm sugary sweet $SYRUP rewards.
Why Binance Smart Chain?
In the past few months, BSC and its ecosystem have experienced significant growth.
There has been a rapid increase in liquidity mines, staking options, and yield farms on BSC through exchanges like PancakeSwap. Over the last month, PancakeSwap recorded a huge $7.8 billion Total Volume Locked (TVL) on BSC – or liquidity locked on PancakeSwap. This set PancakeSwap ahead of Uniswap (the gold standard of exchanges in DeFi) for the very first time.
Over the past three months, the unique addresses on the BSC network have grown from over 1 million to 70 million. Additionally, the number of daily transactions has also increased from 1 million to around 10 million.
These factors have attracted Yield Protocol to the Binance Smart Chain (BSC). “For all of these reasons we now feel that the rapidly developing Binance Smart Chain ecosystem has reached a point in its development which means it can no longer be ignored,” the report stated.
YIELD Price, Supply, and Movement
As of the time of publication, Yield Protocol price was $0.078075 with a 24-hour trading volume of $178,176. YIELD saw price drop of 21% over the last 24 hours. It has a circulating supply of 46 million YIELD of a max supply of 140.6 million.