Binance Chain is getting its own DeFi yield farms after Ethereum

This is rapidly changing with the launch of Binance's Smart Chain, which will enable Binance Coin and the Binance ecosystem to have its own DeFi bubble.

Binance goes DeFi with launch of "Binance Smart Chain".

For over a year now, crypto exchange giant Binance has had its own blockchain: the Binance Chain, whose native token was BNB. The issue was, that chain did not support smart contracts, only allowing BNB and other coins to be transacted.

This changed on Aug. 31 with the introduction of Binance Smart Chain, a blockchain-based on Binance Chain that can facilitate smart contracts in a manner that is Ethereum Virtual Machine compatible.

While nascent, Binance Smart Chain has already seen a strong uptick in users who are using the network's first DeFi protocols.

Lastly, there's Cream, which is operating on both Binance Smart Chain and Ethereum.

While Binance Smart Chain's DeFi ecosystem is nascent, there is some thinking that it will succeed.

"It's pretty evident that DeFi will exist on other chains for at least the short term. Other Layer 1s will have their own unresistable pumps and 5000% APY yield farms. Not looking forward to bouncing funds from chain to chain using CEXs as bridges 20 times a day."

Not looking forward to bouncing funds from chain to chain using CEXs as bridges 20 times a day.

Commenting on Binance in particular, Kelvin Koh of Spartan Group, a crypto hedge and venture fund, said that Binance Smart Chain could play a key role in DeFi moving forward.