In this guide we'll explain everything you need to know in order to start using the different DApps that BNB Chain has to offer.
What is BNB Chain?
BNB Chain is an EVM (Ethereum Virtual Machine) compatible network which is an upgraded version of the original Binance Smart Chain which provides low transaction fees, and much faster block times than Ethereum, the chain from which is it based.
Because of this, BNB Chain is one of the most popular chains in the world with over 4.5 billion annual transactions and an extremely vibrant and mature DApp ecosystem.
BNB Chain uses Binance's BNB token to pay for gas fees so be sure to have some in your wallet in order to perform transactions. Binance provides easy to follow guides on how to get purchase or transfer tokens to its BNB Chain.
Getting started on BNB Chain
Before using BNB Chain, you will need a wallet address. Because BNB Chain is an EVM network, it will accept the same wallets as on other EVM chains, including web wallet like Metamask or Nifty, and you will be able to use your hardware wallet such as Trezor or Ledger, but you may have to follow extra steps to be able to connect your cold wallet to the network.
For this tutorial, we will stick to Metamask just as we have done for all the other guides on this site. If you don't have Metamask installed, you can find instructions on How to get started on Polygon.
Additionally, you can use Binance's own Binance Wallet for an easier way to get started on the network.
Adding BNB Chain to Metamask
Open the Metamask popup, click the icon of your wallet, navigate to Settings then chose Networks and find Add Network. You will use the following information in the relevant text fields:
Save the changes, and Metamask will automatically switch you over to BNB:
If you would like to search for additional RPCs with lower latency, take a look at ChainList for additional endpoints.
Bridging to BNB Chain
There are freely available faucets on BNB Chain, but it is the opinion of the author that it will be safer to use something like ElkNet to get free gas tokens. If you choose to use a faucet you found online, please do so at your own risk. With ElkNet, you can opt to swap some of your Elk tokens as gas when bridging from any of the supported networks.
Multi Chain is the official partner of Mai Finance if you want to transfer your MAI or QI to BNB Chain from any other networks. From your selected network, you can simply chose the destination chain (BNB Chain) and the asset you want to send (MAI or QI for example) with the correct amount, and click on the Transfer button. Pay attention to the transfer fees taken directly on the asset you are transferring.
Celer is a popular bridge and allows you to transfer tokens from about fifteen different networks to BNB Chain.
Hashflow is a newer bridging technology that works essentially as a crosschain DEX (decentralized exchange) for any token with sufficient liquidity. Additionally, Hashflow users can currently earn HFT (Hashflow tokens) for swapping or providing token liquidity. Chains are currently limited to Ethereum, Avalanche, Arbitrum, Optimism, Polygon, and BNB.
Elknet will act both as a bridge and as a faucet when you transfer the ELK token between 2 networks. You will be able to bridge your ELK and on the receiving end, you can have a small portion of your ELK directly available as the gas token, BNB in our case, as explained in the section above.
DeFi on BNB Chain
Ellipsis Finance is the go to place for MAI liquidity on BNB Chain. The MAI pool on Ellipsis (MAI+val3EPS) is comprised of four stablecoins including BUSD (Binance USD), USDC, USDT (Tether), and MAI. By depositing stablecoins, and then staking the LP into Ellipsis, users can earn a variable yield between 6 and 15% paid out in Ellipsis' EPS token, Vallas' VAL token, as well as trading fees.
MAI+val3EPS pool on Ellipsis
Mai Finance on BNB Chain
The lending platform is already available on BNB Chain where you will be able to deposit your WBNB (Wrapped BNB) and CAKE (PancakeSwap) tokens in a vault and borrow MAI against them. You can then deposit your borrowed MAI on Ellipsis to earn yield on your MAI.
This guide is NOT financial advice, and should simply be regarded as an educational tool. Always do your own research. Discussion of a project in this guide should not be considered as an endorsement of the project.
Keep in mind that a strategy that works well at a given time may perform poorly (or make you lose money) at another time. Please stay informed, monitor the markets, keep an eye on your investments, and as always, do your own research.