With all the new projects showing up on BNB Chain on a daily basis, it’s easy to forget that this is a comprehensive ecosystem.
Indeed BSC does already have BEP20 versions of some of the most popular altcoins out there, tokenized and ready to be used within the chain. We already mentioned DOGE in a previous article, available in different BEP20 tokens, such as renDOGE. But there’s also an ETH, DOT, and FIL version of DOGE; along with many others, a fact too often overlooked.
It’s interesting to note that according to BscScan, there is actually a huge trading volume on these BEP20 versions, more so than some tokens that reside solely on BSC. DOGE, ETH, and ADA are some of the most traded tokens on BNB Chain at the moment.
Indeed, many AMMs on BNB Chain do make use of these tokenized versions in yield farming applications, hence their popularity. All that volume did not adversely affect the original chains as well, but as a whole benefited BNB Chain by bringing new users familiar with these altcoins.
Another benefit is that these tokens can also circumvent areas of concern around these coins; as you can farm, transfer, or trade BEP20 Ethereum without having to pay huge gas fees or even trade EOS tokens without needing RAM.
More and more are tokens are being added on a regular basis, contributing to making BNB Chain a truly all-encompassing ecosystem.