O3 Swap’s Dex Aggregation Story: BNB Chain
The 2nd chain that O3 Swap began aggregating from was Binance Smart Chain, now known as BNB chain since they’ve rebranded! O3 swap chose to launch on BNB’s network due to its large user base, credibility in the crypto space and the fact that it’s a successful fork of Ethereum, our foundational blockchain. Since BNB Chain’s inception in 2019 and the migration of BNB from an ERC-20 coin to a BEP-20 offering, their gas token has done exceedingly well. BNB’s uses range from paying gas fees on BNB chain to receiving reduced fees on its parent centralized exchange (Binance.com) to being a dust conversion destination on the exchange as well. Let’s dive into some of the DEXs O3 Swap aggregates within its BNB Chain DeFi ecosystem.
The largest DEX on BNB chain by trading volume and total value locked (TVL) is Pancake Swap. With an impressive 24 hour trading volume of nearly $87 million and a staggering 3,774 trading pairs, Pancake Swap leads all DEXs with greater than 6 million visits to their platform in just the last month. They’ve also gamified their platform with a price prediction game, trading competitions, and numerous lotteries. Most importantly though for O3 Swap, Pancake Swap was one of, if not the first, to use the advanced market maker (AMM) liquidity pool model to enable decentralized trading on BNB chain and they’ve garnered a large following because of it.
O3 Swap began aggregating from new, up and coming BNB Chain DEXs in the summer of 2022. We’re talking about none other than ApeSwap and BabySwap which offer a wide variation of tokens in their own right.
Let’s start with ApeSwap first. The team describes ApeSwap as “a multichain DeFi Hub offering an accessible, transparent, and secure experience for everyone”, but it’s also much more than that. When you have a total trade volume over $17 billion and a TVL over $79 million like ApeSwap has, you look for other ways to stand out as a DEX and that’s what ApeSwap has done. They’ve got an innovative system of treasury bills where they continue to partner with smaller cap projects to help them secure project owned liquidity in exchange for ApeSwap members getting a discount on the tokens that power the partner projects. They’ve also got lending and borrowing markets where users can supply and borrow assets like Bitcoin, Ethereum, stablecoins and their native token $BANANA!
Last but not least when it comes to O3 Swap’s aggregated DEXs on BNB chain is BabySwap which self-describes as “the leading MetaFi platform on BNB chain including NFTs, AMM, and metaverse”. The team at BabySwap has integrated a ton of gamified characteristics to their AMM including an NFT marketplace, a game launchpad, and lottery features where users can get scratch cards from doing tasks! It’s amazing what they’ve built on BNB chain’s low gas fee environment in such a short amount of time. Kudos to the team!
O3 Swap, true to its nature as a DEX aggregator, sources liquidity from each and every one of these prominent BNB chain exchanges. This means that when O3 swap users are trading on the BNB chain, they will get the best price from the deepest liquidity pools chosen from one of these three leading decentralized exchanges. It’s survival of the fittest in DeFi and the O3 aggregator most certainly chooses the fittest liquidity pool.
As new chains and DEXs launch on EVM compatible blockchains, O3 Labs will continue our mission to compile fragmented liquidity sources and unite them, so that users like YOU can swap faster for the best possible price!
