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BSC Project Spotlight: AnySwap

2020.11.27  •  3 min read
Blog post image.

Today we continue with the Project Spotlight series, where we introduce you to projects that picked Binance Smart Chain as their blockchain infrastructure. You can read the previous interviews with ForTube, BurgerSwap, Bounce, and Arkane Network or start from today’s interview with AnySwap.

AnySwap - CrossChain DEX on BSC

https://www.binance.org/en/blog/anyswap-crosschain-dex-on-bsc/

Please describe your project to those who might not be familiar with AnySwap.

AnySwap: AnySwap is a fully decentralized cross-chain swap protocol, with automated pricing and liquidity system. AnySwap enables swaps between any coins on any blockchain which uses ECDSA or EDDSA as a signature algorithm, including BTC, ETH, BNB, USDT, XRP, LTC, FSN, etc.

AnySwap Cross-Chain Bridge is an innovative, safe, and decentralized cross-chain solution based on secure multi-party computation (SMPC) + threshold signature solution (TSS). It is composed of an SMPC network based on distributed control rights management (DCRM) and Cross-Chain Bridge smart contract.



Why did you decide to migrate/build on Binance Smart Chain?

AnySwap: The decision is based mainly on the following reasons:

  • First, the transaction speed of BSC is very fast, the block time is only 3 seconds, TPS is more than 100, and the TX gas fee is less than 1 cent. Compared with the transaction of Ethereum, it is very crowded, the TX gas fee of Uniswap even exceeds 30 US dollars. Obviously, BSC users have lower costs and a better experience.
  • Second, BSC benefits from the EVM-compatible smart contract development environment, and the development and migration costs are very low. Developers can quickly migrate DeFi applications from Ethereum to BSC. At the same time, BSC-based infrastructure can be quickly deployed and launched.
  • Third, BSC has a large number of users and crypto-assets liquidity in the Binance ecosystem, as well as the Binance Listing, which will bring huge opportunities to AnySwap.

What do you see as the main advantage of BSC compared to other blockchains?

AnySwap: There are some obvious advantages of Binance Smart Chain over Ethereum and other major public chains:

First, for users, compared with Ethereum, the transaction gas fee is lower and the performance is higher. At the same time, it can use a mature Metamask wallet, Ledger hardware wallet, and other infrastructure.

Second, compared with other public chains, migration and development costs are lower. Development environments such as solidity, remix, and truffle can be used directly without secondary development.

Third, mainstream cryptocurrencies can be supported on the BSC chain and can be directly deposited and withdrawn on Binance, which is very convenient for users.

How was the migration process? Can you name some of the highlights or positive experiences and, on the other hand, some of the challenges?

AnySwap: This is the most exciting place! The dev team completed the migration in almost one day. There is no need to change any smart contract code, and the entire project is directly compiled under the remix and truffle development environment. At the same time, BSC provides the testing and deployment environment, team doesn’t need to run full nodes by itself, which saves deploy costs. In short, the migration development and deployment process were very smooth and no problems were encountered.

What kind of perks or benefits within the Binance ecosystem directly affect the performance and success of AnySwap?

AnySwap: Binance Ecosystem has the world's largest cryptocurrency users community and the largest cryptocurrency liquidity. BSC quickly integrated into the fast-growing DeFi field, which expanded the influence of the Binance Ecosystem. After AnySwap entered the Binance ecosystem, it received investment from the Binance DeFi Fund, which brought many new users and opportunities, making AnySwap more competitive.

What do you hope to see next from the BSC community?

AnySwap: We hope to see Binance provide better support for DeFi projects such as AnySwap in terms of liquidity, marketing, and listing Binance. We also want to see BSC will be able to attract developers to Binance Ecosystem, hold developer conferences, hackathons, and other activities, so that more innovative projects will come to BSC.

Where do you see DeFi and BSC in five years?

AnySwap: We believe that the DeFi market will grow dozens of times in five years, it will become the most important field in the cryptocurrency market, BSC will be the most popular DeFi platform.

If you’re interested in knowing more about the Binance incentives for BSC projects, please visit https://binancex.dev/index.html.

Previously published Project Spotlight interview

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