Prometeus, a secure and decentralized protocol that allows fully trustless and anonymous data exchange and storage, announced its migration to Binance Smart Chain testnet in May. Prometeus protocol is a layer two solution, which can be adopted in various realms, such as social networks, live streaming and video hosting, marketplaces, content sharing platforms and so on.
Among many initiatives of Prometeus Protocol, the core product is Ignite, a decentralized social network allowing everyone to share their mind freely via texts and media files. All the posts are distributed through Binance Smart Chain and are immutably stored on Arweave Distributed Data Storage that can keep the necessary data forever.
Technically, Ignite represents a set of equitable nodes. From the user's perspective, Ignite works pretty simple - imagine that you decide to post your favorite picture on your Ignite account.
Being a Part of Binance Smart Chain Ecosystem
Initially, Ignite was built on the Ethereum network. Due to the surging transaction fee and delays, the Prometeus team has chosen Binance Smart Chain over Ethereum. There are several reasons as for why:
Growth Driver and DeFi Hub
Two weeks after Binance Smart Chain mainnet launched, Ignite's user base increased from 3,000 to 11,000 users with an average of 5,000 daily active users. Three days after the ERC20-BEP20 bridge was released, around 1,000,000 tokens were swapped and PROM became the number 2 BEP20 asset.
Being a part of the Binance Smart Chain family opens great opportunities for both new and old projects. Prometeus was engaged in the BEP DeFi ecosystem right after the migration. Projects such as Burger Swap and Spartan Protocol reached out to the team and offered cooperation. So if you compare Binance Smart Chain with Ethereum from the business perspective, then BSC is more like a big close family while Ethereum is more like a bus stop.
To the Prometeus team, Binance Smart Chain can become a main hub for the DeFi orientated projects. The Binance Smart Chain DeFi ecosystem is growing rapidly. e.g. the total liquidity of Burger Swap has reached 1,250,000 BNB (around $37,000,000) in one week, with daily trading volume of 130,000 BNB (around $4,000,000). In a matter of a couple of days, Spartan Protocol engaged users to burn over $16,000,000 worth of tokens including BNB, PROM, ANKR, LINK, etc.
Starting next week, liquidity providers on Burger Swap will be rewarded with special BEP-721 token (non-fungible token) prizes. Every day, the winning MEME will be “printed” in BEP-721 format and given to the biggest liquidity provider. Those MEMEs will be auctioned on Bounce.finance shortly after the reward distribution.
The Prometeus team is working actively to improve Prometeus core products like Ignite, by adding new features and DeFi engaging elements. For more detailed information, please take a look at the chart below.