The Binance Smart Chain (BSC) has obtained tremendous popularity in the course of the last few weeks. One of the fastest growing protocols on BSC is ACryptoS, a protocol for automated yield management. According to defistation.io there are currently more than 400 million USD locked in ACryptoS. This makes ACryptoS the protocol with the fourth highest USD value locked on the Binance Smart Chain.
One of the main products that ACryptoS offers are vaults. ACryptoS in that sense offers similar functionality on BSC as Yearn Finance offers on Ethereum. The idea of automated investing into yield bearing assets on the blockchain was first popularized by Andre Cronje, the founder of Yearn Finance. Yearn Finance offered users the ability to take advantage of yield farming, liquidity providing and lending by simple investing in a vault. The idea gained massive popularity and increased the value of all YFI (Yearn Finance tokens) to more than 1 billion USD only a few months after the launch.
There are currently several vaults available on ACryptoS. Among them are:
- ACS vault
- ACS-BNB vault
- ACSI vault
Apart from the native ACS/ACSI vaults there are several vaults using the PancakeSwap and the Venus protocol. PancakeSwap is the leading exchange on the Binance Smart Chain. The Venus protocol is the leading lending protocol on the Binance Smart Chain.
Yields on ACryptoS vary daily and you can check out the latest rates on https://app.acryptos.com/
Currently the yields are substantially higher on ACryptoS in comparison to the yields that can be obtained on comparable Ethereum protocols. However, yield farming on the Binance Smart Chain is still in its infancy and if the current yields can be sustained over the course of time is questionable.
Additionally, ACryptoS offers stable coin trading (ACryptoS StableSwap) and liquidity providing (ACryptoS Farms). The StableSwap product can be compared directly to Curve Finance on Ethereum.
All contracts by ACryptoS have passed successfully through Security Audits. However, smart contract risks are still present and security incidents remain possible.
There are currently two tokens in the ACryptoS ecosystem:
- ACS: the native token of ACryptoS and the corresponding yield farming products
- ACSI: the native token of StableSwap which is an automated market maker for stable coins
The ACS token can currently be purchased on the PancakeSwap exchange. Several tokens are issued daily and distributed to yield farming, vaults and as reward for the developers.
The price development of ACS in the past several weeks has been impressive. This was in line with the increase of total value locked in the ACryptos protocol.
Furthermore, the ACS is used for governing the protocol. Token holders with a minimum of 88 ACS tokens held in the ACS vault are able to submit new community proposals.
In order to use the protocol users can deposit tokens in various ACryptoS vaults. Users of the ACS protocol are required to pay a withdrawal from the ACS vault which is currently fixed at 10%. The withdrawal fee is distributed to ACS token holders. Withdrawal fees are lower on other vaults.
If you are interested in further developments on the Binance Smart Chain check out the following articles:
- bEarn.Fi – also featuring yield farming on BSC: https://frontierprotocols.com/bearn-fi-yield-farming-on-binance/
- Berry Data – analyzing oracles on BSC: https://frontierprotocols.com/berry-data-oracle-services-for-binance-smart-chain/
- The SafePal wallet – which came out of Binance labs and offers both hardware and software wallets: https://frontierprotocols.com/safepal-wallet-upcoming-binance-launchpad-listing/