Cook Improvement Proposal #15
CIP #: 15
Title: Deploy Cook platform on BNB Chain
Status: Proposed
Discussion link: Discussion about the advantages of Cook launch on BSC
Created: 2/16/22
Executive Summary
About the BNB Chain (Previous Binance Smart Chain)
BNB Chain is an open, programmable smart contracts platform designed to help decentralized applications scale and process transactions more efficiently.
Backed by the renowned Binance exchange ecosystem, BNB Chain aims to lower transaction costs and provide an enabling environment for developers around the world to create DApps and other DeFi products.
Major Selling Points of BNB Chain
Cross-Chain Functionality
Because BSC is EVM-compatible, it is interoperable with the universe of Ethereum tools and DApps. In theory, this makes it easy for developers to port their projects over from Ethereum. For users, it means that applications like MetaMask can be easily configured to work with BSC.
Growth Rate of top projects on BNB Chain
2021 saw a drastic increase in the number of incredibly successful projects launched on the BNB Chain. Examples include PancakeSwap, and Venus Protocol. Since its launch in September 2020, Pancakeswap has grown in excess of $12bn in terms of Total Value Locked (TVL). Likewise, the total value secured by Venus has officially surpassed $1.6 billion. Growing from $46m at the BNB Chain launch date in November 2020.
Number of Users
BNB Chain is currently the second-leading DeFi network in terms of volume and active users: With over 1million Daily Active Addresses on the BNB Chain as of February, 2022. Evidently, there is a significant market of potential users to tap from by launching Cook Finance on BNB Chain.
Transparency
BscScan is recognized as an essential tool for individuals and businesses within the BNB Chain ecosystem. It provides direct access to blockchain data such as transactions, blocks, top wallets, and other interesting charts and statistics.
The BSC explorer is an important utility enabling users to monitor the activity on the blockchain. It also includes stats such as the latest blocks mined and the validators participating in mining.
Other Perks
BNB Chain listed projects may have access to the following perks
- Grants worth thousands to millions of dollars
- Secure Skynet (QuickScan) from CertiK.
- Participate in seminars with industry experts.
- Opportunity to be listed on Innovation Zone which puts a project on the radar of millions of users who wish to trade newer token offerings directly from their Binance account without having to go through the complicated processes on DEXs.
Problem Statement
Cook Finance is currently not launched on the BNB Chain. The platform has huge growth potentials for projects like Cook Finance in terms of scalability and interoperability as well as accelerated adoption globally.
Proposed Solution
To launch Cook on the BNB Chain.
Rationale
- Potential Growth of Cook Finance
- Strategic Support of the BNB Chain Ecosystem
- Wider Marketing Reach
- Easy Adoption for Binance Wallet Users. A potential market of over 28million users.
Spec
- To request that the Cook team deploy the Cook Finance on BNB Chain.
- To ensure that the Cook Finance on BNB Chain retains all existing features.
Everyone knows BSC and I’m glad to finally see cook there. Finally i’ll be able to trade and use cook without paying 30$ fee for each TX. That’s a huge step that will boos adoption instantly and permanently.