CanYa Is Exploring DeFi on Binance Smart Chain

CanYa

Published in

CanYaCoin

5 min readJun 10, 2020

The CanYa team has been invited by the Binance Smart Chain (BSC) team to explore the BSC testnet.

Binance Smart Chain

The CanYa Team have observed Binance Smart Chain to have the following excellent characteristics:

3 second block times
Ethereum Virtual Machine compatibility
Ethereum tooling compatibility (dev tooling such as Truffle, Buidler, Web3)
Ethereum Wallet compatibility such as Metamask

Adapted from https://www.binance.org/en/smartChain

The CanYa team is quite excited about the possibilities of Binance Smart Chain, with the following ideas:

CanEscrow

CanEscrow is a service — currently in use on CanWork— that allows users to pay any Binance Chain asset into an escrow, specifying an intended recipient. The escrow automatically checks the value of the asset (from Binance DEX weighted average price) then creates a new escrow item with the value of the payment in $USD terms. Some time later, the same user can authorise the escrow to release the payment. Even if the underlying asset has changed value, the released payment is still the same in $USD terms.

The CanYa team can redeploy the escrow to work as a Binance Smart Chain contract. The contract will check the Binance DEX Oracle for asset prices when receiving payments. The contract will hold the float of funds in order to hedge outgoing payments in $USD terms. This can be made trustless, fast and integrated into CanWork and other services.

CanSwap

CanSwap is a uniswap-like liquidity pool protocol that has CAN as the settlement asset. Any user can swap any asset to any other asset via the pools. Also, any user can stake liquidity into the pools to earn on trading fees. CanSwap can be integrated into CanEscrow such that assets are swapped in and out of BUSD, BNB and other tokens trustlessly. CanEscrow will use asset prices from CanSwap instead of the Binance DEX oracle.

CanLend

CanLend is a trustless lending protocol that allows users to lend their assets to other users for interest. Other users can borrow the assets for small fees, and all debt is collateralized. This is how Compound Finance works on Ethereum. CanLend can be integrated into CanWork such that providers who are paid can earn interest on their payments. In this way, they do not need to cash out, and instead can receive decentralised financial services all inside the one ecosystem.

CanYaDAO

The CanYaDAO is a decentralized autonomous organization for the CAN ecosystem, allowing CAN token holders to vote on and approve changes across the ecosystem. This can be integrated into CanEscrow, CanSwap, CanLend and CanWork such that CAN holders can govern the entire ecosystem, at the same time as providing the CAN tokens to be liquidity in the CanSwap protocol, or lending it out on CanLend.

Smart Contract Experience

In 2017 and 2018 the CanYa team picked up a lot of experience with the Ethereum network, building out the original CanEscrow which used Bancor liquidity pools. In late 2018 they began building out CanSwap to replace the Bancor liquidity pools, but retired these efforts when the migration to Binance Chain happened.

As such the team feels like they have the skills and capabilities to not just build some meaningful DeFi applications on Binance Smart Chain, but also be the leader in adoption of Binance Smart Chain.

Original CanSwap Ethereum Contracts:
https://gitlab.com/canyacoin/canapps/CanSwap

Original CanEscrow Ethereum Contracts:
https://gitlab.com/canyacoin/canwork/smart-contracts/-/tree/master/canwork-job

Next Steps

The team will begin by deploying a Proof-of-Concept on Binance Smart Chain testnet and will work with the community to begin help in testing. The team will also work closely with the Binance Smart Chain team in preparing for the upcoming mainnet launch.

There is a lot of work to be done in realising this vision, but the team feel that with the support of the CanYa community & the BSC team this could be an exciting new chapter in the CanYa history. This could be a chance for the CanYa project to rise up and become a DeFi powerhouse on a very capable network.

What does this mean for CanWork?

Our main growth focus will still very much be centred on CanWork and making it a compelling marketplace for freelancers and Binance Chain token holders across the globe. These Binance Smart Chain dev initiatives will be undertaken in tandem with our continual refinement of CanWork’s UI/UX. The aforementioned BSC initiatives will offer many benefits for our users. It will significantly increase the on/off ramps for clients and freelancers. It will also offer opportunities for our freelancers to earn additional staking rewards within our ecosystem and apply for development grants via CanLend.

CanWork will also remain the priority for our marketing and business development efforts as we look to grow its awareness and user-base. Look out for a CanWork update later this month.