Binance – the leading crypto exchange – has launched it’s Smart Chain on mainnet.
#Binance Smart Chain Has Launched! 🚀— Binance (@binance) September 1, 2020
Numerous crypto projects are already working with the Binance Chain community to help make BSC a robust blockchain platform, such as:
Binance Smart Chain, a parallel chain that enables Smart Contract functionality on the blockchain, is now live. There will now be two blockchains, the existing Binance Chain (BC), and the newly formed parallel chain, Binance Smart Chain (BSC). Another key feature of this new update is that it introduces a new staking mechanism to the Binance Coin (BNB).
BC and BSC will use Cross-Chain Communication to relay information to each other. BSC is compliant with Ethereum Virtual Machine (EVM), using a Proof of Staked Authority (PoSA) consensus model. BSC features a ~5 seconds block time with transaction fees costing a fraction of a cent.
Those building on or supporting Binance Smart Chain include:
1. Blockchain Infrastructure and Tools: ChainLink, Band Protocol, Trust Wallet, Ankr, BSCScan, Bitquery.io, MathWallet, MyWish, CertiK, Torus
2. DeFi: Swipe, Aave, 1inch, WazirX, DODO, dForce, Bounce.finance, Spartan Protocol, MCDEX, Cream, ForTube, DeBank
3. Cross-Chain Liquidity: RenVM, pNetwork, Thorchain, Ferrum.Network, Alpha Finance
4. Others: Dapp.Review, Ontology, Travala.com, Republic.co, Clutch, BCA, Ignite
CEXs Last Hope
Lately, Binance has been on a DeFi listing spree. The hotly anticipated Curve DAO Token (CRV) was listed within an hour after launch. Various other DeFi projects like Yearn Finance, Aragon, Serum, Numeraire, Terra, PAX Gold, Tellor, bZx Protocol, Wrapped BTC, Sushi, Kusama, and many more were recently listed on the main Binance Exchange. Binance has also added Futures contracts for many of the aforementioned tokens as well. Needless to say, Binance is the only Centralised Exchange that has been adding so many DeFi projects and at a faster pace than most exchanges.
The future of DeFi of BSC remains to be seen. However, with partners like AAVE, 1inch, ChainLink, Band Protocol, Ren Protocol, Certik, and many more, it seems Binance has finally truly joined in the DeFi race.
To stay up with Binance, follow them on Twitter.
Tarang discovered ETH in 2018 and has been actively involved in DeFi after finding PoolTogether in 2019. He’s most interested in the DEX sector as a frequent user and participant in Uniswap and Kyber Network alongside lending protocols like Aave. Tarang’s active presence in DeFi has given him a front-row seat to cutting edge trends and real-time developments. Stay up with Tarang by following him on Twitter.