- The world’s largest crypto exchange, Binance, launches its Ethereum development platform, Binance Smart Chain, in a bid to boost its participation in the ever-growing decentralized finance space.
In an announcement on Sept. 1, Binance announced the launch of its mainnet smart-contract building platform, Binance Smart Chain, to provide DeFi platform building capabilities on its blockchain – Binance Chain. According to the release statement, the Binance Smart Chain will allow the “creation of smart contracts and staking of Binance Coin (BNB)” for users.
The Binance Smart Chain, an Ethereum Virtual Machine (EVM)-compatible blockchain, launched its whitepaper back in April and will introduce a new proof-of-stake authority (PoSA) mechanism allowing individuals and organizations to become validators through staking BNB.
The launch of BSC brings about new features and benefits to users, including cheap transaction fees (about 1 cent transactions), a fast network with block confirmations expected to be a few seconds, integration of the Binance Chain, Binance.com, and Binance DEX as well as support from the development teams and a network of top DeFi platforms such as Aave, Cream, Swipe, dForce, 1inch.exchange, and WazirX.
The statement further confirms that several communities have already joined the platform in a bid to leverage functions on the platform, including token issuance, decentralized app (dApp) development, staking services, and token transfers.
Changpeng Zhao, CEO of Binance, wrote on Twitter that the BSC blockchain aims to build communities around the world to help in the development of the DeFi ecosystem. He further added the BSC platform would enhance the development of dApps giving users benefits such as “an all-new method for staking BNB, high performance, lower fees, direct connection with fast DEX and more.”
Other high profile partnerships on the Binance Smart Chain include integration with the decentralized oracle platform, Chainlink, and Band Protocol to bring real-world data to DApps on the BSC blockchain.