Total Value Locked in Binance Smart Chain (BSC) Surpasses $15 Billion; Brave Joins in with Wrapped BAT
To “dramatically inspire mass adoption and inclusive finance.”
Basic Attention Token (BAT), the native token to the privacy-focused browser Brave, has joined Binance Smart Chain and will be available on BSC as wrapped 34BAT, announced the team on Monday.
“Our hope is that BAT and Brave will take crypto mainstream and to make DeFi user-friendly for the mass market,” said Brendan Eich, CEO, and co-founder of Brave.
Brave browser has more than 25 million monthly active users (MAU) and over 9 million daily active users (DAU).
With this integration, BAT holders can now participate in BSC-based projects like DEX PancakeSwap and lending project Venus among many others. Xiaoguang Zhang, Binance Smart Chain Ecosystem Coordinator said,
“With this strategic integration … we will introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains, which will dramatically inspire mass adoption and inclusive finance.“
Currently, the browser supports both Ethereum and BSC through a configuration change in the wallet, but Brave is planning to preconfigure support for BSC later this year, allowing users to access the blockchain without the hassle of creating new wallets or downloading additional apps.
The low cost of BSC has been attracting a lot of users, particularly smaller ones priced out of the Ethereum network. This has resulted in the total value locked (TVL) in BSC exceeding $15 billion, as per BSCProject. However, it is nowhere near Ethereum’s $65 billion.
Brave, meanwhile, is further exploring the use of BSC to enable P2P tipping within the browser as Eich said, “We are especially excited by the low transaction fees and scalability” of BSC.
With over 3.8 million monthly transacting users and over 13 million Brave/BAT Rewards wallets, the team is planning to use the token to receive discounts and pay fees in an upcoming Brave DEX Aggregator.