Binance Smart Chain Launches Mainnet and BNB Token Staking

Cryptocurrency exchange Binance launched its second blockchain, parallel to Binance Chain, high-performanceBinance Smart Chain, which adds DeFi product development capability, BNB staking engine, and more.

The Binance Chain team, a blockchain platform,Launched by Binance in conjunction with a community of developers around the world, announced the launch of the Binance Smart Chain mainnet. The parallel blockchain, working in conjunction with Binance Chain, adds the ability to create smart contracts and a staking mechanism for BNB, the native token of Binance Chain.

Binance Smart Chain Enables Developerscreate decentralized applications (dApps) in the Binance Chain ecosystem, opening up opportunities for building products and solutions in the field of decentralized finance (DeFi).

Blockchain has cross-chain infrastructure,connecting the Binance Chain for the fast operation of DEX and other popular crypto assets, and also has compatibility with the Ethereum Virtual Machine, which provides support and the ability to integrate tools and solutions built on the basis of Ethereum.

Another key feature of Binance SmartChain is the emergence of staking BNB, a top 10 digital asset by market cap. With the introduction of the Proof of Staked Authority (PoSA) consensus mechanism, Binance Smart Chain validators will be rewarded in BNB for completing tasks on the blockchain, thus incentivizing network participants and ensuring stability without compromising transaction speed.

“Binance Smart Chain enables developers toaround the world to create DeFi services and decentralized applications in the Binance Chain ecosystem, while taking advantage of the various advantages of the new blockchain, such as BNB staking, high performance, low fees, direct connection to DEX and much more. We look forward to new products in the near future, thanks to such a significant initiative developed by the Binance Smart Chain main blockchain community. "Binance CEO Changpeng Zhao (CZ) said.

Some of the benefits and features of Binance Smart Chain:

• Reliable blockchain ecosystem.Binance Smart Chain is a powerfula base of blockchain developers who support various integrations, including Chainlink, Band Protocol, Swipe, Ontology, Trust Wallet and at least 25 other projects.
• Fast block speed and low transaction fees.In addition to being compatible with majorblockchains, Binance Smart Chain uses a unique PoSA consensus algorithm, this allows a new block to be generated every 3 seconds, and also has a fee structure that can significantly reduce costs when using DeFi and dApp protocols.
• Access to the assets of the Binance Chain network.Binance Chain supports Binance DEX, the leadinga decentralized exchange, as well as pegged tokens of major cryptocurrencies such as Bitcoin, Ethereum, etc. This mechanism will be used as part of the further expansion of the list of assets available on Binance Smart Chain for DeFi protocols.

The launch of Binance Smart Chain comes at a time when DeFi solutions are changing the way the industry and the world view finance, sparking a new wave of interest in blockchain and cryptocurrencies.

Binance Chain Community Unveils BinanceSmart Chain in April 2020 by submitting a whitepaper outlining the concept of a parallel blockchain to support smart contracts. Since then, the community has launched Binance Smart Chain testnets, testing the security of connections with various blockchain projects and conducting stress tests using competitions.

About Binance Smart Chain

Binance Smart Chain is a smart contract blockchain that is compatible with the Ethereum Virtual Machine (EVM).

Designed to work in parallel with BinanceChain, Binance Smart Chain maintains fast task execution and low transaction fees while adding smart contract functionality to support interoperable decentralized applications (dApps).

About Binance DEX and Binance Chain

Binance Chain — is a community-driven blockchain software system developed by Binance along with the global community.

Binance DEX is a decentralized exchange,Powered by Binance Chain, leveraging innovative features of the Binance platform, it aims to set a new standard for fast and secure peer-to-peer trading.

Official website of the platform https://binance.com/

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