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Binance Chain Monthly Update - September
Dear Community,
As Binance DEX continues to build momentum as the leading decentralized exchange, the Binance Chain development team keeps building at a breakneck speed. With the sucessful launch of Binance Smart Chain as a tip of the iceberg, let’s take a look at other exciting highlights that happened in September!
Binance Chain Migration
Binance Chain has been running smoothly for more than one year. Its block height exceeds 112MM with more than 126MM transactions submitted by about 728 thousand addresses. We have a total of 196 BEP2 tokens on Binance Chain now. One of the main mandates for Binance DEX is a transparent listing process. Projects publish their proposals on the community forum, as well as an on-chain proposal transaction. Afterward, the public is able to witness the on-chain voting process from validators. Last month, there were 9 community-submitted listing proposals. With a total of 140 trading pairs on Binance DEX, some of the newly listed tokens and their projects are hosting trading promotions and activities. Binance DEX closes in on 25 million USD trading volume on CoinMarketCap, CoinGecko in August.
Highlights
Binance Smart Chain Launch
In April, the Binance Chain development team proposed the idea of a parallel blockchain of the current Binance Chain to retain the high performance of the native DEX blockchain and to support a friendly Smart Contract function at the same time. The white paper of Binance Smart Chain is public here.
After five months of development, Binance Smart Chain is live on mainnet, activating the parallel blockchain to Binance Chain that will enable the creation of smart contracts and the staking mechanism for BNB. Any interested individuals and/or organizations can gather BNB stakes to become a validator of this new blockchain. To learn more about the roadmap of Binance Smart Chain, read the blog here.
Stake Wars Concluded
Binance sponsored the Stake Wars promotion game as an opportunity for users and the larger Binance Chain community to practice cross-chain communication between Binance Chain and Binance Smart Chain (BSC). The 10-day competition was well received by the community. They have shown some brilliant techniques and their ability to attack. Some winners have shared their journey on the forum:
All in all, it was a great learning experience about Binance Smart Chain. And I hope there will be more competition to understand more. Thank you all for the competition and thank you Binance for the opportunity.
Overall it was a fun competition week, I min maxing the script to stay competitive with other nodes who is running their script in the same manner. In the end, it still depends on the luck of some sort. Shout out to gato, tigdar, zzz and others who have really good scriptings and consistently getting high scoring.
Both the staking functionality of BC and the compatibility of BSC with the existing Ethereum toolchain seem to have withstood the test. I look forward to a successful launch of the BSC mainnet soon and can’t wait to BUIDL interesting stuff on it.
BUIDLing
The Top reasons why you should build on Binance Smart Chain
High Performance
The consensus mechanism used in Binance Smart Chain, Proof of Staked Authority (PoSA), combines features from Delegated Proof-of-Stake (DPoS), and Proof-of-Authority (PoA). This consensus algorithm is built on a network of 21 validators, and can produce a block every 3 seconds based on current testnet testing, which will provide a high-speed infrastructure for DeFi protocols. At the same time, the validators will get BNB rewards for executing tasks on the blockchain, which ensures stability and incentive without sacrificing transaction speed.
Cross-Chain Mechanisms
Binance Chain and Binance Smart Chain have a native cross-chain communication and built-in transfer protocol that enable BEP2 tokens to be seamlessly migrated bi-directionally between the two networks, allowing for interoperability without the need of a trusted third party.
Rich Assets Available
Project Token Canal is the initiative to bridge valuable assets across different blockchains, especially to enable the value flow between Binance Chain/Binance Smart Chain and Ethereum, and also other native token chains.
Oracle Solution
Developers building on Binance Smart Chain can also leverage Band's decentralized oracle infrastructure. With Band's oracle, they now have access to various cryptocurrency price data to integrate into their applications.
BUIDLing
Wallet Development
- Binance Extension Wallet
- Trust Wallet update to support BSC mainnet
- Math Extension Wallet now supports BSC mainnet staking, cross-chain transfer and dApps
- TokenPocket now support BSC mainnet
- BitKeep Wallet now support BSC mainnet
Ecosystem Development
- Explorer from Etherscan
- Learn the latest updates with DeBank
- Binance Introduces the BNB Pioneer Burn Program, Adjusts BNB Token Burn Mechanics
- Bridging DeFi and CeFi: Introducing a $100M Support Fund for DeFi Projects on Binance Smart Chain
- Project Token Canal
Community
The below initiatives are from the community. As most of them are in the testing/Proof-of-concept stage, please be aware of the risks of funding loss and use your own judgment.