Binance has announced the launch of the Smart Chain Mainnet featuring BNB staking.
Binance Smart Chain is a high-performance blockchain parallel to Binance Chain, integrating smart contracts and offering support for DeFi product development, including a share mechanism for BNB.
This new blockchain offers developers the ability to create decentralized applications (dApps) within the Binance ecosystem, and is equipped with cross-chain infrastructures such as fast DEX, while also being compatible with the Ethereum virtual machine.
Thanks to its new Proof of Staked Authority (PoSA) consensus protocol, Binance Smart Chain validators will receive rewards in BNB for performing tasks on the blockchain, ensuring stability and incentives without sacrificing speed of transactions.
This allows BNB holders to stake them on Binance Smart Chain to participate in transaction validation.
Binance CEO Changpeng Zhao commented on the Mainnet launch:
“Binance Smart Chain makes it possible for developers around the world to create DeFi services and many more dApps within the Binance Chain ecosystem, while offering various benefits such as a completely new method of betting BNB, high yield, lower fees, direct connection with fast DEX and more. We look forward to what else materializes in the near future with the great initiative developed by the Binance Chain community with the launch of Binance Smart Chain. ”
The launch of Binance Smart Chain takes place at a time when DeFi solutions are becoming more and more popular and are gaining an increasing number of users.
The whitepaper for this project was only published in April this year, and since then the community has launched the testnet and conducted several tests with various competencies in a short time.
Mainnet now includes a robust blockchain ecosystem, the ability to confirm blocks quickly and with very low transaction fees, and compatibility with all major blockchains.
Additionally, various project collaborations include integrations with Chainlink, Band Protocol, Swipe, Ontology, Trust Wallet, and at least 25 other projects.
Finally, it guarantees access to Binance Chain Assets, such as tokens anchored to the main cryptocurrencies such as Bitcoin, Ethereum and others, as well as Binance DEX.