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Binance Smart Chain launches BNB staking
Binance Smart Chain launches BNB staking
Blockchain

Binance Smart Chain launches BNB staking

By Marco Cavicchioli - 1 Sep 2020

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Binance has announced the launch of the Smart Chain Mainnet which introduces BNB staking. 

Binance Smart Chain is a high-performance blockchain parallel to Binance Chain, which integrates smart contracts and offers support for the development of DeFi products, including a staking 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 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 transaction speed.

This allows BNB holders to stake them on the Binance Smart Chain to participate in the validation of transactions. 

The CEO of Binance, Changpeng CZ Zhao, commented on the launch of the Mainnet:

“Binance Smart Chain makes it possible for developers around the world to build DeFi services and many more dApps within the Binance Chain ecosystem, while delivering various benefits such as an all-new method for staking BNB, high performance, lower fees, direct connection with fast DEX and more. We are looking forward to what more will materialize 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 increasingly popular and gaining increasing numbers of users. 

The whitepaper of this project was published only in April this year, and since that time the community has launched the testnet and performed several tests with various competitions in a short time.

The Mainnet now includes a robust blockchain ecosystem, the ability to confirm blocks quickly and with very low transaction fees, and compatibility with major blockchains. 

In addition, 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 like Bitcoin, Ethereum and others, as well as Binance DEX. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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