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Binance Smart Chain: Milestones and vision for the future

BSC already features over 100 projects and the team plan to further develop the DeFi infrastructure

Binance Smart Chain (BSC) has grown rapidly since its launch on 1 September last year. BSC is an Ethereum Virtual Machine-compatible blockchain that is parallel to Binance Chain and enables an innovative staking mechanism for BNB and the creation of smart contracts.

Three days after the launch, Project Token Canal was implemented. This allowed the issuance of wrapped tokens on Ethereum such as BBTC, which are backed by real tokens locked in public addresses. The total market value of Binance BTokens has now hit $556 million.

The blockchain is currently home to more than 100 projects, 60 of which process large numbers of users and transaction volumes. These include wallets, trading markets, NFTs, oracles, data tools, development tools, payment and insurance. Some of the projects already on BSC are BurgerSwap, ForTube, Injective Protocol, Cream Finance, Chiliz and PARSIQ. BSC also supports 42 cryptocurrencies across the chain to BSC as of this month, with a total of $1.37 billion of cross-chain assets.

With 850,975 active addresses on the blockchain, BSC processes almost 40% of the amount of transactions processed on Ethereum at 473,000 per day, despite the average gas fee being just 2-3% of Ethereum’s at $0.07.

Looking to the future, BSC aims to use solutions such as Wallet Direct to ensure cross-chain transactions, as well as centralised and decentralised finance (CeFi and DeFi), are bridged well, while strengthening security and making tools and APIs easy to adopt. It will also aim to attract more real world use cases by building a complete and secure DeFi infrastructure. BSC will encourage mass adoption by concentrating on specific market segments like fan tokens and gaming, and will create strong developer communities to accelerate original innovations.

The development of the BSC ecosystem is happening in a decentralised manner. A BSC spokesperson explained: “Our position is to match people. That is, we do not develop ourselves, but guide good and suitable projects to do it, and quickly verify the optimal model of growth through resources such as BSC, the acceleration fund, and Binance ecology and community.”

The BSC team is exploring many types of decentralised applications they believe will be important in 2021. These include institutional DeFi, synthetics, algorithms, aggregation and integration, gamification, cross-chain and multichain, community and social tokens, and infrastructure and tools. The team added: “There are also other real-world applications for BSC such as stocks and real estate, and you will soon be able to see it on our chain.”

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