The year 2020 turned to be one of the most remarkable points in Binance’s history as the leading crypto exchange initiated Binance Smart Chain (BSC) – a new blockchain that functions in parallel with Binance Chain. Despite being seen as Ethereum’s competitor, the primary objective of this launch, as CEO Changpeng Zhao stated in an interview with CoinDesk, is not to be “the Ethereum killer.” In fact, the blockchain aims to create a pro decentralized ecosystem which is more user-friendly and can leverage other high-quality DeFi projects listed on Binance.
The initial attempts have led to impressive results. While the Ethereum network is overloaded with the amount of asset transfers, BSC has stepped into its strength, resulting in a wide variety of successful projects such as Injective, Venus, Cake, etc.
However, in comparison with the reliable Ethereum, the blockchain is quite new, much remains to be completed. Hence, it is important to look forward to what the Binance Smart Chain 2021 roadmap might hold.
Binance Smart Chain 2020 Milestones
Four months after the release of Binance Smart Chain (September 2020), the blockchain has obtained its first achievements from the aspect of adoption as well as venture, representing through the number of users, the number of current projects listed on BSC and the number of transactions to be processed.
Let’s take a reminiscent look at some memorable starts of Binance Smart Chain over the last few months:
- Sept. 2020: TWT, a Trust Wallet’s token, officially launched on the BEP20 platform and Trust Wallet executed the token airdrop to millions of Binance users. An estimated 470,000 transactions were processed.
- Jan. 2021: Binance successfully launched Launchpool for BTCST, a BEP20 token, which performs the rewards in return for staking. Over $1,255 billion, including 10.43 million BNB, 18,600 Bitcoin, and 186 million BUSD, participated in staking to farm BTCST.
- As of Jan. 2021, there were 42 cross-chain projects developed on BSC, the total value of these assets reached $1.37 billion.
- Of more than 100 projects integrated Binance Smart Chain, approximately 60 projects have a large number of users and transaction volume. Currently, BSC has supported many potential projects, from Oracles, insurance, payments to development tools, data tools, NFTs, and derivatives markets.
- There are currently 850,975 active wallet addresses on BSC, about 473,000 transactions per day, equivalent to 40% of total transactions on Ethereum. On the other side, traders get a gas fee at only $0.07 while Ethereum’s average gas price is 2-3% higher.
Binance Smart Chain 2021 Vision: Internet of Value
According to BSC official agenda, the focus for 2021 is on building “cross-chain financial infrastructure that unlocks the Internet of Value.”
In 2021, the BSC team will continue to develop cross-chain communication among multi blockchains. Implementations currently support the interconnection between BC and BSC. BSC also aims to build bridges to connect DeFi and CeFi.
But it’s not just about the cross-chain financial infrastructure. As the team explained, the concept of the Internet of Value will be formed under different dApps’ interactions. The bridges that BSC is building will power the convergence and create more value.
In general, BSC will support the transfers of digital assets across multiple blockchains and assist developers in building their decentralized apps on Binance’s new blockchain.
2021 Core Missions
Following its roadmap for 2021, the BSC team has formed strategic partnerships with many projects in the BSC ecosystem. It also detailed four core missions to remain committed to its vision of Internet of Value, including:
- Reinforce infrastructure and services: For further development, BSC wants to ensure users can connect into its emerging infrastructures being most developed, APIs as well as tools must be easily connected to support cross-chain transactions, and bridges between CeFi and DeFi must also be secure and durable.
- Pursue a secure, reliable and holistic DeFi ecosystem: DeFi applications built on BSC must meet the institutional requirements, so that BSC can enhance liquidity of assets and achieve more institutional adoption.
- Drive mass adoption: Target specific market segments such as gaming, community token and many more.
- Build a strong developer community: Foster original initiatives and assist high-performing developers.
Currently, BSC demonstrates a specific interest in the following sectors and projects:
- Algorithms: BSC supports the transmission of algorithm-oriented assets. Featured Projects: ditto (elastic supply token on BSC), bdollar (algorithmic stablecoin on BSC).
- Aggregation and Integration: Protocols that aggregate and integrate multiple yield and other sources play an important role in DeFi’s development. Featured projects: beefy (yield optimizer), Bearn.fi (cross-chain auto-yield farming), OpenOcean (DEX aggregator), Xend (DeFi for credit unions and cooperatives).
- Cross-chain and Multichain: As part of BSC’s design principles, cross-chain communication acts as a critical solution to connect blockchains. Featured projects: BTCST (token anchored on Bitcoin computing power, Anyswap (cross-chain exchange), NerveNetwork (cross-chain asset network), PolyNetwork (cross-chain network), renVM (multichain solution).
- Gaming: Gaming sector is an early application and use case for blockchain networks like BSC. Featured Project: Blink (gaming token), Rocketgame (Decentralized gaming platform).
- Community and Social Tokens: The application of NFTs and specialized tokens through the BSC provides a unique solution to build digital content and social network. Featured projects: Chilz (fan tokens), Realy (luxury NFT platform).
- Synthetics: BSC will also assist in creating synthetic assets, or asset combinations of derivative products. Featured project: Mettalex (exchange derivatives).
- Institutional DeFi: BSC brings together the proper tools to help developers build advanced DeFi services such as liquidity mining. Featured project: Allianceblock (decentralized capital market).
- Infrastructure and Tools: The core of building multiple infrastructure applications on BSC is to support developers in implementing smart contracts, monitoring data and many more. Featured projects: Bitquery (blockchain data), PARSIQ (cross-chain monitoring), Tenderly (smart contract monitoring), BSCscan (blockchain explorer), ChainIDE (smart contract deployment), Mywish (smart contract creation contract), Nownodes (blockchain infrastructure).