The Binance Smart Chain Tokenbase list, as seen in figure 2, will be updated and expanded over the upcoming months. Our recent article about USDC also showcased why it is important to identify tokens on a token layer instead of an asset layer, as each of those USDC tokens runs on a different blockchain with an individual token address creating the need for additional identifiers. Binance Coin (BNB) is the native token of the Binance Chain and the Binance Smart Chain while wrapped Binance Coin (wBNB) is an application layer token that runs on top of Ethereum and Tron and is connected across the networks via the Binance Bridge. Binance Coin and wrapped Binance Coin for example represent the same asset but they still look different from a technological perspective. The current developments in cross-chain interoperability validate the ITIN’s underlying assumption that each token needs to be identified on a token layer instead of an asset layer. Token bridges will be an essential way of networking the different blockchains.
Binance Smart Chain list added to TokenbaseĪs blockchain technology and adoption advances, the need for interoperation between different platforms is ever more necessary.
In terms of daily volume, PancakeSwap is reportedly the second-largest decentralized exchange behind Uniswap while having by far the most active users as can be seen in figure 1. PancakeSwap is part of the rising wave of DeFi services that enable crypto traders to conduct transactions with trade tokens without a middleman taking a significant cut of the funds. That allows you to make the swap you want, and users who keep their coins in the pool earn rewards in the form of CAKE all the while. Rather than dealing with an order book and finding someone else who wants to swap the tokens you have for the ones you want, users lock their tokens into a liquidity pool via smart contracts. Like many other DEXs, PancakeSwap is built on an automated market maker (AMM) system, which relies on user-fueled liquidity pools to enable trades. In its eleven-month existence, a lot of decentralized finance (DeFi) projects have been built on it, the most popular being the decentralized exchange (DEX) PancakeSwap with its token CAKE.įigure 1: Total trading volume of the most prominent DEXs (Source: ) Having only 21 validators on the network makes it highly centralized in comparison to other blockchains. Instead of having validators across the network like Ethereum, BSC only utilizes 21 validators that are chosen from the network and are responsible for the validation of new blocks. BSC is quite centralized and employs a proof-of-stake authority consensus mechanism. However, the main difference is decentralization. BSC is an Ethereum Virtual Machine-compatible chain, which means that the network uses similar logic to the Ethereum blockchain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB). In consequence, the BSC-based DeFi project PancakeSwap has reached over 200,000 active daily users and a daily trading volume of over 300M$, ranking it second after UniSwap V3.Īuthors: Christian Viehof, Maximilan Bruckner The rise of Binance Smart Chainīinance Smart Chain was launched in September 2020 as a parallel blockchain to Binance Chain. The largest change is BSC's consensus mechanism, which allows for cheaper and faster transactions. However, BSC developers have made significant changes in some key areas.
BSC is a hard fork of the Go Ethereum (Geth) protocol, which is why there are a number of similarities between Ethereum and BSC. Since BEP-20 and ERC-20 are almost identical, BSC is compatible with both. BSC tokens are compliant with the BEP-20 standard. ITSA now supports Binance Smart Chain (BSC)īerlin, AugThe International Token Standardization Association released a list with the top 10 BEP-20 tokens by market capitalization in the Tokenbase.
0 kommentar(er)
