The BNB Chain ecosystem has seen remarkable growth and development since its mainnet launch. Through the collaborative efforts of the community, significant progress has been made, with continuous functional enhancements. Let’s take a look at the key achievements from August 2020.
Network Migration and Performance
After nearly a year of stable operation, BNB Chain reached a block height of over 112 million, recording more than 120 million transactions. The total number of on-chain addresses surpassed 720,000, with 196 tokens issued on the network.
One of the core features of Binance DEX is its community-driven listing process. Community members can track new token listing proposals directly through the explorer, including validator voting details. More comprehensive proposal information is shared on the forum, ensuring transparency. This open approach has attracted a growing number of projects. In August alone, the community initiated 9 listing proposals.
Binance DEX hosted 140 trading pairs, with many projects organizing trading competitions. The total trading volume on Binance DEX in August exceeded $25 million. Updated volume metrics can be found on platforms like CoinMarketCap and CoinGecko.
Introduction of Binance Smart Chain
The mainnet of Binance Smart Chain (BSC) officially launched in September 2020. Operating in parallel with BNB Chain, BSC supports smart contract creation and BNB staking mechanisms. Individuals and institutions interested in participating can delegate BNB to become validators on this new blockchain.
The BSC whitepaper was published in April 2020, and just five months later, the mainnet went live. Designed as a parallel chain to BNB Chain, BSC enables token smart contracts and introduces a staking mechanism powered by BNB, one of the world’s leading crypto assets.
BNB Staking Competition
In preparation for the launch of BNB staking rewards, Binance organized the “Stake Wars” event. With a prize pool of 3,000 BNB, the competition provided Binance users and the broader community an opportunity to engage in cross-chain interactions between BNB Chain and BSC.
Throughout the “BNB Staking Battle,” participants performed binding, delegation, and unbinding operations to simulate real-world usage scenarios. Winning validators were granted the chance to become mainnet validators on Binance Smart Chain. The event also helped verify the stability and reliability of BSC ahead of its mainnet debut.
Following the mainnet launch, BNB gained more utility across various DeFi applications.
Participant Feedback
Selected contributors shared their experiences:
- Tigdar: “Overall, it was a great learning experience about Binance Smart Chain. I hope there will be more competitions to deepen our understanding. Thank you to everyone involved and to Binance for the opportunity.”
- nhson: “It was a fun competition week. I optimized my script to stay competitive with other nodes doing the same. In the end, luck still played a role. Shout out to gato, tigdar, zzz, and others who had excellent scripts and consistently high scores.”
- dominator008: “Both the staking functionality of BC and BSC’s compatibility with the Ethereum toolchain stood up well to testing. I look forward to BSC’s successful mainnet launch and building interesting projects on it.”
Advantages of Building on Binance Smart Chain
High Performance
BSC uses a Proof of Staked Authority (PoSA) consensus mechanism, combining elements of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA). The network operates with 21 validators and produces a block every 3 seconds—based on testnet data—laying a high-speed foundation for DeFi protocols. Validators earn BNB rewards for maintaining the blockchain, ensuring both stability and incentives without compromising transaction speed.
Native Cross-Chain Capability
To enable seamless asset transfers across different blockchains, Binance has implemented cross-chain infrastructure on both BNB Chain and BSC. This offers users and developers greater freedom, choice, and flexibility.
Diverse and Growing Asset Ecosystem
BNB Chain has pegged several major cryptocurrencies with their own blockchains, including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, EOS, and Tron. This mechanism will continue to expand the range of assets on BSC, supporting more DeFi protocols involving major cryptocurrencies and stablecoins.
Oracle Integration
BSC has successfully integrated leading oracle solutions. With Band Protocol’s oracle, developers can access a wide range of cryptocurrency price data for use in their applications.
Wallet Development
Multiple wallets added support for Binance Smart Chain, improving accessibility and user experience:
- Binance Chain Extension Wallet
- Trust Wallet
- Math Wallet
- TokenPocket
- BitKeep Wallet
Ecosystem Growth
The BSC ecosystem expanded with new tools and platforms:
- BscScan, a block explorer by Etherscan
- DeBank for tracking BSC projects
Additional initiatives included:
- Binance’s “BNB Anti-Black Hole” program and adjustments to the BNB burn mechanism
- A $100 million seed fund to support DeFi projects on BSC
- The Token Canal Project to enhance cross-chain interoperability
Community Contributions
The following community-led projects were in testing or proof-of-concept stages. Users were advised to exercise caution regarding potential risks and financial losses:
- Asset creation on BSC via MyWish
- BurgerSwap launch on BSC—a democratized AMM protocol
- BSCswap launch—an automated market-making protocol
- Participation guide for Yield Farming on SwapTuna
- Rocket Game launch on BSC
Media Coverage
Several media outlets covered the launch and developments of Binance Smart Chain:
- Reports on the mainnet launch
- Educational articles explaining BSC’s features and benefits
Frequently Asked Questions
What is Binance Smart Chain (BSC)?
BSC is a blockchain that runs in parallel to BNB Chain, supporting smart contracts and staking mechanisms. It is designed for high performance and cross-chain compatibility.
How does staking work on BSC?
Users can delegate BNB to validators to secure the network and earn rewards. The process involves binding, delegation, and unbinding operations.
What makes BSC suitable for DeFi?
BSC offers high transaction speeds, low fees, cross-chain support, and a growing asset ecosystem. It also integrates with oracle solutions for reliable data feeds.
Which wallets support BSC?
Popular options include Trust Wallet, Math Wallet, TokenPocket, BitKeep, and the Binance Chain Extension Wallet.
How can developers start building on BSC?
Developers can access comprehensive documentation, use existing Ethereum tools, and apply for funding through the $100 million seed fund.
What was the BNB staking competition?
The “Stake Wars” event allowed users to test staking mechanics and compete for rewards. It helped validate the network’s stability before the mainnet launch.
For those interested in exploring more tools and strategies for blockchain development, you can discover advanced ecosystem guides.