In a blog post, Binance announced that its Binance Smart Chain (BSC) was adopting the name of the BNB utility token to the Build and Build Chain (BNB Chain).
The BNB token has transcended Binance becoming the blockchain gas token that ‘fuels’ transactions on the BNB chain. The token had became the common currency of use on Binance.com exchange before being widely adopted on BSC.
According to Binance, the token has always been evolving since its introduction:
- It was initially issued in 2017 as an ERC-20 token running on the Ethereum network
- In 2019, it migrated over to Binance Chain and eventually became the fuel for the BSC network launched in September 2020
As a result of its growth on BSC, Binance now sees BNB as the token for a larger ecosystem, supporting activity on both Binance Chain and Binance Smart Chain.
Binance believes that positioning BNB as a token for the BSC ecosystem, serving multiple sectors such as GameFi and NFTs, will see it become key to the introduction of what Binance refers to as MetaFi.
In its plans to create MetaFi, Binance has outlined some technological developments it is going to introduce to the Binance Smart Chain (BSC):
- Introduction of BSC Application Sidechains (BAS)
- New BSC Partition Chains to offload the strain on BSC mainnet
- Introducing on-chain governance mechanisms
- Expanded validator set from 21 to 41 validators to provide more decentralization and boost scalability
According to BSC:
“MetaFi is a future all-encompassing ecosystem that promises to deliver a paradigm shift that will enable seamless interoperability between different projects and blockchains. The combination of these different blockchain projects enables a full-fledged parallel ecosystem serving users from around the globe.
MetaFi is a concept that provides advanced and sophisticated DeFi infrastructure to all the different types of projects such as metaverse, GameFi, SocialFi, Web3, and NFTs and puts them under one umbrella – MetaFi.”
– Binance Smart Chain (BSC)
According to Binance, the BNB Chain remains a community-driven, open-sourced, and decentralized ecosystem despite the rebrand.
RECOMMENDED READING: Understanding BEP-20 Tokens – The Token Standard for the Binance Smart Chain (BSC)
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