Dear Community,

As Binance Chain continues to build momentum as a leading player in Defi space, the Binance Chain development team keeps building at a breakneck speed. With many successful projects launched in Binance Smart Chain as a tip of the iceberg, let’s take a look at other exciting highlights that happened in October!

Binance Chain Migration

Binance Chain has been running smoothly for more than one year. Its block height exceeds 126MM with more than 152MM transactions submitted by about 797 thousand addresses. We have a total of 257 BEP2 tokens on Binance Chain now. With a total of 153 trading pairs on Binance DEX, some of the newly listed tokens and their projects are hosting trading promotions and activities. Binance DEX closes in on 32 million USD trading volume on CoinMarketCap, CoinGecko in October.

Binance Smart Chain DEFI Ecosystem

There are now 13 projects supported by Binance’s $100 million accelerator fund for developers to build blockchain projects on Binance Smart Chain.

Checkout CZ's AMA about Binance's future plan of Defi and Binance Smart Chain  at Binance Summit: Blockchain Applied.

Highlights


BUIDL Reward Program Updates

Binance officially launched the $100 million Binance Smart Chain (BSC) Accelerator Fund. Through this program, Binance will reward qualified developers equivalent to 30% of gas paid by triggering the registered contracts. A developer leaderboard is now available at binance.org/en/leaderboard. October rewards recipients should have received a total of 1059BNB. Read the announcement here.

Binance Bridge Updates

Check this out here https://www.binance.org/en/bridge

Support More Assets

Binance Panama Service is rebranded with a new name: Binance Bridge. ️It now supports more new assets: ZEC, COMP, MKR, TCT, IOTX, BEL, ELF, PAX, USDC, USDC and SPX. You can read the full announcement here.

USDT Circulation

Asset Proof

To track the circulation of pegged tokens on Binance Chain and Binance Smart Chain, a new dashboard is available here.

Binance Bridge was launched at Oct. 14th. Even though this is still in its early stage, we have witnessed its increasing popularity. Last month,  about 2,500 swaps were made with Binance Bridge. The swap volume was about 270BTC.

BNB Staking

Binance Smart Chain is an innovative solution to bring programmability and interoperability to Binance Chain. Binance Smart Chain relies on a system of 21 validators with Proof of Staked Authority (PoSA) consensus that can support short block time and lower fees. The most staked validator candidates of will become validators and produce blocks. Last month, the total amount of staked BNB doubled and the sum of validator candidates increased to 28.

Staked BNB https://bscscan.com/chart/votingpower7d 

Validators and delegators will earn rewards from transaction fees, like dApp usages. The rewards will not be sent to validator right away, instead, they will be distributed and accumulated on a contract. The reward distribution happens on BC around every day UTC 00:00. You can use Binance extension wallet for staking. To learn more about the staking economics, please read this.

October Block Reward https://explorer.bitquery.io/bsc/miners

BUIDLing

Binance Smart Chain Hackathon

Build for Bharat: DeFi-focused Hackathon and Acceleration Program, An initiative by Binance Chain

Wallet Development

  • Binance Extension Wallet

v1.114.0 is released and verified on Firefox and Chrome App Store. Read more here

Community

The below initiatives are from the community. As most of them are in the testing/Proof-of-concept stage, please be aware of the risks of funding loss and use your own judgment.

  1. BSC Project Spotlight: ForTube & BurgerSwap
  2. Development Tutorials from Math Wallet
  3. Arkane developer integration guide
  4. Community Weekly Report
  5. Keeping DeFi SAFU: Binance Recovers Over $344,000 from Wine Swap Exit Scam
  6. Binance Chain in the media:
Binance’s CZ Views ‘CeDeFi’ as a Complement, Not a Competitor, to DeFi - CoinDesk
Binance’s latest experiment to integrate decentralized finance with its centralized platform, Binance Smart Chain, is not here to beat DeFi, said the company’s CEO during CoinDesk’s invest: ethereum economy program.
What is Binance Smart Chain? - Decrypt
The world’s most popular centralized crypto exchange is expanding its push into DeFi with Binance Smart Chain, a companion to the existing Binance Chain that offers smart contracts and Ethereum compatibility. Will dapp developers embrace it en masse?
Fees You Can Trust: Trust Wallet & Binance Smart Chain’s Fee Structure
In this guide, you will learn about the comparatively low fees charged by Trust Wallet and Binance Smart Chain (BSC). Fees keep the crypto industry going and are, therefore, a necessity. But high…