![]() ![]() Daily transactions spiked in December 2021 – Credit: While down from 2021 highs, this figure is slightly higher year-on-year, BNB Chain having logged 4.38 million transaction on 14 June 2021. On 14 June 2022, 4.5 million transactions were logged. Using charts from Binance’s official explorer BscScan, we can see that daily transactions on BNB Chain reached their peak during December 2021, having reduced considerably since then. Have you been asking yourself, what is BNB Chain used for and what its strengths and possible weaknesses are? Then be sure to read on. In the following article, we look under the hood of BNB Chain. Touting significantly lower transaction costs – approximately 1/7th those of Ethereum – and three-second block times against Ethereum’s 15 seconds, as well as BNB Chain’s seamless compatibility with the Ethereum Virtual Machine (EVM), the blockchain has seen a large migration of users over the past year. Since launching in the latter stages of 2020 as a major upgrade to Binance Chain, BNB Chain (formerly Binance Smart Chain) has quickly grown into one of the most widely used smart contract platforms, most notably in the decentralised finance (DeFi) marketplace. What recourse does Binance make available?.With your wallet connected to the BSC network, you’ve made it into the growing world of Centralized DeFi (CeDeFi). If you accidentally skip this step, the Ethereum network the wallet defaults to will not connect to BSC DApps. Within MetaMasks mobile app, you will see the BSC network available inside a dropdown menu of network options. When your transaction has been confirmed, your BEP-20 token should show up inside your wallet.ĭepending on the wallet you chose, the BSC network may need to be manually added. Connect your wallet to Binance Smart Chain.When you’ve successfully transferred BNB from the Binance exchange to your wallet of choice, you’re ready for step 4. With your wallet downloaded and your seed phrase secured, reopen your Binance app and withdraw your BNB. Keep this phrase secret and secure it in a safe place - it's the only way to access your crypto should you need to recover your wallet. Whichever wallet you choose, you’re going to want to make note of the seed phrase. Each connects seamlessly with the BSC network. MetaMask and Trust Wallet are 2 of the most popular options. In order to transfer your BNB out of the exchange and interact with DApps on BSC, you’ll need to download a cryptocurrency wallet with connectivity features. When withdrawing BNB from the Binance exchange to your wallet, as described further in step 3, be sure to specify Binance Smart Chain (BSC) as your transfer network. ![]() The token standard for BNB on Binance Chain is different from the BEP-20 standard necessary for transactions on BSC. Remember, Binance Chain is the original blockchain running parallel to BSC. ![]() Just hang tight as the transaction is processed. ![]() Click the verification button within your email and voila, you’ve done it. Make sure you check your spam folder if you aren’t immediately notified of new mail. With the order placed, you’ll have to verify the transaction. You can also buy BNB directly at the current market price. Should you choose to move forward, the Binance app leads to another screen where parameters for limit and stop prices can be set. When you’ve chosen your base pair, the buy button is prominently displayed. Purchasing the coin is as easy as clicking a few buttons. When you’ve passed your identity verification process and successfully transferred Bitcoin (BTC) or fiat to the exchange, you’re ready for step 2.īinance Coin (BNB) is available for trading against a number of base pairs on the Binance exchange. The ACH process for deposits and withdrawals may take a while, depending on your bank’s response to the initial request. You may also need to connect your bank account for fiat transfers into the exchange. Remember, your identity will have to be verified through the exchange’s Know Your Customer (KYC) process. consumers, try Binance.US.īefore you create your account, make sure you have the appropriate documentation at your disposal. Binance offers a large array of cryptocurrencies and some great tools for trading. As you’ll need BNB in your wallet to explore DApps in the BSC ecosystem, a Binance account is in order. ![]()
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