Main takeaways
Binance Chain and Binance Smart Chain have merged to become BNB Chain.
Through the concept of MetaFi, BNB Chain will underlie the world’s virtual ecosystem infrastructure.
BNB, which stands for “Build and Build” (formerly called Binance Coin), is the blockchain gas token that fuels transactions on BNB Chain.
In 2017, Binance and BNB were born. Three years later, Binance Smart Chain (BSC) was introduced to the world. As Binance grew bigger and stronger, so did Binance Smart Chain. BSC was born in time for the DeFi revolution, as the public showed increased interest in alternative financial solutions and use cases powered by blockchain. Today, both Binance and BSC remain connected by BNB.
Beyond Binance
BNB is much more than just Binance. BNB has its own living, breathing ecosystem, together with BSC. The vision is that one day everyone will own BNB, so it’s necessary to set it free. For BNB to reach its true potential, Binance and BSC must set sail on different courses. Today, Binance Chain and Binance Smart Chain (BSC) have become BNB Chain.
What is BNB Chain?
Innovation never sleeps, and it’s clear that the future goes Beyond Binance into a world of over 1 billion users. MetaFi is a key part of this process, helping to create a future where interoperability makes lives easier. BNB Chain’s mission is to build the infrastructure powering the world’s parallel virtual ecosystem, and BNB Chain’s commitment to the community is that it will be:
Open
Multi-chain
For creators and inventors
Permissionless
Forever decentralized
Bigger than and separate from Binance
BNB Chain is comprised of:
BNB Beacon Chain (previously Binance Chain) - BNB Chain Governance (Staking, Voting)
BNB Smart Chain (BSC) (Previously Binance Smart Chain) - EVM-compatible, providing consensus layers, with hubs to multi-chains
BNB (formerly known as Binance Coin) stands for “Build and Build.” Along with fueling transactions on BNB Chain (similar to gas on Ethereum), BNB also acts as a governance token. Holding BNB gives you the right to make your voice heard and is necessary to participate in BNB Chain’s decentralized on-chain governance. With this name change also come more benefits users, projects, and developers connected to the BNB Chain community. Over the past year, the community has introduced many technical upgrades for progressive decentralization, including:
Initiating the Bruno hard fork to increase the BNB burn rate
A new BNB Auto-Burn protocol that is objective and verifiable
BNB Chain will also embrace large-scale applications, including GameFi, SocialFi, and the metaverse. In particular:
Scaling from one chain to multi-chain
Boosting the throughput of BSC
Introducing on-chain governance mechanisms
Improving scaling solutions and the expansion of the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers)
Above all, BNB Chain remains a community-driven, open-source, and decentralized ecosystem. The support of its community of users, developers, validators, and delegators is vital to its health. With BNB Chain gaining major technical updates, it’s time for the community to take a decisive step toward MetaFi.
MetaFi: When DeFi meets Meta
Today, the word "metaverse" is used by experts and companies worldwide. For BNB Chain, "meta" means "all-encompassing" or "a means to an end,” rather than denoting a specific reverence to the metaverse. We prefer the term MetaFi.
MetaFi is a blend of a meta ecosystem and finance. MetaFi is a concept that brings together the worlds of the metaverse, DeFi, GameFi, SocialFi, Web3, and NFTs, and puts them under one umbrella.
This is possible thanks to the metadata that defines ownership of assets. MetaFi will allow for a wide range of blockchain functionalities to merge in one ecosystem, and it will be interoperable thanks to well-defined metadata standards used across various platforms and blockchains.
MetaFi will include DeFi products and a mix of fungible and non-fungible assets, powered by community governance models such as that of decentralized autonomous organizations (DAOs).
The goal of MetaFi is to build and foster new ecosystems that would underpin a wide range of digital asset functionalities, boost mass adoption of the metaverse, and provide users with numerous new use cases. Combining these different blockchain tools will spawn a full-fledged parallel ecosystem serving users globally.
None of this will be possible without stable and interoperable projects developed with multi-chain functionality in mind and bridges facilitating the enormous volume of asset and data transfers.
This is where creators, developers, and entrepreneurs have the unique opportunity to build for MetaFi with BNB. The BNB Chain community will build the infrastructure that powers the world’s virtual ecosystem.
Think BNB Chain, Think MetaFi.
As an enthusiast deeply immersed in the world of blockchain and decentralized finance (DeFi), I've closely followed the evolution of platforms like Binance and their associated technologies. My understanding extends beyond surface-level knowledge, encompassing the intricate details and developments in the field. I can confidently delve into the concepts mentioned in the article about BNB Chain, MetaFi, and the broader ecosystem.
Binance and BNB Evolution: The article traces the origins of Binance and BNB, emphasizing the birth of Binance Smart Chain (BSC) in response to the growing interest in DeFi. The article rightly acknowledges the symbiotic relationship between Binance, BSC, and BNB, with the latter serving as the blockchain gas token fueling transactions on BNB Chain.
BNB Chain Overview: BNB Chain, formed by the merger of Binance Chain and BSC, aims to become the underlying infrastructure for the world's virtual ecosystem. The mission is to create a decentralized, open, and multi-chain platform for creators and inventors. This involves the introduction of BNB Beacon Chain for governance and BNB Smart Chain for consensus layers and multi-chains.
BNB (Build and Build) Token: BNB, formerly known as Binance Coin, plays a crucial role in the BNB Chain ecosystem. It acts as both a gas token, facilitating transactions on the chain, and a governance token. Holding BNB grants users the right to participate in on-chain governance, emphasizing the community-driven and decentralized nature of BNB Chain.
Technical Upgrades and Developments: The article highlights key technical upgrades in the past year, including the Bruno hard fork to increase the BNB burn rate and the introduction of the BNB Auto-Burn protocol. These changes align with the vision of progressive decentralization, preparing the platform for larger-scale applications like GameFi, SocialFi, and the metaverse.
MetaFi Concept: The term MetaFi, introduced in the article, refers to a concept that goes beyond the metaverse. It's a blend of meta-ecosystem and finance, bringing together various blockchain functionalities under one umbrella. The goal of MetaFi is to create an interoperable ecosystem, merging DeFi, GameFi, SocialFi, Web3, and NFTs. The concept relies on well-defined metadata standards for interoperability across platforms and blockchains.
Building for MetaFi with BNB Chain: The article emphasizes the role of creators, developers, and entrepreneurs in building for MetaFi with BNB Chain. The community's goal is to develop stable and interoperable projects with multi-chain functionality, facilitating the seamless transfer of assets and data.
In conclusion, the BNB Chain, with its focus on MetaFi, is positioned to play a pivotal role in shaping the future of blockchain ecosystems. The commitment to decentralization, technical advancements, and the integration of various blockchain functionalities demonstrates a comprehensive approach to meet the evolving needs of the decentralized finance landscape.
