THELOGICALINDIAN - The rebrand is allotment of Binances advance to embrace GameFi and Metaverse applications
Leading crypto barter Binance has appear that its two blockchains will now be accepted accordingly as BNB Chain.
Binance Rebrands Its Blockchains
Binance has renamed its blockchains.
In an announcement acquaint Tuesday, the world’s better crypto barter appear that it had rebranded its two blockchains beneath a distinct unified name: BNB Chain.
Binance calls BNB Alternation “the change of Binance Smart Chain.” It comprises Binance Chain, the exchange’s babyminding and staking chain, and Binance Smart Chain, its Ethereum-compatible accord layer. Now, Binance Alternation will be accepted as the BNB Beacon Chain, and Binance Smart Alternation will become the BNB Smart Chain.
Functionally, annihilation has afflicted afterward the amend except the names by which these two blockchains will now be known. In the aforementioned announcement, the close additionally antiseptic that the BNB acronym, ahead acclimated as an abridgement for Binance Coin, stands for “Build and Build” and will now booty a added arresting role in the blockchain’s branding.
The new anatomy for the BNB Alternation carefully resembles that of the Fantom network, a aggressive Ethereum-compatible blockchain. Fantom comprises a abject alternation that handles badge staking and an beheading band alleged Fantom Opera, area all the acute affairs congenital on the arrangement are deployed. Likewise, the BNB Beacon Alternation handles badge staking and governance, while the BNB Acute Alternation hosts the acute affairs for DeFi and gaming protocols congenital on the network.
In an added blog post answer the rebrand, Binance declared that the new BNB Alternation would embrace all-embracing applications, including GameFi, SocialFi, and the Metaverse. Most prominently, the barter affairs to calibration the BNB Alternation from one alternation to assorted chains in the future. However, capacity on absolutely how Binance affairs to do this were not mentioned.
In contempo months, Binance Smart Chain, as it was aforetime known, has lagged abaft added Ethereum competitors. Most notably, Terra overtook it as the second-largest arrangement by absolute amount bound in December. Since then, Terra has anchored its position and currently hosts $15.03 billion in assets compared to Binance Smart Chain’s $13.37 billion.
By rebranding its blockchains to a distinct BNB Chain, the barter appears to be advancing to advance aback adjoin its crumbling bazaar position. The barter has coined a new blend buzzword, “MetaFi” that refers to projects accoutrement the Metaverse, DeFi, GameFi, SocialFi, Web3, and NFT domains and puts them beneath one umbrella. Through MetaFi, the close looks able to capitalize on a new beachcomber of blockchain use cases through its unified BNB Chain. However, with hot antagonism from several added Layer 1 chains, how acknowledged these efforts will be charcoal to be seen.
Disclosure: At the time of autograph this piece, the columnist endemic ETH, LUNA, and several added cryptocurrencies.
