There have been some exciting developments in the Binance Smart Chain (BSC) ecosystem lately. To keep followers informed, Altcoin Buzz takes a look back at the most important ones from last week.
During the third week of October, Binance announced they would be injecting USD 1 billion to develop the BSC ecosystem. Also, AntiMatter collaborated with the BSC ecosystem. Therefore, let’s take a closer look at these and other Binance Smart Chain updates.
1 – Record-Breaking USD 1 Billion Investment in BSC Ecosystem
Binance exchange just set the highest amount of funding in the cryptocurrency sector. The company injects USD 1 billion in accelerator funds into the BSC ecosystem.
It's time to accelerate #BinanceSmartChain's journey towards scaling and mass adoption 🚀
We're announcing the biggest growth fund in the history of crypto – the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry.
— Binance Smart Chain (@BinanceChain) October 12, 2021
According to the announcement, the focus is on developing dApps (decentralized applications) on the BSC ecosystem. This plan has four pillars:
- Investment & Incubation Program: This section involves the multi-chain expansion of the platform. Covering gaming, virtual reality (VR), and several metaverses. This section is also allocated the sum of USD 500 million.
- Builder Program and Investment: This program will be allocated USD 300 million to will be used to host regional and worldwide hackathons, with white hackers benefitting from collaborative bug bounty programs, organizing developer conferences, and assisting with current mainstream development initiatives.
- Liquidity Incentive Program: The program will receive USD 100 million to give liquidity incentives to specific protocols depending on their innovation, TVL, active users, or trading volumes. Also, This fund will increase the liquidity of BSC-DeFi protocols.
- Talent Development: This section will receive USD 100 million for specific goals. For example, Training developer communities and teaching new cryptocurrency investors.
2 – AntiMatter Collaborates with BSC Ecosystem.
Antimatter is a platform that houses decentralized on-chain financial products that include financial NFTs and derivatives. On October 11th, the platform announced its collaboration with the BSC ecosystem, revealing that the $BNB/$USDT endless options have also been launched on BSC.
According to the announcement, users will be able to carry out on-chain endless trading options on the digital assets that exist in the BSC ecosystem. As a result, users will be able to buy put options of tokens at minimal costs.
— AntiMatter ➕/➖ (@antimatterdefi) October 14, 2021
Also, AntiMatter stated: “Seeing the recent explosive growth of BSC, we have decided to leverage this scalable, low cost, secure and lively ecosystem chain to our AntiMatter ecosystem. We believe this decision will support further adoption of decentralized financial products such as on-chain endless options.”
3 – Binance Smart Chain (BSC) Ecosystem Reach New Heights
Another of the Binance Smart Chain updates was revealed. On October 14th, the blockchain reached a new milestone with an all-time-high (ATH) of 1,522,002 daily active addresses.
Also, it’s important to note that this is an impressive achievement as the BSC ecosystem is only a little over a year in existence.
On Thursday, Oct 14, #BinanceSmartChain reached a new ATH for the daily active addresses🥳🥳
— Binance Smart Chain (@BinanceChain) October 16, 2021
4 – BSC to Provide Better Cross-Chain Functionality by Joining Gitcoin’s Hackathon
Gitcoin.co is a system that facilitates the creation of open-source ecosystems via hackathons, grants, and bounties. The system utilizes measures that interest most developers and makes the process of creating infrastructures and products for the future of blockchain and Web3. Gitcoin.co is also a subsidiary of Gitcoin.
- Interested teams will be able to participate and solve a minimum of one of the two assignments.
- These assignments are geared towards ensuring improved interoperability and cross-chain functionality for NFTs.
- The total prize is USD 50,000
We are joining @gitcoin's DeFi & Cross-Chain Interoperability Hackathon with our own NFT focused challenges🥳
The hackathon starts today!
Learn more 👇 https://t.co/iMTWKJ7kco
— Binance Smart Chain (@BinanceChain) October 18, 2021
$BNB Price Information
As of the time of publication, the price of $BNB was $492.44 with a 24-hour trading volume of USD 2,010,985,640. $BNB price also rose by 2.8% over the last 24 hours. Besides, it has a circulating and total supply of 168 Million BNB coins.
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