Top Binance Smart Chain (BSC) Updates | May Week 4

There’s always a lot of activity surrounding Binance Smart Chain (BSC). To keep users informed of the latest developments concerning BSC, Altcoin Buzz has compiled the latest updates from last week.

Asides from BSC stating reasons why it is the best blockchain for NFTs, other updates on Binance Smart Chain involved Ankr adding an archive node API to BSC infrastructure services and BSC becoming a traceable asset of CipherTrace. Now let’s examine the top updates for BSC from last week.

BSC Lists Reasons Why It Is the Best Blockchain for NFTs

There’s no denying the impact that non-fungible tokens (NFTs) have had. The massive interest in NFTs began with artists and creators minting unique tokens attached to their artworks and then selling or auctioning them through NFT marketplaces.

In regards to the high demand for NFTs, Binance Smart Chain (BSC) stated reasons why it is the best blockchain for NFTs. These reasons include:

  • BSC claims to be designed to be the most inclusive blockchain (allowing anyone and everyone to participate). This is accomplished by its low fees and fast transaction times. Besides, a single transaction has a fee of $0.10 and a transaction speed of only three seconds. This makes BSC arguably the cheapest and fastest blockchain with full NFT functionality.
  • The BSC ecosystem is not only DeFi as “NFTs also play a big role.” The ecosystem currently houses projects like Bounce, Treasureland, Refinable, and BakerySwap. Thus, helping the BSC NFT ecosystem attract millions of users, artists, and creators who don’t want to miss out.
  • The system also boasts of a lot of wallets implementing the ERC721 standard. Such wallets have an excellent security track record. They include the likes of SafePal, Math Wallet, MetaMask, Trust Wallet, and the Binance Extension Wallet.
  • Notably, the BSC ecosystem is incredibly robust. It features bridges that allow cross-chain interoperability, as well as infrastructure and tooling projects. The BSC ecosystem also includes security projects analyzing the network and providing risk assessments, not to mention APIs for seamless data sharing and processing.
  • BSC has also partnered with Transak, giving BSC its own fiat onramp which allows users to buy BEP-20 assets with fiat currency without using exchanges. The BSC ecosystem also integrated payment products like Binance Pay and Binance Card which allow users to spend and receive tokens that are supported.
Ankr Adds Archive Node API to Binance Smart Chain Services

With more teams planning to build their products on BSC, coupled with a lack of convenient tools for developers, Ankr plans to meet the demand with a set of products and services for BSC. They aim to ease things for teams, helping them focus on their product and outsource the infrastructure scaling.

Notably, their services include staking BNB through StakeFi, as well as staking ETH on BSC. They also provide an easy-to-use BSC API with “balanced load and increased initialization times.”

Binance Smart Chain (BSC) Becomes a Traceable Asset of CipherTrace

BSC will be getting analytic support from a top crypto intelligence firm, CipherTrace. According to reports, they will join over 1,000 traceable assets on CipherTrace.

CipherTrace is a blockchain analytics and crypto intelligence platform. They will provide BSC and over 600 dApps based on BSC with crucial intelligence and security features. This is also expected to help BSC identify illegal transactions.

CipherTrace will facilitate Virtual Asset Service Providers (VASPs) to mark suspicious transactions on BSC. This makes it easier to detect fraudulent or illicit activities. VASPs include banks, OTC desks, exchanges, and other financial institutions. Partnering with CipherTrace is also an indicator of BSC’s interest in being regulatory compliant.

Dave Jevans, CEO of CipherTrace, stated that his team is excited to provide analytics support for BSC. He further referred to the blockchain as “… one of the fastest-growing blockchains currently being deployed by developers.”

Liquidifty Marketplace v0.1 Launches on Binance Smart Chain

According to reports, Liquidifty NFT marketplace will build its foundation on BSC. However, Liquidifty plans to later connect with other blockchains and contribute towards making BSC become the Internet of Value.

The official statement also said, “You are welcome to try it. It’s a kind of a soft launch — we still have a lot of things to test and build.”

BNB Price

As of the time of publication, Binance Coin’s price was $359.82 with a 24-hour trading volume of $5,218,254,108. BNB has a market cap of $55,623,090,254.

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