- Binance Smart Chain is now supported on Wurmloch, Ethereum and Solana, which increases interoperability between blockchains.
- Binance doubled its smart chain project and invested $ 1 billion in a growth fund for BSC.
- Wormhole is making advances in interoperability and metaverse.
Interoperability and NFTs are the latest trend in cryptocurrencies with the rise in popularity of the metaverse. Binance Smart Chain, one of the largest smart contract platforms, has announced a new incentive to add Web3-dApps and DeFi projects to their network.
Binance Smart Chain adds interoperability capability to compete with Ethereum scaling solutions
The Polygon Network has made consistent efforts to improve the scalability and usability of Ethereum with other blockchains. Polygon contributes the highest percentage to the total value of the Ethereum bridges.
Binance has invested $ 1 billion in its Binance Smart Chain (BSC) project to establish its supremacy in smart contract platforms. After Avalanche and Harmony announced liquidity mining and income farming incentives that offered millions in rewards, Binance Smart Chain announced their plan to add $ 1 billion to the growth fund.
BSC is Polygon’s closest competitor in terms of total value. BSC invested $ 100 million in capital a year ago to support DeFi projects on its blockchain network.
Changpeng Zhao, CEO of Binance, was quoted as saying:
BSC’s growth has attracted 100 million more DeFi users with initial funding of $ 100 million. With the new $ 1 billion contribution, it can disrupt traditional finance and accelerate the global mass adoption of digital assets to become the first blockchain ecosystem with one billion users.
Binance plans to use the funds to develop talent in developer communities, incentivize liquidity mining projects, provide technical support at global hackathons, and incubate new dApps.
The competition between the Layer 1 blockchain scaling solutions is intense with increased on-chain activity on Solana, Avalanche and Fantom. Other cryptocurrency projects are interested in participating in the decentralized metaverse.
The dominance of Polygon in the DeFi ecosystem can be seen in the total number of addresses in the network compared to BSC.
Total number of addresses by chain.
Gwendolyn Regina, Investment Director of the BSC Accelerator Fund, was quoted as saying:
We are pleased that more and more projects are taking part in the decentralized multiverse. BSC is a platform for all growing ecosystems and we want everyone to be a part of it. There is no competition here.
Binance Smart Chain is now officially supported by Ethereum, Solana and Wormhole and connects all ecosystem assets with top layer 2 scaling solutions.
The introduction of BSC is expected to increase its utility and BNB price. BNB has emerged as the cryptocurrency with the highest risk-adjusted returns in the past 24 hours. Experts are optimistic about the native token of the Binance ecosystem.
@HsakaTrades, a cryptocurrency analyst, commented on Binance’s $ 1 billion incentive and BNB’s rebound.