BNB Chain and MetaMask Resolve Glitch Affecting opBNB Gas Fees

Key Takeaways

BNB Chain and MetaMask have resolved a glitch that made opBNB’s gas fees appear unusually high.

The issue was due to MetaMask’s default minimum recommendation price for gas, which was not aligned with opBNB’s lower gas fees.

The corrected algorithm now accurately reflects opBNB’s lower gas fees, offering users fast, cheap, and secure transactions.

The Glitch Explained

MetaMask had initially set a default minimum recommendation price for gas based on the average of all networks. While this approach generally works for most Layer 1 (L1) and Layer 2 (L2) networks, it did not align with the gas price structure of opBNB. As a result, users were under the impression that opBNB was more expensive or slower than it actually is.

Collaboration for a Solution

BNB Chain reached out to MetaMask to address the issue. MetaMask was “extremely helpful and agreed to update their algorithm to accurately reflect the true opBNB gas price,” according to BNB Chain’s official statement. This collaborative effort led to an immediate solution, ensuring that the gas fees displayed are now in line with what opBNB actually charges.

Verifying the Fix

Users can verify the corrected gas fees by switching to the opBNB network on MetaMask and comparing the gas fee with other networks. The update aims to provide a more accurate representation of opBNB’s competitive advantage in terms of lower gas fees, especially when the network is not congested.

Implications for the Web3 Ecosystem

The resolution of this glitch is a significant step towards building a more robust and user-friendly Web3 ecosystem. It not only saves users money, time, and energy but also supports a decentralized and scalable blockchain.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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BNB Chain Introduces Web3 Verification Tool

In a recent development, BNB Chain has taken a proactive step to combat the increasing threats posed by malicious entities in the Web3 space. On September 14, 2023, the organization announced the launch of a verification tool designed to help users identify and differentiate genuine affiliations from potential threats.

BNB Chain’s official Twitter handle, @BNBCHAIN, shared, “In an effort to fight back against bad actors in Web3, we’ve developed a simple verification tool ✅.” This tool allows users to swiftly verify the authenticity of websites, news publications, or social accounts that claim affiliation with BNB Chain. The verification tool can be accessed via this link. 

Furthermore, in light of the mainnet launch of opBNB, BNB Chain has expressed concerns about the possibility of bad actors leveraging this event to propagate fake bridges, deceptive websites, and counterfeit social media profiles. They emphasized, “Bad actors in Web3 may use this occasion to promote fake bridges, scam websites, and imposter social media accounts.” To ensure users’ safety and to direct them to the legitimate opBNB bridge, BNB Chain provided the official link: (

(Read Exclusive Interview with BNB Chain by Blockchain.News)

It’s essential for users to remain vigilant and utilize the provided verification tool to steer clear of potential threats in the ever-evolving Web3 landscape.

About BNB Chain

BNB Chain, previously known as Binance Smart Chain, represents an evolution in the blockchain ecosystem. It was introduced to underpin the global virtual ecosystem infrastructure through the concept of MetaFi. The name “BNB” stands for “Build and Build.” This rebranding was not just a name change but also an effort to draw a connection to Binance’s BNB token, which serves as the governance token for the chain. The BNB Chain is designed to be a sovereign smart contract blockchain that offers Ethereum Virtual Machine (EVM) compatible programmability. This adaptability allows it to cater to a wide range of decentralized applications and projects.

The BNB Chain has been developed with a focus on consensus mechanisms, with the BNB Beacon Chain and BNB Smart Chain validators operating on different types of consensus. One is based on a Tendermint-like consensus, while the other utilizes Proof of Stake Authority (PoSA).

Throughout its existence, BNB Chain has consistently advanced in the blockchain industry, prioritizing improvements in security, scalability, and decentralization. The launch of resources such as the Web3 security verification tool underscores their dedication to providing a secure and dependable platform for their community.

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BNB Chain Announces Ecosystem Catalyst Award Winners

BNB Chain, a prominent blockchain ecosystem, announced the winners of its Ecosystem Catalyst Awards on September 6, 2023. The awards ceremony aimed to recognize and celebrate key contributors in various segments of the BNB Chain ecosystem.

Award Categories and Winners

The awards were divided into four main categories:

Decentralized Finance (DeFi) Segment: Winners included PancakeSwap, MAV Protocol, Izumi Finance, Helio Money, and Alpaca Finance.

Gaming, NFT & the Metaverse Segment: Second Live Real, Element Market, Burger Cities Bar, Playbux Co, and Meta Merge were the awardees.

Infrastructure Segment: Polyhedra ZK, Layer Zero Labs, Galxe, BscScan, and Cyber Connect HQ were recognized.

Innovation Excellence: Dmail Official, Hooked Protocol, MathVerse NFT, Chain GPT, and received accolades.

Significance of the Awards

The Ecosystem Catalyst Awards serve as an important milestone in recognizing the “dedication, creativity, and vision” of developers and organizations that are pushing the boundaries of what’s possible in the blockchain space. According to BNB Chain, these contributors have played a “vital role in shaping the future of the BNB Chain ecosystem.”

Community Response

The announcement has been met with widespread approval and enthusiasm from the blockchain community. BNB Chain expressed its “sincere appreciation to all our finalists for their important contributions to our ecosystem.”

Future Implications

The awards are expected to drive further innovation and collaboration within the BNB Chain ecosystem. As BNB Chain stated, “Together, we’ll keep driving the BNB Chain ecosystem to new heights.” BNB Chain provides “cross-chain/multi-chain infrastructure and interoperability to lay the foundation for the next 1 billion Web3 users making it super easy for Web3 Gaming, NFTs and Metaverse dApps to scale.” Read more on exclusive interview by Blockchain.News with BNB chain.

Data-Driven Perspective

As of the latest data, BNB Chain has been experiencing steady growth in terms of user engagement and transaction volumes. The awards could serve as a catalyst for attracting more developers and users to the platform, thereby potentially increasing its market share in the competitive blockchain space.

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BNB Chain: Driving the Next Billion User Revolution in Web3, NFTs, and the Metaverse – An Exclusive Interview

Blockchain technology has been a game-changer, fueling the rise of decentralized applications and introducing novel concepts like Web3, NFTs, and the Metaverse. Leading this significant transition is BNB Chain, a platform dedicated to creating cross-chain/multi-chain infrastructure and interoperability. They aim to lay the groundwork for the next 1 billion Web3 users, making it effortless for Web3 Gaming, NFTs, and Metaverse dApps to scale.

In our exclusive interview today with Walter Lee, Web3 Gaming Growth Lead  in BNB Chain Innovation, we delve deeper into the strategies BNB Chain is employing to reach this ambitious target, their plans to bridge the gap between decentralized technologies and traditional users, their approach to keeping transaction fees affordable, and a sneak peek into some upcoming updates and features. We also touch upon BNB Chain’s competitiveness in the rapidly evolving blockchain space and their unyielding support for the development of decentralized applications (dApps). Keep reading to discover their innovative strategies, upcoming developments, and insights on the future of Web3.

BNB Chain aims to reach 1 billion users. What strategies are in place to achieve this ambitious goal?

BNB Chain provides cross-chain/multi-chain infrastructure and interoperability to lay the foundation for the next 1 billion Web3 users making it super easy for Web3 Gaming, NFTs and Metaverse dApps to scale.

To accommodate a large number of users, BNB Chain will improve performance and scalability. In addition to its storage network BNB Greenfield, it has optimized its infrastructure by implementing layer 2 solutions including opBNB into BNB Chain’s modular stack. Its EVM-compatibility means that it will be a value-add to the network and handle increased transaction volume and user demand

Performance improvements including its Layer 2 solutions such as opBNB is able to hit around 4K TPS. Also, it has an estimated 90% reduction in gas fees at $0.005. This creates a responsive and low latency environment for users.The gaming industry is huge and growing at a rapid pace, there are an estimated 3 billion gamers out there and there has been a lot of growth for web3 gaming on BNB Chain in recent times. Hence, we believe that Gaming will be one of the key verticals for BNB Chain to achieve 1 billion users!

How does BNB Chain plan to bridge the gap between decentralized technologies and users who still rely on consistent, centralized relationships and identities?

Web3 technology is not exactly a revolution for existing industries, it is in fact a market expansion. BNB Chain understands that existing users cannot be disrupted instantly. There has been observable maturity in the development growth in the web3 space to bridge this gap, starting from the user journey. For most dApps, there has been a move away from “forcing” users to connect to a blockchain wallet. Instead, dApps could leverage social logins to generate wallets attached to the social identity and assets would be automatically dropped into the linked wallet. Users would then be empowered to make their own decisions in terms of managing the owned assets.

For developers, BNB Chain’s goal is to provide the best and most extensive infrastructure for true web3 developments. For example, BNB Greenfield, which is a decentralized storage platform designed to revolutionize the data economy by utilizing the power of decentralized technology for data ownership and management. Built within the BNB Chain ecosystem, this platform introduces a decentralized approach to data management that seamlessly integrates with BNB Smart Chain (BSC).

Features include:

  1. Native integration of data permissions and management logic onto BSC as exchangeable assets and programmable smart contract programs.
  2. Providing of developer-friendly API and performance equivalent to popular Web2 cloud storage solutions;
  3. Comprehensive incentivization of all participants of the network to ensure high-quality service and a sustainable ecosystem

Compared to other decentralized storage services like IPFS, Filecoin, Arweave, and, Greenfield offers several advantages. It is designed to be highly scalable, cloud-native, and compatible with both Web2 and Web3 standards. It provides strong performance and reliability regardless of the amount of data being stored. The integration with BSC and the EVM environment allows for fully programmable capabilities and a wide range of use cases.

Overall, the web3 industry is still very young so there will be continued innovations that will aid users and developers in adding benefits and features to various industries such as in Finance and Gaming.

Can you tell us about BNB Chain’s transaction fees, and what measures are in place to keep them affordable for users?

BNB Chain’s transaction fees have been one of the lowest in the industry, starting off at around 5 gwei. In recent times, BNB Chain’s validators have opted towards reducing that further in order to encourage competitiveness, which will result in positive ecosystem growth. As of April 2023, BNB Chain’s gas fees have further reduced to 3 gwei, and that is around a few cents per transaction.

On top of that, BNB Chain has recently launched the testnet for opBNB, which will further reduce the gas fees by around 90% to $0.005! This should be very exciting for both developers and users, opBNB is expected to launch into the mainnet in Q3 this year.

Can you discuss any upcoming updates or features that users can look forward to on BNB Chain?

opBNB – The opBNB Testnet is live and we are calling on testnet Validators and dApp Builders to try the Testnet and provide feedback.

opBNB represents our commitment to ensuring a seamless and efficient experience for users, developers, and projects on BSC. This development is part of our ongoing mission to bring the power of blockchain to everyone while embracing and driving forward innovation.

opBNB is BSC’s answer to the scalability challenge that has limited the mass adoption of blockchain technology. As an Ethereum Virtual Machine (EVM) compatible layer 2 chain, opBNB solution is based on Optimism OP Stack to further enhance BSC scalability while preserving affordability and security.

Optimistic Rollups was proposed to reduce the computational load on the main chain by executing transactions off-chain and only posting transaction data on-chain as calldata. This approach drastically improves scalability by bundling multiple transactions together before submitting them to the main chain.

The mix of BSC’s strong ability and opBNB’s dedicated new features, which includes making data access easier, improving the cache system, and adjusting the submission process algorithm to allow simultaneous operations (also known as batcher), allows OpBNB to push the gas limit up to a whopping 100M. This is a big jump from Optimism’s 30M (source: link). Thanks to these new features, OpBNB can handle over 4000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD. By harnessing the power of Optimistic Rollups, opBNB moves computation and state storage off-chain, alleviating congestion and driving down transaction costs.

BNB Greenfield – The BNB Greenfield testnet is live and the community is calling on testnet Validators, Storage providers (SPs), and dApp Builders to join the decentralized storage tech stack to shape the future of data ownership in Web3.

BNB Greenfield is an innovative blockchain and storage platform that seeks to unleash the power of decentralized technology on data ownership and the data economy. It is a decentralized, open-source storage chain with BNB as its token.

With a focus on facilitating decentralized data management and access, Greenfield aims to revolutionize the data economy by easing the storing and management of data and linking data ownership with the DeFi context of BNB Smart Chain (BSC).

  1. Greenfield, a decentralized storage chain using BNB tokens is now Live, marking asignificant milestone as it implements core features outlined in the whitepaper. Developers can explore various features like account creation, data storage, access control, cross-chain communication, storage provision, node validation, and staking.
  2. Greenfield aims to offer the fastest data service among decentralized storage solutions with cost-effective features, comparable to Web 2 cloud storage. This sets the stage for widespread adoption.
  3.  A native relayer links BSC and Greenfield, enabling BSC Dapps to integrate with Greenfield using a simple SDK and minimal development. Upon Greenfield mainnet launch, thousands of Dapp data sets will be available, fostering rapid ecosystem growth and easing data-related innovation compared to other chains.
  4. Users will have control over their data, meaning they can decide who can access it and set the access fees. This broadens ownership from assets to data.
  5. The BNB token’s use will extend to large-scale data storage and trading, which will enhance its value over time

What sets Greenfield apart from existing centralized and decentralized storage systems are its three key components:

  1. Data Ownership: Users own the data and can grant permissions either manually or programmatically.
  2. EVM Compatibility by Integration with BSC : It allows Ethereum-compatible addresses to create and manage both data.It natively links data permissions and management logic onto BSC as exchangeable assets and smart contract programs with all other assets.
  3. High Performance Rich API/SDK: It provides developers with similar API primitives and performance as popular existing Web2 cloud storage. The performance is comparable to commercial cloud as well.

Hackvolution – BNB Chain are inviting all developers, researchers and scientists to participate in the online Hackvolution event that seeks to redefine and empower the next-generation of dApps with the potential of opBNB and BNB Greenfield.

Whether you are interested in Infrastructure, DeFi, Gaming, or AI, this hackathon provides the platform to explore, innovate, and make a lasting impact. This is your chance to demonstrate your creativity, technical skills, and entrepreneurial spirit as you work alongside a vibrant community of like-minded individuals.

The hackathon is supported by industry leaders such as COMBO, CyberConnect, Hooked Protocol, Alibaba Cloud, Google Cloud and Ultiverse. Generous rewards, including cash prizes, marketing packages, participation in the BNB Chain’s Gas Grant program, and discounted access to essential tools and services, are up for grabs.

It’s an exciting chance for dvelopers to gain recognition, network with industry experts, and propel their project to new heights.

How does BNB Chain plan to stay competitive as the blockchain space continues to evolve and new players enter the market?

BNB Chain is one of the most up to date and extensive infrastructure technology. A good example would be the launches of zkBNB and opBNB, as well as the fully decentralized storage layer, Greenfield. With an extensive infrastructure, developers and users get to build and experience Web3 in the best ways possible, building the strongest advantage of BNB Chain our large and fast growing community.

BNB Chain has more than 3 million in our social communities, and over 1500 dApps. This vibrant range of products and community size are the key contributions for over 1 million daily active on-chain users in this current market.

As “BNB” actually means “Build N Build”, we believe by continuously building with developers and community through support provision and engagements respectively, BNB Chain will continue to be a dominant ecosystem in the web3 industry.

How does BNB Chain support the development of decentralized applications (dApps)?

BNB Chain recognizes the importance of the community and hence, we have been constantly engaging developers and users. We understand that developers are our pillars for growth, and there are many challenges in developing Web3 products, so BNB Chain has been providing various supports including but not limited to:

  1. Marketing collaborations and support – BNB Chain plays an active role in bringing useful information and knowledge of its Web3 dApps to the community
  2. Grants – For projects that are in need of funding, BNB Chain offers the Builders’ & Gas Grants. The Builders’ grant aims to encourage projects to bring value and growth to the ecosystem, while the gas grant helps projects to run growth campaigns by offering grants based on gas fees incurred by the on-chain transactions
  3.  Developer Programs – the industry is ever-changing and the BNB chain is agile in its program creation and implementation to help developers in the space. One of the most popular programs would be the Kickstart program, where providers of various essential web3 services such as on-chain wallet development and security audits are able to list and get connected to new developers. This helps start-ups in web3 navigate and develop their projects effectively

There’s no doubt that BNB Chain is making significant strides in propelling the mass adoption of blockchain technology, particularly in the realms of Web3, NFTs, and Metaverse. The platform’s cutting-edge features such as opBNB, BNB Greenfield, and upcoming initiatives like Hackvolution, promise to revolutionize not just the world of blockchain but the larger digital ecosystem as well.

BNB Chain’s commitment to remaining agile in the ever-changing tech industry, their comprehensive support to developers, and their dedication to building a robust, active, and vibrant community all testify to their potential for continued growth and success. As the blockchain space continues to evolve, we look forward to seeing more innovative developments from BNB Chain and its dedicated team. 


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BNB Chain’s Red Alert Flags 191 High-Risk Projects

Binance’s BNB Chain has taken a proactive step to help users in their investment research by updating its red alarm list to include 191 high-risk projects and decentralized applications (DApps). The list, which is updated every Friday, is based purely on smart contract assessment and includes projects that are suspected of issuing fake tokens, having high or opaque tax fees, or simply because their websites or Twitter handles don’t work.

The red alarm list serves as a warning to users to carry out their own due diligence before investing in any of the flagged projects. It is important to note that the list is not investment advice and does not represent the risk level of the underlying DApp projects. Instead, it is aimed at helping users make informed decisions by highlighting potential risks associated with the projects.

In addition to the red alarm list, BNB Chain has also launched a portal that allows users to scan any BNB Chain project for risks. The portal provides users with detailed information about the flagged projects, including the reasons for the red alert, the smart contract address, and the token symbol.

Out of the 191 new projects added to the list, three were flagged for suspected funding by assets originating from Tornado. These projects are CycGo, Piston token, and Shorter Finance. BNB Chain’s red alert serves as a warning to users to be cautious when investing in these projects.

On April 10, BNB Chain also began testing BNB Greenfield, an in-house attempt to deliver decentralized storage solutions. The move is part of Binance’s larger strategy to expand its offerings beyond cryptocurrency trading and into the broader blockchain industry.

With the increasing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), the risk of fraud and scams in the blockchain industry has also increased. BNB Chain’s red alarm list is a timely reminder for users to conduct thorough research before investing in any project. By providing users with relevant information about potential risks associated with projects, BNB Chain is playing an important role in promoting transparency and accountability in the blockchain industry.


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BNB Chain Dominates Q1 2023 Rug Pull Scams

In the first quarter of 2023, BNB Chain has been identified as the network with the highest percentage of rug pull scams, according to a report by blockchain security firm Immunefi. The report, titled “Crypto Losses in Q1 2023,” investigated a variety of crypto hacks and scams in the first quarter of the year. It found that BNB Chain saw 73.3% of all rug pulls in the crypto ecosystem, with Ethereum coming in second at 26.7%.

The report also revealed that BNB Chain and Ethereum were the two largest targets for hackers and scammers, accounting for 68.8% of total losses from these networks combined. Of these two networks, BNB Chain was hit the hardest, with 41.3% of total losses from hacks and scams.

One particular type of scam stood out on BNB Chain: rug pulls. This type of scam involves developers raising funds and then shutting down their project without delivering the promised product or service. According to Immunefi, BNB Chain saw 73.3% of all rug pull scams in the crypto ecosystem during Q1 2023.

The Immunefi report highlights the need for increased security measures in the crypto industry, particularly on BNB Chain. As the network continues to grow in popularity, it is likely that more hackers and scammers will try to exploit vulnerabilities in the system. This makes it essential for investors to remain vigilant and do their due diligence before investing in any crypto project.

While BNB Chain has faced its fair share of challenges in Q1 2023, it remains one of the most widely used networks in the crypto ecosystem. Its popularity can be attributed to its low transaction fees, fast confirmation times, and support for smart contracts. As the network continues to evolve and improve, it is likely that it will remain a dominant force in the crypto industry for years to come.

In conclusion, BNB Chain dominated Q1 2023 rug pull scams, accounting for 73.3% of all such scams in the crypto ecosystem. While this is certainly concerning, it is important to remember that the crypto industry as a whole is still in its early stages of development. As the industry matures, it is likely that new security measures will be implemented to prevent these types of scams from occurring in the future. In the meantime, investors should remain cautious and do their own research before investing in any crypto project, particularly on networks like BNB Chain that are more susceptible to scams and hacks.


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AI-powered project steals $1M from consumers.

A project that is claiming to be a “AI-based” decentralized application has taken almost one million dollars from its users in what is suspected to be a scam. This comes at the same time that artificial intelligence (AI) has recently become a topic of interest due to the capabilities displayed by ChatGPT v4.

At the time of this writing, the blockchain security platform CertiK has just revealed that Harvest Keeper has been responsible for the theft of about $933,000 worth of customers’ money. According to CertiK’s findings, users on the Ethereum, BNB Chain, and Polygon networks have together suffered losses of around 219 thousand dollars as a result of ice phishing transactions. The cybersecurity company pleaded with customers to take back whatever rights they had granted to the initiative and cautioned users to avoid engaging with the organization’s website.

The Artificial Intelligence (AI) initiative known as Harvest Keeper claims that it “optimizes the trading process for maximum payout” and guarantees a return of 4.81% on customer deposits. The platform advertises on its website that it would provide a return on investment of 101% within 21 days and an 8% incentive for referrals. The initiative has more than 32,000 people following it on its Telegram channel and approximately 30,000 people following it on Twitter.

On the other hand, in the midst of the renewed interest in ChatGPT on Twitter, hundreds of profiles on the social platform have arisen with the claim that they are associated with “CryptoGPT.” On March 10, a hashtag dubbed “CryptoGPT” that was related with an ongoing token project was trending on Twitter. As a result of it, a number of accounts that are quite similar to it have appeared, some of which advertise phony freebies. On top of that, dozens of Twitter accounts with the same name have been plaguing the social platform, and some of these accounts have been advertising freebies and airdrops that may or may not be real.

Once the most recent version of ChatGPT shown that it was capable of auditing smart contracts on Ethereum, many people began to wonder whether or not it would one day replace coders. Yet, when asked about this topic at the most recent ETHDubai event, blockchain engineers voiced their confidence that the newest version of the widely used AI tool would not replace developers but rather assist them.


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Uniswap Officially Live on BNB Chain

Decentralized exchange Uniswap has now officially launched on BNB Chain, the smart contract blockchain platform created by Binance, following a successful governance proposal. This marks a significant milestone in the growth and adoption of decentralized finance (DeFi) within the cryptocurrency ecosystem.

Back in February, more than 55 million Uniswap (UNI) token holders voted in favor of a governance proposal initiated by 0x Plasma Labs to deploy Uniswap v3 on BNB Chain. The proposal was driven by the need for Uniswap to expand its reach and potentially drive further growth and adoption of DeFi. Prior to this event, Wormhole was chosen as the protocol’s designated bridge to BNB Chain in a Temperature Check vote. This process was undertaken to gauge the level of interest in making changes to the existing status quo.

According to the official announcement, Uniswap’s expansion to BNB Chain presents several advantages, including user growth, lower fees, and tapping into new geographical markets. Furthermore, the move to BNB Chain will bolster the Uniswap Protocol’s ability to serve users within the Web3 space, marking a significant step towards increasing accessibility and liquidity for its user base.

Uniswap Protocol users can now leverage the BNB Chain ecosystem to trade and swap tokens across the network. The integration also enables Uniswap to access a pool of liquidity within BNB Chain’s decentralized finance (DeFi) developer community, which could lead to increased awareness and adoption among both retail and institutional investors.

The announcement highlights that the launch aligns with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility. Both Uniswap and BNB Chain are expected to experience further growth as a result of this collaboration.

Uniswap is a decentralized exchange built on the Ethereum blockchain, which allows users to trade various cryptocurrencies without the need for a centralized authority. Binance is one of the largest cryptocurrency exchanges in the world, known for offering a wide range of digital assets for trading. The launch of Uniswap on BNB Chain signifies a convergence of two major players in the cryptocurrency space, potentially benefiting both platforms and their users.

As the cryptocurrency ecosystem continues to evolve, the integration of Uniswap with BNB Chain could serve as a catalyst for further innovation and growth within the DeFi space, providing users with more options and opportunities for managing their digital assets.


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Kazakhstan to Integrate its Digital Tenge into the BNB Chain

The National Bank of Kazakhstan (NBK) is set to integrate its Central Bank Digital Currency (CBDC) dubbed the Digital Tenge into the BNB Chain ecosystem. 


Taking to Twitter to announce the news, Changpeng Zhao, the co-founder and Chief Executive Officer (CEO) of Binance Exchange said its efforts to drive the mainstream adoption of digital currencies were not halted when it secured the license to operate in Kazakhstan about 2 weeks ago.


With Central Bank Digital Currencies now a big push for apex monetary authorities around the world, Kazakhstan has made a significant milestone with its Digital Tenge by launching its pilot test in a controlled environment with real users and merchants. 


According to Zhao, the affirmations on the integration came from the successful negotiations with the First Deputy of the Governor of the National Bank of Kazakhstan, Berik Sholpankulov, and the Head of the Payment and Technological Center, Binur Zhalenov.


“We introduced them to the #BNB Chain community to discuss testing integrating their CBDC (Digital Tenge) with @BNBCHAIN, “ Zhao said in the short Twitter thread.


The crypto veteran did not give any elaborate indications as to how and what the Kazakhstani Central Bank will do or by how far innovators and builders in the BNB Chain ecosystem will launch real-world use cases featuring the Digital Tenge. Zhao also noted that he is eager to see how things will shape up per the proposed integration in the near term.


“Looking forward to NBK preparing CBDC use cases to see how they could be integrated into #BNB Chain to bridge the gap between traditional banking and the crypto ecosystem,” he said.


Binance’s global expansionary drive has recognized Kazakhstan as being very strategic in the long term. From the meeting between the country’s President Kassym-Jomart Kemeluly Tokayev to sign a Memorandum of Understanding (MoU), to landing its license, Binance has remained glued to the prospect the country’s digital transformation push can offer its ecosystem users.

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Binance Launches Oracle Services on BNB Chain

Crypto exchange Binance has launched an oracle service called Binance Oracle to power the BNB chain ecosystem, making it the first-ever blockchain to use Binance Oracle.


Though the team at Binance has stated they have plans to expand it to other chains. “The ability to connect smart contracts with off-chain data will be made available for other blockchains in due time,” said BNB Chain investment director Gwendolyn Regina.

The Binance oracle will be used to help blockchain applications track real-world data. It will also allow existing decentralized applications (dApps) and other Web3 ecosystem partners on the BNB Chain to gain access to data sources and leading computations.

Gwendolyn Regina added, “Binance Oracle will emerge as a significant contributor to Web3 by offering a stable, reliable, and efficient Oracle network with comprehensive accuracy and accessibility features.” Binance has confirmed more than ten BNB Chain projects have already integrated with the Binance Oracle. 

Furthermore, Binance revealed the Oracle solution would combine off-chain data needed by applications such as those in the decentralized finance ecosystem. It will also make use of regional domains to secure the system’s uptime during an unpredictable global crisis.

In addition, The components used to develop the Binance oracle include internal “threshold signatures” – a cryptographic tool used to sign in the individual data feed and price aggregation into blockchain applications securely using an algorithm – this cryptographic mechanism will ensure the oracle’s high dependability and guarantee that there is no single point of failure in the data security, according to Binance.

The crypto exchange has been standing its ground in many areas of the industry lately, taking advantage of its prominent position. Earlier this week, the CEO of Binance, Changpeng Zhao or CZ, announced via Twitter that the firm is investing heavily in DeFi (decentralized finance). CZ tweeted, “Binance is investing heavily in DeFi. (not financial advice).”

Weeks before that, the crypto exchange also launched a $500 million fund on October 14 for miners unable to cope with the ongoing downturn of the crypto-market conditions.

Image source: Shutterstock


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