• Binance Smart Chain is now supported on wormhole, Ethereum and Solana, boosting interoperability across blockchains.
  • Binance doubled down on its smart chain project and injected $1 billion in a growth fund on BSC.
  • Wormhole is making strides in interoperability and the metaverse.

Interoperability and NFTs are the latest trend in cryptocurrencies with the rising popularity of the metaverse. Binance Smart Chain, one of the largest smart contract platforms, has announced a new incentive to onboard Web3 dApps and DeFi projects on its network. 

Binance Smart Chain adds interoperability feature to compete with Ethereum scaling solutions

The Polygon network has made consistent efforts to enhance Ethereum’s scalability and operability with other blockchains. Polygon contributes the highest to the total value locked on Ethereum bridges. 

Binance has injected $1 billion into its Binance Smart Chain (BSC) project to establish its supremacy in smart contract platforms. After Avalanche and Harmony announced liquidity mining and yield farming incentives, offering millions in rewards, Binance Smart Chain revealed its plan to add $1 billion to the growth fund. 

BSC is Polygon’s closest competitor in terms of total value locked. BSC infused $100 million in capital to support DeFi projects on its blockchain network a year ago. 

Changpeng Zhao, Binance CEO, was quoted as saying,

BSC’s growth has attracted 100 million more DeFi users with just initial funding of $100 million. With the new contribution of $1 billion, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users.

Binance plans to utilize the funds for talent development in developer communities, incentivize liquidity mining projects and offer tech support at global hackathons and incubate new dApps. 

Competition among layer-1 blockchain scaling solutions is intense with increased on-chain activity on Solana, Avalanche and Fantom. More cryptocurrency projects are keen on participating in the decentralized metaverse. 

Polygon’s dominance in the DeFi ecosystem becomes clear with the total number of addresses on the network compared to BSC. 

Total addresses by chain

Total addresses by chain. 

Gwendolyn Regina, investment director of BSC Accelerator Fund, was quoted as saying,

We’re glad to see more and more projects participate in the decentralized multiverse. BSC is a platform for all growing ecosystems, and we want everyone to be a part of it. There’s no competition here.

Binance Smart Chain is now officially supported by Ethereum, Solana and Wormhole, bridging all ecosystem assets with top layer-2 scaling solutions. 

BSC adoption is expected to drive its utility and BNB price higher. BNB has emerged as the cryptocurrency offering the highest risk-adjusted returns over the past 24 hours. Experts are bullish on the Binance ecosystem’s native token. 

@HsakaTrades, a cryptocurrency analyst, commented on Binance’s $1 billion incentive and BNB’s recovery. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP