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Binance Blog

Completed and Upcoming Changes for BNB Chain + BNB Smart Chain

2020-07-15

BNB Chain and BNB Smart Chain are being enhanced at remarkable speed. Get up-to-date information on the present and future of these technologies in this article.

BNB Chain: Launching BEP8, Plus More Capabilities

BNB Chain also completed its recent upgrade, named after Florence Nightingale, the founder of modern nursing. The main feature that we introduced in the upgrade is the launch of the BEP8 token. 

The BEP8 token, which we also call the mini-token, marks a major milestone in the enhancement of BNB Chain. This new token protocol accommodates many small, promising projects that are hindered by the current cost of getting a BEP2 token. The BEP8 token has use cases when it comes to small or micro-projects, intellectual properties, and other small token economies.

Compared to BEP2 tokens, it is more convenient and affordable to issue and list BEP8 tokens. You can spend as low as 3 BNB to create BEP8 tokens. Think of mini-tokens as something similar to the Small and Medium Enterprise (SME) boards in traditional stock markets.

The BEP8 token also features the following advantages:

  • Compelling blockchain use case possibilities in fields such as microfinancing, copyright tokenization, community incentives, and more.

  • Direct listing against BNB and/or BUSD without needing to go through the voting process of validators.

  • Opportunity to get elevated to BEP2 token when the mini-token gets enough liquidity and maturity.

Here are a couple more improvements related to the recent Nightingale update:

  • Easier Listing and Trading for BUSD Pairs. In this update, you can propose for the listing and trading of any BEP2 token with BUSD, without needing a prior proposal for a BNB trading pair. This is expected to help with making Binance DEX more liquid.

  • Amended order expiration span on Binance DEX. With a new update on Binance DEX, orders that contribute to overall liquidity can benefit from a longer expiration period, which is now extended from 3 days to 30 days. This benefit is applicable to orders at the best 500 price levels.

BNB Smart Chain: Flowing Closer to Mainnet Launch

Ever since BNB Smart Chain was introduced in April as a parallel blockchain to BNB Chain that will enable the creation of smart contracts, the team behind its development has consistently worked on turning the whitepaper into a working solution. Thanks to a developer community of several hundred people, who actively contribute to development on Github and the BNB Chain forums, we are able to advance this project.

In late May, the BNB Smart Chain team delivered with its first testnet, named Rialto. It features support for developing decentralized apps and the use of Proof of Staked Authority consensus, as well as the ability to stake and delegate BNB for election on BNB Smart Chain validators and to bind tokens across two blockchains for seamless transfer of tokens. 

 “BNB Smart Chain has attracted a lot of attention from communities and more than 20 integrations in progress from different categories,” said the team.

Recently, we rolled out an update to the BNB Smart Chain testnet. The update, called Chapel, replaced the Rialto testnet and introduce better security and new features on BNB Smart Chain.

What’s next for BNB Smart Chain? The team is planning to launch newer versions of the testnets next month. This August, the BNB Smart Chain testnet will have a new version called Millau. After that, sometime in the third quarter of this year, the team will be able to launch the mainnet of BNB Smart Chain, which will finally unlock the potential of creating smart contracts and more utility for the current and upcoming tokens on the BNB Chain ecosystem.

The continued development of the BNB Smart Chain testnet fulfills the BNB Chain community’s mission to create the top decentralized cryptocurrency marketplace. The dual-chain architecture of BNB Chain and BNB Smart Chain empowers you to build your own decentralized apps and digital assets on one blockchain, while also taking advantage of the fast trading performance offered on Binance DEX. 

These major developments in BNB Chain will further increase both the use of BNB in the long run and the wider reach of blockchain technology in general.

To get more information about the latest on BNB Chain and Binance DEX, join the community here or follow Binance DEX on Twitter.

Updated on July 27, 2022