One month since its mainnet launch, Binance Chain has gained support from at least 35 blockchain projects, with more to come. We list down some of the reasons they provided for supporting this new community-led blockchain.
Since the launch of Binance Chain on mainnet in late April, various blockchain startups, projects, and companies have pledged support for this community-led blockchain. More than 35 companies have publicly supported Binance Chain, with several more to come.
These include 14 crypto wallets that have added support for Binance Chain-based cryptocurrencies (BEP2 tokens), two exchanges (aside from Binance) that have supported the migration of Binance Coin (BNB) to Binance Chain, and 19 blockchain startups that are either migrating their existing tokens to Binance Chain or are proposing to list their newly-created tokens on the decentralized exchange Binance DEX.
At Binance, we feel humbled by the amount of support gained by the community-led Binance Chain thus far. We were thankful for the many reasons that various crypto projects have given. Here, we take note of 10 of these reasons they mentioned for choosing Binance Chain.
1. We want to be first
Mithril is a blockchain project that focuses on social mining that rewards content creators. Talking about its migration to Binance Chain, the Mithril team said that it wants its token holders to “be the first to experience the speed, security, and user-friendliness on the new Binance DEX platform while maintaining full control over their own funds.”
2. We trust Binance Chain (and Launchpad) for our token offering
Harmony, which recently concluded its token sale on Binance Launchpad, chose to use Binance Chain to create its tokens, the first such Launchpad project to do so. The project, a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking, said that its collaboration with Binance Chain will help it reach more users throughout the entire world for its mission to scale trust to billions of people.
3. We want to make a fast stablecoin
Stably is issuing StableUSD, a stablecoin fully-backed 1-to-1 with a US dollar reserve managed by a Nevada-chartered trust company, on Binance Chain. “This makes USDS.B one of the fastest major stablecoins on the market, with one-second block confirmation time and the ability to process several thousand transactions per second,” Stably said.
4. We considered technology alternatives
Aviation blockchain project Aeron committed to migrating its ecosystem to Binance Chain, after considering alternatives to the technology it is using. “By migrating to Binance Chain, ARN token holders will experience the speed, security, transactional efficiency and other advantages of the new blockchain platform.”
5. We want to try out multiple blockchains
Choosing Binance Chain does not have to be exclusive. For instance, Red Pulse, a market intelligence platform for data on China’s business environment, has migrated its Red Pulse Phoenix token to Binance Chain, but with a twist. The Red Pulse Phoenix PHB token on Binance Chain will coexist with a counterpart token on another blockchain; live tokens on one blockchain will have a frozen counterpart on the other blockchain.
6. We want to be part of Binance Chain’s expanding ecosystem
Sometimes, the network of blockchain projects that gravitate towards Binance Chain gives another reason for other companies to follow. “We’re seeing an increasing trend of great projects moving towards Binance Chain, and we want to contribute to the Binance Chain ecosystem so that all these great projects may garner added value from our contributions,” said Fantom, a blockchain project that aims to be the IT infrastructure backbone for smart cities.
7. We want to test our solutions on this new blockchain.
Blockmason is using Binance Chain to create BCPT, a utility token for data recording to programmatic blockchains through its Credit Protocol. “Launching BCPT on Binance Chain allows us to explore a new blockchain venue, assess the potential and suitability of cross-blockchain Credit Protocol transaction recording, as well as the scaling of transaction capacity,” Blockmason said about its move to Binance Chain.
8. We want a fairer payment system for content developers and users
Gifto, a blockchain project for livestreaming and crypto gaming that held its token launch on Binance Launchpad in 2017, has continued supporting the Binance community, with its choice to migrate to Binance Chain. The startup sees Binance Chain as the backbone for its vision of rewarding content creators and developers more fairly online. “We chose Binance Chain because we believe it will be the foundation of a new app ecosystem for the exchange of digital assets among mainstream users,” the Gifto team said.
9. We want to try something new for our token swap mechanism
Ankr prides itself as the first blockchain project to implement a triple token mechanism, and that was made possible with the migration of some of its tokens to Binance Chain. “The purpose of this model is to separate the utility of the currency from the speculation and to provide long term increasing liquidity for all our users, by being compatible with all major exchanges, including the Binance DEX,” according to Ankr’s team.
10. We want to show that we can do it in a decentralized way
One of the main value propositions of a decentralized network is the community-led process of joining and taking part. Anyone can choose to use Binance Chain and propose the listing of its token on Binance DEX. That’s what ChangeNow, a crypto exchange service, just did. As soon as Binance Chain was launched on mainnet, the project proposed to issue tokens on Binance DEX. Binance CEO Changpeng Zhao (CZ) acknowledged that ChangeNow is a peer and competitor to his exchange, but said that he supports its proposal nonetheless.
“ChangeNow did issue their tokens without any communication or [coordination] with me or our team. The true decentralized way,” CZ said on Twitter about the listing.
To know more about how to use Binance Chain, go here.
To submit a proposal for listing on Binance DEX, go here.
Learn more about Binance Chain and Binance DEX here.