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Binance Chain Turns 1


We congratulate the Binance Chain community on the first anniversary of Binance Chain, especially for a productive year that saw Binance DEX rise as the top decentralized cryptocurrency marketplace in terms of volume. Here are some numbers showing how much Binance Chain and Binance DEX have accomplished during the past 12 months:

  • 80,000,000 block height

  • 77,000,000 transactions executed

  • 480,000 addresses

  • 110 tokens listed on Binance DEX

  • 135 trading pairs (BNB, BTCB, Stablecoin, and alternative trading markets)

  • 800,000,000 USD in trading volume

How Binance Chain Evolved and Gained Support

During the past year, Binance Chain released four major updates, each contributing to a richer experience in using the blockchain. Here’s a summary of what’s done for each update:

  • Galileo (July 2019): Market maker and taker concepts were launched for a richer trading experience on Binance DEX. The update also allowed users to delist trading pairs and time lock token assets.

  • Hubble (August 2019): For this update, the community stabilized syncing processes. Another security enhancement was launched, allowing exchanges to reject deposit transactions with no valid memo.

  • Archimedes (October 2019): The community introduced atomic swaps between blockchains that support smart contracts and Binance Chain.

  • Heisenberg (November 2019): The community improved the blockchain’s performance and eased constraints on listing transactions.

In addition, Binance Chain further strengthened its commitment to open-source development with the open-source implementation of a Threshold Signature Scheme (TSS)  library for Elliptic Curve Digital Signature Algorithm (ECDSA) and EdDSA.

On the more business-related side of operations, the Binance Chain community was able to secure support from Binance in terms of backing some community-related endeavors. To entice projects to become more active on Binance DEX, Binance launched the BEP2 Community Listing Program, through which the most valid and active projects on Binance Chain get a chance to list on Binance also sponsored a bug bounty challenge, in collaboration with Bugcrowd, to incentivize developers to squash bugs on the Binance Chain code.

Another major move that boosted opportunities for Binance DEX is the introduction of BEP2 tokens that are backed by and pegged to major cryptocurrencies that have their own blockchains, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, and Tron. 

How Big is the Binance Chain Community, By the Numbers

  • 5,000+ community members across all channels

  • 2,000+ commits on Github and beyond

  • 150+ fullnodes

  • 100+ technical contributors

  • 63 BEPs

  • 29 wallets that support Binance Chain

  • 7 SDKs

The Year Ahead: Smart Contracts and Mini-BEP2 Tokens

Just a day ahead of the anniversary of Binance Chain, the community delivered a major announcement: Binance Smart Chain. The next step in the evolution of Binance Chain involves adding EVM-compatible programmability and native cross-chain communication to the Binance-branded blockchain. This upcoming update also introduces the Proof of Staked Authority (PoSA) consensus. Read more about this major development on the official whitepaper.

Binance Chain is also proposing the development of mini-BEP2 tokens to support small, promising projects such as micro-projects, intellectual properties, and other small-token economies. With this, they can gain access to the advantages of Binance Chain and Binance DEX without the intensive capital required for listing. 

There are other developments that will come for Binance Chain, and we are excited to see what the community will come up with for Year 2. 

To fund out more about the highlights from Binance Chain’s first year, read this post on the Binance Chain forum.