The world’s leading blockchain ecosystem is undergoing a makeover. Today, Binance announced that both its Binance Chain and Binance Smart Chain (BSC) will together become the BNB Chain. And boy, were BNB crypto fans watching. BNB (BNB-USD) is up 8% today in response to the rebrand.
So what do you need to know about the latest development from the largest crypto exchange in the world?
Well, BNB, which stands for “Build and Build,” is the latest evolution of Binance’s blockchain, marking a further step toward decentralization. As per the official announcement, BNB has evolved to have greater use. Formerly known as Binance Coin, BNB is the coin powering transactions on the BNB blockchain.
This isn’t strictly a name change, however. With the move to BNB Chain comes other improvements for users, projects, and developers related to the Binance community. Binance claims the BNB chain will “embrace large-scale applications including GameFi, SocialFi, and the Metaverse.”
What else do you need to know about Binance’s latest big play?
BNB Crypto Sees Continued Gains From Binance Blockchain Upgrade
Binance also lists several specific advancements that come alongside the rebrand. The rebrand to BNB Chain will improve on the throughput of what was formerly called the Binance Smart Chain. Additionally, it will come with on-chain governance, more scaling solutions and a multi-chain environment.
The BNB crypto has been on something of a roller coaster the past few months. It seems just as the coin reaches new highs, the bears take over the crypto, sending it plummeting back down. The No. 4 crypto by market capitalization, BNB has gone as high as $90. Today it’s trading closer to $430.
Whether today’s update will mark a resurgence for the crypto remains to be seen. Regardless, BNB fans are likely pleased by the news of Binance’s commitment to pushing for greater decentralization and user benefits.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.