Binance Smart Chain rebrands to BNB Chain
The idea behind the rebrand is to form a connection with the BNB token
Binance Chain and Binance Smart Chain (BSC), the layer 1 blockchain of Binance and currently the world’s largest cryptocurrency exchange by trading volume, will be rebranded to BNB Chain.
Binance states this move is to draw light to the “connection with the BNB token, the decentralised evolution of the BNB ecosystem”.
BNB stands for ‘Build and Build’. The BNB coin is currently ranked fourth out of the top 10 cryptos according to CoinMarketCap and priced at $432.
The BNB Chain is comprised of BNB Beacon and the BNB Smart Chain.
The crypto exchange states: “BNB is more than just Binance” and the “vision is that one day everyone will own BNB”. Binance believes in order to achieve this and for BNB to reach its true potential, “Binance and BSC must set sail on different courses”.
Through MetaFi, “the BNB Chain community will aim to build the infrastructure that powers the world’s parallel virtual ecosystem”.
Binance explained the logic behind the term MetaFi. The crypto exchange acknowledged that ‘Meta’ and ‘metaverse’ are both well-known terms.
Binance sees the word ‘meta’ meaning “all-encompassing” or “a means to an end”. With MetaFi being a blend of ‘Meta’ and DeFi or Decentralised Finance.
Binance said: “MetaFi is a concept that combines all different types of projects such as Metaverse, DeFi, GameFi, SocialFi, Web3, and NFTs and puts them under one umbrella – MetaFi.”
BNB will “fuel” transactions on BNB Chain, similar to gas on Ethereum, as well as act as a governance token.
By owning BNB tokens, it gives holders the right to make “your voice heard and is necessary to participate in BNB Chain’s decentralised on-chain governance”.
Binance states further advancements will also come with this name change “to benefit users”.
Fireside chat with Binance CEO
A fireside chat at 16.00 UTC today (15 February) will be taking place on YouTube to discuss the rebranding announcement and the evolution of Binance Smart Chain to BNB Chain.
Speakers include Changpeng Zhao, CEO of Binance, Samy Karim, BNB Chain coordinator, and Gwendolyn Regina, investment director, BNB Chain Fund.