As noted in an update from the Binance team shared with Crowdfund Insider, the total value locked in BSC’s decentralized finance (DeFi) ecosystem has reached $34 billion with 66 million unique blockchain addresses. With over 480 initiatives developing solutions on top of Binance Smart Chain, the ecosystem has reportedly surpassed the dApp (decentralized application) count of EOS, a major blockchain or distributed ledger tech (DLT) platform initially developed by Block.one.
With fees 100+ times “cheaper” than existing DeFi blockchains, the Binance Smart Chain has reached 1M in daily active users, the update revealed.
Binance Smart Chain is described as a “sovereign” smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible “programmability.” As explained by its developers, BSC is designed to run “in parallel with Binance Chain.” It retains the former’s “fast execution times” and “low transaction fees” while adding smart contracts functionality to support compatible dApps.
Binance.US, an offshoot of Binance – the largest crypto exchange in the world, recently revealed that it has hired the former Comptroller of the Currency, Brian Brooks, as its new Chief Executive Officer. In a strategic coup, Brooks will now be leading Binance.US, a top ten crypto exchange, in its efforts to better compete in the hot digital asset market in the US.
Brooks issued the following statement:
“I am thrilled to be joining Binance.US at this pivotal time for the digital assets industry. We are at the cusp of mainstream adoption of blockchain technology and digital tokens by individuals, institutions, and governments alike. I look forward to working with Binance.US’s talented team to promote its culture of compliance and continue to grow its product and service offerings across markets. I am eager to work closely with industry participants and policymakers to develop an enduring regulatory framework that enables Americans to reap the benefits of decentralized finance for generations to come.”