A Beginner's Guide to BNB Chain

A Beginner's Guide to BNB Chain

What Is BNB Chain Blockchain?

The BNB Chain is a dynamic network that includes BNB Beacon Chain and BNB Smart Chain. It’s designed for developing a wide range of Web3 applications, providing users with a platform that’s both efficient and scalable. Known for its Ethereum Virtual Machine (EVM) compatibility, the BNB Chain allows for seamless transitions of Ethereum-based projects to its network. It’s a user-friendly platform suitable for beginners in the blockchain world, offering low transaction fees and a strong community support system. This makes the BNB Chain an attractive option for new and experienced users alike.

Brief History of BNB Chain Development

The BNB Chain’s history is marked by key developments and milestones. Originally, Binance launched BNB as an Ethereum-based ERC-20 token in 2017. In April 2019, Binance introduced its own blockchain, Binance Chain, focusing on high-speed trading. To add smart contract capabilities and Ethereum compatibility, Binance Smart Chain was launched in September 2020. Later, these were collectively named BNB Chain, which includes Binance Beacon Chain for governance and BNB Smart Chain for smart contracts. This evolution showcases Binance’s expansion from a cryptocurrency exchange to a versatile blockchain ecosystem developer.

BNB: Your Gateway to Binance, the World’s Largest Cryptocurrency Exchange

Binance is effectively promoting the BNB blockchain on its platform, using its significant user base, which exceeded 128 million in 2022, to enhance the visibility and adoption of the BNB Chain. A notable perk for users is the reduced fees for holding BNB coins, a practice that’s both popular and beneficial.

Binance Launchpad acts as a booster for BNB. Binance carefully selects top projects for listing on its exchange, and early investment in these assets often proves highly profitable. However, to participate in this process, you need to stake BNB on the Launchpad.

Top Launchpad Tokens by Market Capitalization Top Launchpad Tokens by Market Capitalization. Source: binance.com

What You Need to Know About BNB Chain and Its Ecosystem

There’s a vast array of applications built on the BNB Chain, spanning over ten categories, including DEXs (Decentralized Exchanges), DeFi (Decentralized Finance), GameFi, various contest platforms, and marketplaces. Here are some of the most popular among them:

PancakeSwap: A Leading Decentralized Exchange on BNB Chain

PancakeSwap, a leading decentralized exchange on the BNB Chain, consistently demonstrates high activity, averaging over 4.9 million transactions monthly. This figure represents an upward trend in user engagement. It’s a major player in DeFi transactions on the BNB Chain, with over 503K active monthly users participating in trading, liquidity provision, farming, and pooling. The introduction of PancakeSwap V3 in 2023 significantly contributed to this increase in user engagement and transactions, reflecting its growing influence in the decentralized finance landscape.

Hooked, a prominent gaming DApp on the BNB Chain, averages over 2.15 million transactions monthly, marking it as the second most transacted DApp on the chain. Despite a recent decrease, it continues to attract numerous on-chain transactions, largely driven by its quiz-to-earn game, Wild Cash. Hooked engages over 190K active monthly users across various features, including ToDaMoon, Hooked Academy, and AI education, enhancing its appeal in the gaming and educational sectors.

TinyTap: Leading Social Learning DApp on BNB Chain

TinyTap, a standout social learning DApp on the BNB Chain, consistently shows increased activity, averaging over 1.34 million transactions monthly, a 23.46% rise compared to previous months. It has become the most utilized DApp on the BNB Chain, overtaking even PancakeSwap, with more than 934K active monthly users. TinyTap’s success is attributed to its interactive and educational platform that allows families, teachers, and students to create and share personalized learning apps, with the integration of AI-driven interactive lessons being a key feature driving its growth.

Top DApps on BNB Chain BNB Chain DApps Ranking. Source: dappbay.bnbchain.org

Getting Started With BNB Chain Blockchain

Setting Up a BNB Wallet

To effectively engage with the Binance ecosystem and its native token, BNB, it’s crucial to choose a wallet that suits your needs. Gem Wallet is a top choice, providing secure storage for BNB and other digital assets with easy transferability. It supports all tokens on the BNB blockchain and offers beneficial conditions for swaps, allowing for simple and convenient token exchanges. With a focus on self-custody and strong security features, Gem Wallet enhances the safety and transparency of your transactions within the Binance network.

How to Acquire BNB

You can obtain BNB through a variety of methods: purchasing it on cryptocurrency exchanges, receiving it from others, or earning it as rewards for blockchain activities. The Gem Wallet streamlines this process by offering a feature that allows you to directly purchase BNB within the app using a credit card. This functionality not only adds convenience but also enhances the safety of transactions, simplifying the acquisition process for users.

Stake BNB

The BNB Chain offers staking, which is beneficial for both users and the network. Staking allows users to earn passive income and helps keep the BNB Chain secure and stable. The staking process is simple and user-friendly. To start, just go to the ‘Staking’ section in Gem Wallet and follow the easy steps provided. The wallet will show all the necessary details, like calculations and terms, to help you understand the process better. This feature is designed to be straightforward, making it accessible for users of different experience levels in the Binance ecosystem.

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