BSC (Binance Smart Chain) is a rapidly growing blockchain protocol that developers are utilizing to create fast, cost-effective DeFi apps. Forked off of Ethereum, this latest project from Binance promises to deliver many of the same decentralized apps and use cases as Ethereum while offering significantly lower transaction costs and faster speeds.
BSC continues to gain traction as crypto users take note of its various improvements over Ethereum; transactions per day on the network have grown from 122 on day one to 2.53 million on March 21st.
That’s why we’re thrilled to inform our users that, we’ve added support for BSC to Fireblocks, unlocking secure access to this booming ecosystem for financial institutions.
Institutional BSC access is now available on Fireblocks
Fireblocks users will now be able to access BSC-based trading, lending, and staking apps and store and transfer its native token BNB and BEP20 format tokens in Fireblocks’ secure environment.
Here’s what you can do with BSC on Fireblocks:
- Store and transfer BNB and BEP-20 tokens
- Trade, lend and stake with BSC-based apps
- Capitalize on lower transaction fees
- Access BSC-based DeFi apps
- Add BSC support to your platform via API
This includes Binance-pegged versions of existing tokens and stablecoins, and new tokens for apps built specifically for Binance Smart Chain like PancakeSwap and Venus, which can be accessed through the Fireblocks DeFI API and DeFi browser extension gateways.
Binance launched BSC to offer users the power of ETH-based DeFi with cheaper fees and faster transaction times. Some have referred to the blockchain as an example of “CeDeFi,” or an amalgamation of certain aspects of centralized finance (“CeFi”) with certain aspects of decentralized finance (“DeFi”).
Because it is compatible with Ethereum Virtual Machine, BSC makes it easy to copy and transfer over Ethereum based apps and users to their ecosystem. For example, PancakeSwap provides a similar decentralized crypto liquidity service as the popular dapp Uniswap at a faster speed and lower cost.
BSC utilizes PoSA (proof of stake authority) consensus instead of PoS or PoW. This lets Binance limit to only 21 validators, vs. ~7000 for ETH. This is part of what makes BSC so much cheaper and faster than Ethereum, with ~15x cheaper average gas fees than ETH and a 3 second block time vs. 13 seconds on ETH.
Interested in learning more about Fireblocks’ DeFi suite? Request access here to see it in action.