Binance Coin (BNB) remains the native coin but will now stand for “Build and Build” to signify the expected ecosystem growth.
Binance Smart Chain (BSC) and Binance Chain have rebranded into one platform under the name BNB Chain, Binance announced on Monday.
According to the announcement, the rebranding aims to highlight the Binance ecosystem’s connection with Binance Coin (BNB).
Binance said the transition follows in the footsteps of other community-supported projects within the crypto space. Following the name change, what was Binance Coin (BNB) is now “Build and Build”, the native cryptocurrency that will power the BNB Chain.
The Binance ecosystem has become one of the largest in the space, and the rebrand brings all the features of the Binance Chain and Binance Smart Chain into BNB Chain. The former now becomes the BNB Beacon Chain will comprise of the ecosystem’s governance functionality, involving staking and voting.
BNB Smart Chain replaces the Binance Smart Chain but is still abbreviated to BSC, continuing to characterise the EVM compatibility and multi-chain support features.
According to Binance, the transition to BNB Chain comes with several advancements set to help users benefit even more from the ecosystem.
Some of the new developments include scaled-up GameFi, SocialFi, and the Metaverse applications, with higher throughput and on-chain governance mechanisms.
BNB is currently the fourth-largest cryptocurrency by market cap behind Tether (USDT), Ethereum (ETH), and Bitcoin (BTC). The BNB price was up 8.2% in the past 24 hours at the time of writing, changing hands near $432.
The Binance exchange is one of the largest in the crypto market in terms of daily trading volume, both in spot trading and in the derivatives market.