Ever since the feasibility of layer-1 chains has emerged and the developer communities have shifted from the promise of Ethereum, to simplify their deployment process, because of the overinflated gas fees and transaction finality problems, it has opened doors for alternative layer-1 chains to capture the market.
One such chain that has exploded in recent times has been BNB Chain, as an extended part of the most successful crypto exchange, Binance, developed to drive more utility for their native token BNB and to counter the flexibility of building dApps on a sustainable chain. This is a broader attempt by the Binance team to add decentralization and expand the protocol’s scalability.
Being one of the prominent chains supporting a large-scale ecosystem of dApps, users and builders, we are extending support for the BNB chain in Liminal’s Wallet Infrastructure, inviting all the protocols building on top of the BNB Chain and the Institutions holding BEP20 assets in their holdings to install our MPC powered custody service and safeguard their BNB Chain assets, imperatively.
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An Overview Of The BNB Chain Ecosystem
The BNB Chain has a comprehensive ecosystem developed on the base layer called Binance Chain. Binance Chain was essentially built as a layer-1 chain which then got calibrated with EVM-compatible standards to make the integration more seamless. BNB essentially means, “Build and Build”.
BNB Chain has a dual-chain architecture which empowers its users to build their decentralized apps and digital assets on one blockchain and take advantage of the fast trading to exchange on the other. It encompasses assets in different standards than ERC – BEP2 and BEP20.
The two different standards are set because BNB Chain consists of two distinct chains with specific functionalities:
- BNB Beacon Chain: This chain serves as the governing layer of the BNB Chain ecosystem. It facilitates the governance mechanisms and decision-making processes associated with the network.
- BNB Smart Chain: The BNB Smart Chain acts as the hosting platform for the Web3 ecosystem within the BNB Chain. It provides the necessary infrastructure and environment for the development and deployment of decentralized applications (dApps) and Web3 applications.
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The primary asset within the BNB Chain ecosystem is $BNB, which serves as the native currency and plays a pivotal role in the network’s operations.
At present, the BNB Chain amounts to a +$475B market cap with a TVL of $3.3B. In terms of market position, BNB Chain stands in third position behind Ethereum and Tron. As for the active wallet address, it averagely crosses the 1.5M mark showcasing a stagerring 70% increase from last year establishing how the adoption scale of BNB has risen and a definitive move by protocols and Institutions towards building and providing applications on the BNB Chain.
Active Wallet Addresses On BNB Chain
How BNB Chain Support Is Integrated In Liminal?
Sitting at the onset of how protocol-level asset custody will be defined, we are continuously adding new and meaningful chains onto our wallet infrastructure to provide security support for their native assets and onboard a new set of protocols that actively build on those chains.
Overall, currently, at Liminal we have integrated 15+ chains, both EVM and Non-EVM, comprehending where Institutions put their trust in and are looking to actively secure their assets in.
Carrying forward the spree of chain integration, we are now expanding to BNB Chain, facilitating several elements of custody, security and efficient wallet operations for Institutions that deal in BNB chain assets, particularly BEP2 & BEP20 tokens.
BNB Assets Support In Liminal’s Wallet
With this new BNB chain support, protocols and institutions now will be able to load BEP2 and BEP20 assets into their Hot and Cold Wallet and access all the wallet security (MPC protected), automation (Auto-Refill, Auto-Sweep & Smart Consolidation) and compliance features (KYC/AML checks, Travel Rule) for their BNB chain holdings.
Furthermore, protocols and institutions will also be able to set up Warm wallets (Deposit and Withdrawal) with threshold conditions and custom policies to enable swift movement of assets as per user activity on their end application related to all BNB assets. In addition to this, we will also offer a 100% transaction confirmation guarantee hardcoded algorithmically by our Gas Station that saves over 15% gas fees adding a lot more value than just securing BNB assets.
Lastly, protocols and institutions will also be able to participate in Liminal’s secured Institutional staking, which is powered by leading PoS Staking provider Figment. Our staking solution is built on a secure framework that will enable BNB assets to be allocated directly from Cold Wallets towards Staking, with above-standard yield rates, incentivizing asset optimization under secure custody for BNB chain.
This BNB chain integration makes us one of the first few custody and wallet infrastructure platforms to offer absolutely compelling adoption, broadening ecosystem around BNB chain and Institutional confidence in BNB chain assets to be used securely at scale.
by Liminal
