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Binance Smart Chain 2020 Review-DeFi Infrastructure Construction Layout

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Update time : 2021-05-29 14:49:35
On September 1, 2020, Binance issued one of its most important announcements since its establishment-Binance Smart Chain went live, only 5 months have passed since the concept of Binance Smart Chain was proposed in April 2020. Binance Smart Chain is a blockchain that runs in parallel with Binance Chain. It can not only deploy smart contracts, but also perform BNB pledge mining, one of the world's largest encrypted assets.

The BSC mainnet has been online for a quarter, and now we want to share with you about the growth and development of the BSC ecosystem, the infrastructure that connects global centralized and decentralized finance in the future.

Binance Smart Chain 2020 Review – Illustration of DeFi Infrastructure Construction Layout 2
BSC 2020 timeline

September-Start to build a bridge between CeFi and DeFi

September 1: We announced the launch of Binance Smart Chain and established a cooperation with CertiK to escort the DeFi ecosystem. BSC is a blockchain compatible with the Ethereum virtual machine. It is ready to be tested and tried out by top projects in the encrypted asset industry. Its launch will definitely further enhance the practicability of Binance Chain and BNB.

September 4: BSC launched the Token Canal project. This latest token conversion function is similar to the existing "issued tokens" in the crypto asset community, which further enhances the functionality of BSC.

September 8th: Binance Smart Chain and Binance Chain launched the token binding function. This new feature ensures that a token can be circulated in two networks under the premise of a certain total supply, and can be used for different use cases. After BEP2 and BEP20 are ready, the token binding function can be officially launched.

September 11: Binance officially launched a $100 million BSC seed fund. Through this plan, Binance can provide liquidity support for projects in the BSC ecosystem, preheat the market for blockchain protocols in terms of liquidity and locked value, and connect DeFi and CeFi.

September 18: BSC announced that it has reached a strategic cooperation with PeckShield to jointly promote security plans such as the encrypted asset security alliance, DeFi early warning scanning, and rapid response.

September 21: We launched the Binance decentralized wallet and invited dApp developers to join the BSC ecosystem. On the BSC infrastructure, the latest crypto asset wallets can be used to cross between Binance Chain and Binance Smart Chain. Chain transfer.

September 30: Prometeus, a decentralized framework for data tokenization, and Cartesi, a decentralized Linux development environment for Dapp, are jointly developed on BSC.

September 30: Bin'an Bridge (as part of the Token Canal project) goes live. Through the bridging service, users can directly transfer cross-chain assets in centralized or decentralized wallets to BSC with one click. Binance Bridge makes the cross-chain circulation of different networks a reality and truly realizes an interconnected blockchain world.

October-New projects are launched on the BSC ecosystem

October 2nd: CertiK launched a series of security products on BSC.

October 9th: Curvegrid MultiBaas blockchain intermediate component speeds up the development of BSC applications. On Curvegrid MultiBaas blockchain middleware, Binance is supported as a first-class blockchain platform. By greatly reducing the complexity of blockchain-related operations, MultiBaas helps decentralized applications (DApps) shorten the time to market, reduce the difficulty and cost.

October 14: The first phase of the US$100 million seed fund will provide US$10 million in liquidity support. The blockchain protocols that received the first phase of liquidity support include AMM (automatic market maker) projects such as Pancakeswap, Burgerswap, Bakeryswap, and Fortube, a decentralized lending provider.

October 14th: VIDT released B2B and B2C NFT (Teaser) on Binance Smart Chain. VIDT Datalink is a data verification platform based on blockchain technology that helps companies and institutions protect their digital data from fraud and manipulation.

October 15th: The BSC community and Binance.com jointly launched the BUIDL reward program and opened registration to further encourage users to develop the dApp ecosystem on BSC.

October 16th: LaborX, a decentralized freelance service, joins the Binance Smart Chain.

October 20: The latest development of the BSC BUILD plan-how to check the usage of smart contract miner fees. Now, developers can create smart contracts and decentralized applications on BSC. Since its launch, Bitquery.io has continuously supported Binance Smartchain mainnet and testnet Dapp data query through GraphQL API.

October 28th: ​​Binance Smart Chain released the latest developments in the BUIDL reward program-Heroes and more resources. The developer hero list can now be viewed through binance.org/en/leaderboard. All participants can check the usage of smart contract miner fees here.

November-BSC infrastructure expansion

November 3: Bithumb Global supports BSC. Bithumb is one of the first trading platforms to support BSC and its ecosystem projects.

November 4th: A runaway project appeared on the BSC chain. With the help of the Binance security team, the Binance security team eventually helped users recover 99.9% of the damaged funds, valued at approximately US$345,000. This reflects the team's insistence on the principle of user first and the spirit of action to actively protect the best interests of the industry and the community.

November 13th: Binance Decentralized Wallet V1.114.0 was released and verified in Firefox and Chrome. Through Binance's decentralized wallet, BSC users and developers can develop, seek useful resources, and ask the community to troubleshoot and flag vulnerabilities.

November 18: BSC announced its cooperation with software service company Arkane to enrich platform development tools and services, enabling game studios and developers to develop innovative games on an expandable blockchain.

November 24: Blockchain infrastructure provider NOWNodes joined BSC. Now, all developers or projects on BSC can use NOWNodes without running full nodes themselves, saving infrastructure and node maintenance costs.

November 24th: Binance Smart Chain announced in the "BUIDL Reward Program Update-November" that the total amount of miner fees consumed by all registered contracts this month exceeded 4000 BNB, of which 195 contracts were newly registered contracts.

November 24: The Binance Smart Chain community released the tutorial "Unlocking 4 New Uses of BTC on the Binance Smart Chain!"

November 30: BSC v1.0.4 version is released. All verification nodes on the BSC testnet have been upgraded to this new version.

December-Bridging Service and Hackathon

December 2nd: Binance Decentralized Wallet v1.121.1 was released and verified in Firefox and Chrome.

December 2nd: The 8th round of Gitcoin Hackathon hosted by Binance X accepts applications from the BSC project. The event aims to enrich the entire blockchain ecosystem through innovative solutions developed on BSC. This event provides a cash reward of 60,000 US dollars.

December 11: Chainlink Oracles, a market-leading decentralized oracle network, successfully integrated with Binance Smart Chain.

December 14th: Injective and Binance Smart Chain jointly promote the popularization of derivatives on BSC.

December 21st: Binance Smart Chain established a partnership with Bondly, an industry leader in the DeFi and NFT fields, to bring the best Christmas gift: autonomous art.

December 22: Binance Bridge V2 is released. The new bridging service provides inter-blockchain liquidity for all active blockchain networks and brings valuable assets such as BUSD, USDT and ETH to the Binance Chain ecosystem.

December 24: AllianceBlock and Binance Smart Chain announced their cooperation in liquidity mining and began to build a bridge between CeFi and DeFi.

At the end of December last year, the Binance Smart Chain community released 11 interviews with focused BSC projects. Click the names below to view more project details.

1. Arkane Network
2. AnySwap
3. Bounce
4. Bitquery
5. BugerSwap
6. Blink
7. Defistation
8. ForTube
9. Injective Protocol
10. Tenderly
11. PARSIQ