Binance Smart Chain to be renamed BNB Chain

The Binance Smart Chain ecosystem (BSC) will be rebranded to BNB Chain. ForkLog reported this.

The new name aims to underscore the network’s link to the BNB token and demonstrate that its use has extended beyond the Binance platform.

The token will continue to be used on the BNB Chain as gas and as an asset for governance participation.

The BNB Chain ecosystem will comprise:

• the BNB Beacon Chain governance network (formerly Binance Chain);
• the BNB Smart Chain blockchain (BSC) — formerly Binance Smart Chain;
• EVM-compatible consensus layers, including multi-chain hubs.

“BNB Chain will cover large-scale applications, including GameFi, SocalFi and metaverses. In particular, it involves scaling from a single chain to multiple chains, expanding the BSC validator set from 21 to 41 (20 will become block-producer candidates),” explained Sami Karim, the BNB Chain ecosystem coordinator.

Under the MetaFi concept (metadata + DeFi), the network community aims to build a single infrastructure for various GameFi, SocalFi, Web 3.0, NFT and metaverse projects, placing them under one “umbrella”.

“MetaFi is the future all-encompassing ecosystem that promises a paradigm shift, delivering seamless interoperability between different projects and blockchains,” said BNB Chain.

In January 2022, the BSC team outlined plans for the network’s technological development with a focus on scalability solutions.