Binance Launches Smart Contract-Enabled Blockchain, Adds Staking for Its Coin

Cryptocurrency exchange Binance said Tuesday it launched the mainnet of its smart contract-enabled blockchain and is introducing staking for its native Binance (BNB) token.

In a press statement emailed to CoinDesk, the crypto exchange said it hopes to foster the development of decentralized apps (dApps) and decentralized finance (DeFi) products by adding these features.
The new blockchain will use a “Proof-of-Staked” Authority (PoSA) consensus mechanism, which Binance claims will allow the validators to receive rewards for their work on the chain without sacrificing transaction speed.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jaspreet Kalra

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.