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

Crypto exchange Binance has launched the mainnet for its smart contract-enabled blockchain and is also introducing staking for BNB tokens.

Sep 1, 2020 at 4:53 p.m. UTC
Updated Sep 14, 2021 at 9:50 a.m. UTC

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.

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