Despite mounting gas fees from Ethereum, BAT has over 3.8M monthly transacting users and over 13M Brave/BAT Rewards wallets. With its current integration with BSC, transaction fees will surely lessen.
Brave and the Binance Smart Chain
The Binance Smart Chain (BSC) Ecosystem is working towards accelerating the growth of DeFi and the Brave Ecosystem has similar plans. Basic Attention Token (BAT), the native token of Brave, is now integrated into the BSC ecosystem. What this means is that BAT is now available on the BSC as Wrapped BAT (WBAT) thanks to the Binance Bridge. Also, BAT holders can now participate in the BSC DeFi ecosystem and projects through the numerous bridges connecting Ethereum and Binance Smart Chain.
Plans are underway to preconfigure support for Binance Chain later in the year as currently; the configuration change in Brave’s browser wallet will support Ethereum and BSC. S Once configured, users will be able to access BSC, create new wallets and update configurations on Brave wallet without downloading additional apps. This partnership between BSC and Brave is strategic and comes at a crucial time when BAT was recently added to the Grayscale Trust while BSC is rapidly growing increasingly in popularity.
Why Binance Smart Chain?
When it comes to the blockchain, scalability and low transaction fees are non-negotiable. The BSC has managed to come through in these departments. Brave Browser is a privacy-oriented and blockchain-based browser focused on reinventing the web experience for its users. Hence, the need for a scalable solution to accelerate its tipping service. With Brave Browser, users get a private web experience devoid of ads popping up every second. Publishers also benefit from the service, users can opt into privacy considerate ads and get rewarded with BAT (Basic Attention Token). With BAT, users can tip or contribute to other publishers and content creators as well as redeem their tokens.
According to Brendan Eich, CEO and co-founder of Brave, one of the main reasons for the switch is the low congestion and transaction fees. He explains, “With wrapped BAT now available on BSC, we believe this is achievable. We are especially excited by the low transaction fees and scalability of Binance Smart Chain and how that enables us to build scalable and seamless DeFi applications for Brave users.” On the other hand, he states that BAT and Brave’s goal is towards making DeFi accessible to mass markets while taking crypto mainstream. Brave is also looking towards utilizing BAT to pay fees and get discounts in its upcoming Brave DEX Aggregator. Brave is also exploring using BSC to facilitate P2P tipping within the Brave browser.
Corroborating Eich’s view on the integration of BSC into Brave, Xiaoguang Zhang, BSC ecosystem coordinator reveals plans towards creating a seamless ecosystem. According to Zhang, “With this strategic integration between the Brave browser and Binance Smart Chain, we will introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains, which will dramatically inspire mass adoption and inclusive finance.”
Despite mounting gas fees from Ethereum, BAT has over 3.8M monthly transacting users and over 13M Brave/BAT Rewards wallets. With its current integration with BSC, transaction fees will surely lessen. Brave currently has over 25M monthly active users (MAU) and over 9M daily active users (DAU). The recent partnership with BSC will surely expand the DeFi use cases of Brave.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.