BAT on Binance Smart Chain
According to Brave, BAT is now available as a wrapped token on BSC. BAT is natively built on the Ethereum blockchain and continues to circulate on that chain. This news simply means that the original token can be exchanged for a BSC-based BAT token of equal value.
The decision allows BAT holders to use the token with various BSC-based DeFi apps such as Pancake Swap and Beefy Finance. Xiaoguang Zhang, Binance Smart Chain Ecosystem Coordinator, added that the feature will “introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains.”
The decision appears to be partially motivated by the need to escape Ethereum’s high transaction fees. Brave CEO Brendan Eich says that the firm is enthusiastic about Binance Chain’s “low transaction fees and scalability.” The announcement also suggests that Brave is exploring BSC as means of managing peer tipping.
It is not clear when the feature will go live. Although the Brave browser’s built-in wallet already supports both Ethereum and BSC, more thorough support will be available later this year.
Brave and Binance
With a market cap of $1.7 billion, BAT is the 57th largest crypto token, making it one of the more significant projects that Binance Smart Chain has attracted to its ecosystem.
Brave previously partnered with Binance to provide a home page trading widget in March 2020. That news suggested a “long-term partnership,” implying that more joint efforts may be on the way.
The BAT token is also listed on Binance and Binance.US.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins including BAT.
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Author: Mike Dalton