Binance Smart ChainBNB
Binance Smart Chain is a smart contract platform with Ethereum Virtual Machine (EVM) compatibility. Binance Smart Chain (BSC) is the premier blockchain for high-rewards staking and low gas fees.
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- What is Binance Smart Chain?
- How was Binance Smart Chain Launched?
- How to stake BNB?
- Convert your BNB to Binance Smart Chain
- Go to https://www.binance.org/en/staking
- Connect your wallet
- Delegate to a Validator in the network
- Earn a share of Network Transaction Fees in BNB
- How much can I earn staking BNB?
- How to run a Validator on Binance Smart Chain?
- Any risks to Staking Binance Smart Chain (BNB)?
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.
In essence, both blockchains operate side-by-side. It’s worth noting that BSC isn’t a so-called layer two or off-chain scalability solution. It’s an independent blockchain that could run even if Binance Chain went offline. That said, both chains bear a strong resemblance from a design standpoint.
Because BSC is EVM-compatible, it launched with support for the rich universe of Ethereum tools and DApps. In theory, this makes it easy for developers to port their projects over from Ethereum. For users, it means that applications like MetaMask can be easily configured to work with BSC. Seriously – it’s just a matter of tweaking a couple of settings.
On September 1st, 2020 Binance Smart Chain went live on mainnet, activating the parallel blockchain to Binance Chain that enables the creation of smart contracts and the staking mechanism for BNB.
The launch of BSC, an Ethereum Virtual Machine-compatible blockchain that is ready to be tested and piloted by some of the top projects in the crypto industry, is expected to greatly increase the utility of both Binance Chain and BNB. With the introduction of the Proof of Staked Authority (PoSA) consensus mechanism, BSC creates an ecosystem where validators, token holders, developers, and users all benefit from a rewarding blockchain that offers high performance and ample space for further innovations.
The Binance Chain community launched BSC in time for the DeFi (decentralized finance) revolution, as the public shows increased interest in alternative financial solutions powered by blockchain. With BSC’s launch, DeFi projects and the bigger blockchain community can leverage the best that Binance Chain has to offer, fortified by smart contract support, cross-chain interoperability, and more advantages that BSC brings. So the Binance Chain and Smart Chain community welcome all the dApp developers and projects to try on this new arena.
Staking with Binance Smart Chain is very easy and utilizes a lot of the tools that are compatible with the Ethereum infrastructure.
Binance Smart Chain has no inflation and thus the rewards are relatively low compared to other Proof of Stake Blockchains.
Only Transaction Fees are being paid as block rewards to validators. The more fees are being paid in the network, the higher are the rewards for validators and delegators.
Make sure to play with our Binance Smart Chain BNB Staking Calculator in order to make assumptions how much you could be earning when transaction fees in the network increase.
Binance Smart Chain has a maximum of 21 active Validators in the network.
In order to be voted into the Top 21 Validator set and start earning rewards, you need more BNB in voting power as the 21st Validatoreither either from yourself or your delegates
To register, you are required to pay 10 BNB in fees.
There are normal slashing risks associated with staking BNB. Also, consider the lockup times as a risk, market price can fluctuate during your staking periods.
For a full list of validators, you can visit the Binance Smart Chain Asset profile.