BNB Chain: Binance Merges And Rebrands Binance Smart Chain And Binance Chain

Binance announced a rebranding and merger of its two blockchains as part of its expansion plans.

Binance Smart Chain (BSC), the decentralized blockchain ecosystem, announced Tuesday that the Binance Chain and Binance Smart Chain are merging under a new title, the BNB Chain.

BNB Chain stands for "Build and Brand." This rebranding has been done to express the chains' connection with Binance's native token, BNB.

BNB Chain would strive to offer significant valuable features for the users, such as being open for the users, being decentralized, embracing large-scale applications, and allowing multi-chains.

"The BNB Chain community will benefit from the previously launched $1 billion in funds and receive financial and operational support, as well as an introduction to the industry's leading experts, mentors, and investors," BNB Chain's ecosystem coordinator Samy Karim said. "The ecosystem will bring a range of these programs from live mentorship events and workshops to hackathons and in-person meetings."

Binance in a statement explained the rebranding and revealed that the BNB Chain would consolidate all of its Web3 work under the cover of MetaFi, which will bring together Metaverse developers and projects and GameFi and SocialFi.

The BNB Chain will include large-scale applications and development tools and an expansion of the validator set from 21 to 41 validators, emphasizing on scale.

Except for the title nothing has changed functionally due to the upgrade. In the same blog, the company said that the BNB acronym, which was previously used as an abbreviation for Binance Coin, now stands for "Build and Build" and will play a more significant part in the blockchain's branding.

BSC was introduced in September 2020 as an alternative to the Ethereum blockchain that operated similarly to the Ethereum platform but with cheaper transaction costs and processing times.

Due to its simplicity of use, compatibility and low cost, BSC has quickly become a popular choice for decentralized finance (DeFi) developers and non-fungible token initiatives.

However, BSC has been lagging behind its competitors in the past months. Terra overtook BSC as the second-largest DeFi network by hosting $15.03 billion in assets, whereas Binance Smart Chain hosts $13.37 billion.

The rebranding is a prelude to the Metaverse's next leg of the trip, integrating DeFi with virtual reality.