Category Archives: Binance Smart Chain
Binance [BNB] has been the subject of FUD (Fear, Uncertainty, and Doubt) of late due to reports about fines and Changpeng Zhao stepping down. Additionally, recent data from IntoTheBlock revealed a significant outflow of the stablecoin Tether [USDT] from Binance.
This outflow was over $100 million, and it marked the highest withdrawal in over three months. While previous instances showed spikes in USDT leaving the exchange, they were not over $50 million.
The current withdrawal volume could be routine market activity, but any surge raises suspicion, given the recent developments concerning the exchange.
BNB has been understandably affected by the ongoing changes within the exchange. Since it experienced a more than 10% decline in value, it has struggled to regain the $250 price range.
At the time of this update, it was trading around $233, with a slight increase of less than 1%. The Relative Strength Index (RSI) confirmed a bear trend, with the RSI line positioned below the neutral line.
However, the trend stabilized following a peak in BNBs trade volume it surpassed $2 billion, according to AMBCryptos analysis of Santiments chart.
As of this writing, the trade volume was around $644 million. This decline in volume suggested a reduction in BNBs trading activity.
Regardless, AMBCryptos examination of the trading volume across all exchanges in the past 24 hours showed that Binance continued to have more daily transactions than other exchanges.
According to CoinMarketCap, Binance recorded a trading volume of over $11.7 billion within 24 hours. The exchange with the second-highest volume was Coinbase, with over $2 billion.
How much are 1,10,100 BNBs worth today?
AMBCryptos examination of the Binance Smart Chain (BSC) also showed that there had been no significant alteration to its Total Value Locked (TVL) as of press time. Despite price and exchange volume fluctuations, BNBs TVL has remained relatively unaffected.
As of this writing, the TVL was around $3 billion, with a slight upward trend.
Were thrilled to announce our latest milestone were expanding our crypto data API offering with our first-ever acquisition of industry-leading NFT data infrastructure & intelligence company, Zash.
Founded by CEO, Parit Patel and CTO, Efe Surekli in 2021 at Entrepreneur First, Zash provides enterprise-grade, indexed NFT data across 87 unique marketplaces on Ethereum, Polygon, Binance Smart Chain, Solana andBitcoin Ordinals. Zash covers NFT metadata, historical trades and lending data, and additionally deploys advanced data science techniques through its proprietary algorithms to detect wash trades at scale.
Were thrilled to complete the sale to CoinGecko we can think of no better home to preserve the legacy of what weve built, than the outstanding brand CoinGecko has developed in the cryptocurrency space, over nearly a decade, Parit commented. We believe that NFTs will continue to evolve and unlock new use cases globally, creating value for companies and consumers. We foresee our NFT data infrastructurewell-positioned at CoinGeckoplaying a pivotal and impactful role in shaping this industrys future.
At CoinGecko, we hold the vision where any asset that can be tokenized, will be tokenized. In that same vein, we believe that NFTs will continue to innovate and unlock new opportunities worldwide. Acquiring Zash will allow us to supply you with fungible & non-fungible token (NFT) data seamlessly in one integrated offering. This is in line with our commitment to provide you with the most reliable, comprehensive and accurate cryptocurrency data, and brings us a step closer to empowering the decentralized future.
After evaluating all existing NFT data providers in the space, Zash stands out as unparalleled. Within 3 years, they have built a remarkable product with the most comprehensive NFT data coverage in the market, and commercialized with top tier clients with a lean team, noted TM Lee, CEO and co-founder of CoinGecko. This acquisition aligns with our commitment and dedication to deliver exceptional value to the crypto community, starting with a unified token and NFT market data offering.
Well be incorporating new endpoints into our crypto data API by Q2 2024, covering:
If youre interested in trying out these new NFT data API endpoints, do sign up to get waitlisted.
Additionally, Zash's NFT data infrastructure will be incrementally incorporated into ourNFT floor price tracker next year.
We celebrate what Zash has built and warmly welcome the team to CoinGecko. Looking ahead, were committed to a smooth transition and will continually enhance your crypto data API experience with us!
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CoinGecko's editorial team comprises writers, editors, research analysts and cryptocurrency industry experts. We produce and update our articles regularly to provide the most complete, accurate and helpful information on all things cryptocurrencies.Follow the author on Twitter @coingecko
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Friday, 24 November 2023, 07:27
Blockchain technology has had a significant impact on the financial sector in recent years. According to fintech expert Sergey Kondratenko, blockchain acts as a decentralised digital ledger. It enables secure and tamper-proof transactions without the need for intervention from banks and other financial institutions. This innovation has had a significant impact on fintech companies in various industries.
According to analysts, the volume of the global blockchain market in fintech will reach $580.97 billion by 2032, compared to $2.12 billion in 2022. This growth is due to several factors: the active adoption of blockchain technology by financial institutions, growing requirements for security and transparency of transactions, as well as the increasing popularity of cryptocurrencies.
Sergey Kondratenko is a recognised specialist in a wide range of e-commerce services with experience for many years. Now, Sergey is the owner and leader of a group of companies engaged not only in different segments of e-commerce, but also successfully operating in different jurisdictions, represented on all continents of the world. The main goal is to drive new traffic, create and deliver an online experience that will endear users to the brand, and turn visitors into customers while maximizing overall profitability of the online business.
Sergey Kondratenko: What is blockchain and how is this technology used?
Blockchain technology is based on a structure that stores records of transactions (blocks) in multiple databases (often called chains) on a peer-to-peer network.
Each transaction in this system is authenticated using the digital signature of the owner, which guarantees its authenticity and protects against forgery. This ensures a high level of security of information in the digital registry, explains Sergey Kondratenko.
Blockchain technology at its core is a sequential chain of blocks, each containing a certain amount of data. These blocks are closely linked to each other using cryptographic methods and form a chronological chain of information.
According to Sergey Kondratenko, one of the key components of the blockchain is blocks.
Blocks. Each block in the blockchain contains these three main components:
- A header with metadata such as a timestamp, which is generated using a random number during the mining process, and a hash of the previous block, ensuring the integrity of the chain.
- Data section. Basic information is stored here - transactions and smart contracts. This data is relevant and important for the functioning of the blockchain.
- Hash. Finally, each block has its own unique hash. It represents a cryptographic value that is used to verify the integrity of a block. This hash ensures the security of the data on the blockchain.
Block time is another component of the blockchain. This is the interval required to create a new block in the blockchain, the connecting link.
Different blockchains may have different lock times, ranging from a few seconds tominutes or hours. Shorter blocking times help confirm transactions faster, but may result in more conflicts. On the other hand, longer blocking times increase transaction confirmation times but reduce the likelihood of conflicts, reports Sergey Kondratenko.
Hardforks, decentralisation, completeness and openness are the characteristics of the blockchain that Sergey Kondratenko pays attention to.
Hard forks. In the world of blockchain, a hard fork is a situation where an uncoordinated change to the blockchain protocol occurs, causing the chain to split into two separate branches. This happens when network nodes cannot reach consensus on changes. Hard forks can lead to the creation of new cryptocurrencies or the splitting of existing ones, and their resolution requires the consent of network participants.
Decentralisation is a key characteristic of blockchain technology. In a decentralised blockchain system, there is no central control authority, and decisions are made collectively by network nodes. They jointly verify and approve transactions that will be entered into the blockchain. Decentralisation increases transparency, trust and security, and reduces the risks of data manipulation.
Completeness means that transactions once approved and included in a block become immutable and cannot be reversed. This blockchain feature ensures data integrity, security and prevents double spending.
Openness. Blockchain technology makes it available to anyone who wants to participate in the network, subject to the rules of consensus. It promotes inclusivity, transparency and innovation by allowing for the participation of different stakeholders in the system
How does blockchain technology work?
In recent years, many companies around the world have been integrating blockchain technology. Sergey Kondratenko says that it combines three important components:
- Cryptographic keys are the most important part of the blockchain. They include public and private keys that provide security and authentication for transactions between participants.
- Peer-to-peer network with shared registry. The essence of blockchain is a peer-to-peer network where many participants have access to a common ledger. It contains information about transactions and records of the network.
- Blockchain uses computational means to store, validate transactions and records on a network.
Cryptographic keys play an important role in providing secure digital identities. In the context of cryptocurrencies, this allows participants to authorise and control transactions using a digital signature.
Sergey Kondratenko: Technical Basics and Security in DeFi
DeFi, or decentralised finance, is a new and rapidly growing field in the world of cryptocurrencies and blockchain. Sergey Kondratenko draws attention to the fact that DeFi provides the opportunity to create and manage financial instruments and services without the involvement of traditional intermediaries such as banks and brokers.
The expert draws attention to the following technical features of DeFi:
Blockchain. DeFi is based on blockchain, which is a distributed and reliable ledger of transactions. Ethereum is one of the most popular blockchain platforms for DeFi, but there are others such as Binance Smart Chain, Solana and others.
Smart contracts. Ether smart contracts are the basis of DeFi. These are program codes that are executed automatically under certain conditions. Smart contracts ensure the autonomy and reliability of DeFi platforms.
Decentralised applications (DApps). DApps are built on top of the blockchain and use smart contracts to provide various financial services such as exchange, lending, staking and others.
Sergey Kondratenko also says that DeFi projects are susceptible to various threats, including smart contract hacking attacks, attacks on the blockchain consensus mechanism, phishing and others. Attackers can steal user funds and manipulate markets. For example, in 2022, a significant portion of the stolen funds, amounting to $3.1 billion, were associated with DeFi protocols, which made up 82.1% of the total assets stolen.
In order to prevent this, the specialist suggests listening to a number of relevant tips when using DeFi
Audit and testing. Before launching a DeFi project, it is extremely important to conduct an audit of smart contracts and thorough testing to identifyvulnerabilities and errors in the code.
Whitelists and multi-signature wallets. Many DeFi projects use whitelists to restrict access to certain features or addresses. Multi-signature wallets also provide an additional layer of security by requiring the consent of multiple keys to complete transactions.
Decentralised forums and auditors. The DeFi community is actively collaborating in identifying and fixing vulnerabilities. Independent auditors and agencies also help ensure safety.
Training and awareness. DeFi users should do their research on the project they are investing in and only use trusted and secure platforms.
The world of banking and fintech in general is in the process of constantly introducing dynamic innovations. Banks and neobanks, fintech startups, tech giants such as Google, Apple and Amazon are forced to constantly adapt to change. Blockchain and DeFi help with this. Sergey Kondratenko emphasizes that their decentralised and immutable nature makes their use in banking an attractive prospect for financial institutions. They have the opportunity to improve transparency, security and inclusion of financial services.
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Embark on a journey into the dynamic realm of cryptocurrencies as we unveil the Top 10 Cryptocurrencies Shaping 2024. In this comprehensive guide, we delve into the ever-evolving landscape of digital assets, dissecting market trends, potential investments, and future developments. As the crypto sphere continues to redefine the financial landscape, staying informed is paramount. From the enduring dominance of Bitcoin to the transformative upgrades of Ethereum and the innovative ecosystems of Binance Coin and Cardano, we navigate through the intricacies of each contender. Join us as we explore the narratives, challenges, and promising trajectories that these top 10 cryptocurrencies present, providing insights to guide you through the fascinating world of crypto investments in the upcoming year.
Bitcoin, often referred to as digital gold, remains the flagship cryptocurrency. With a fixed supply of 21 million coins and growing institutional acceptance, Bitcoin continues to be a cornerstone of any cryptocurrency portfolio. As we head into 2024, developments such as the implementation of the Taproot upgrade and broader adoption may further solidify Bitcoins position.
Ethereum, the pioneer of smart contracts, is undergoing a major transformation with Ethereum 2.0. This upgrade aims to improve scalability, security, and sustainability. The transition from proof-of-work to proof-of-stake is expected to make Ethereum more energy-efficient and could lead to increased adoption of decentralized applications (DApps) on its blockchain.
Binance Coin, the native cryptocurrency of the Binance exchange, has shown remarkable growth. Beyond its use for trading fee discounts, BNB is an integral part of the Binance Smart Chain (BSC). As decentralized finance (DeFi) and non-fungible tokens (NFTs) continue to rise, BNBs utility within the Binance ecosystem could drive its value.
Cardano has gained attention for its focus on scalability, sustainability, and interoperability. With the deployment of smart contracts through the Alonzo upgrade, Cardano aims to compete with Ethereum in the decentralized applications space. As the Cardano ecosystem matures, ADA could emerge as a strong contender in the smart contract platform arena.
Solana has emerged as a high-performance blockchain, boasting fast transaction speeds and low fees. Its ecosystem has seen rapid growth, with various DeFi projects and NFT marketplaces choosing Solana for their operations. If Solana can maintain its momentum and address any scalability challenges, it could remain a key player in the blockchain space.
Polkadot focuses on interoperability, allowing different blockchains to seamlessly connect and share information. With its unique parachain architecture, Polkadot aims to facilitate communication between blockchains. As more projects build on Polkadot and its parachains go live, DOT could play a crucial role in shaping the future of a multi-chain ecosystem.
Ripple and its XRP token have positioned themselves as disruptors in the traditional banking sector. With a focus on facilitating fast and cost-effective cross-border payments, Ripple has forged partnerships with major financial institutions. Regulatory developments will play a pivotal role in determining XRPs trajectory in 2024.
Chainlink plays a crucial role in the decentralized oracle space, connecting smart contracts with real-world data. As smart contracts become more prevalent, Chainlinks secure and decentralized oracles could become increasingly vital. The integration of Chainlink across various blockchain platforms is a trend to watch.
Often referred to as digital silver to Bitcoins gold, Litecoin has been a part of the cryptocurrency landscape for years. With its focus on fast and low-cost transactions, Litecoin continues to have a role in the cryptocurrency ecosystem. Updates and developments to enhance its scalability and privacy features could influence LTCs performance in 2024.
Avalanche aims to provide a highly scalable and customizable blockchain platform. Its architecture allows the creation of custom blockchain networks, making it attractive for developers and enterprises. If Avalanche can continue to attract projects and users seeking scalability and flexibility, AVAX could experience significant growth in 2024.
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Bitdeal Unveils Cutting-Edge Multichain NFT Marketplace Development Solutions – WhaTech Technology and Markets News
Bitdeal, a prominent NFT Marketplace Development Company, announced the launch of its new Multichain NFT Marketplace development services.
Bitdeal, a leading NFT Marketplace Development Company, announced the launch of its new Multichain NFT Marketplace development services.
With 8+ years in blockchain technology and NFT Solutions, Bitdeal offers customized solutions for NFTs and blockchain creation, Likewise, They stepped into a new era which is nothing but Multichain NFT Marketplace development services from conceptualization and design to full-fledged deployment on preferred blockchain networks like Ethereum, Binance Smart Chain, Polygon, etc.
The company will now offer end-to-end Multichain NFT Marketplace creation, from conceptualization to launch and beyond.
Bitdeal's Multi-Chain NFT Marketplace Development Services include:
Multi-Chain Marketplace Design
At Bitdeal, It specializes in crafting NFT marketplaces that seamlessly support multiple chains. Its expert NFT marketplace developers embed the capability for the product to operate across various blockchain networks.
This design choice enhances the overall development process, providing a versatile and inclusive platform for NFT enthusiasts.
Discrete Smart Contract Development
Security is paramount in the world of NFTs, and at Bitdeal, they prioritize it through discrete smart contract development. For each chain they engage with, its dedicated team ensures the creation of secure smart contracts.
This approach serves as the backbone of security for the NFT marketplace, instilling confidence and trust in the ecosystem.
Multi-Wallet NFT Marketplace Development
Understanding the diverse crypto backgrounds of their user base, they implemented a user-friendly multi-wallet solution.
With a focus on accessibility, Its multi-wallet solution caters to participants with varying levels of crypto expertise.
Multi-Chain Marketplace Deployment
As a premier multi-chain NFT marketplace development company, Bitdeal excels in deploying solutions that ensure seamless, cohesive operations across wallets and chains. Bitdeals expertise is facilitating an efficient experience for all participants, promoting ease of use and accessibility.
For further details and inquiries about Bitdeals comprehensive Multi-Chain NFT Marketplace Development services, please visit its website or contact Bitdeals team.
"We're thrilled to expand into Multichain NFT Marketplace development and bring our expertise team to this important capability," said the CEO of Bitdeal. "NFTs are increasingly being used for new models of value transfer and unlocking advanced features.
With our seasoned team, we can now empower organizations and projects with bespoke NFT Marketplace crafted for their needs."
Bitdeal is an award-winning NFT Marketplace Development Company founded in 2015. With offices in India and the United States, the company offers a full suite of enterprise NFT Marketplace Development solutions, now stepping into Multichain NFT Marketplace development services.
Bitdeal has worked with clients ranging from government agencies to major corporations and startups globally.
To learn more about Bitdeal's new Multichain NFT Marketplace development development services, visit http://www.bitdeal.net/multi-cevelopment
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The total value of assets locked (TVL) on decentralized finance (DeFi) projects recorded a 30% year-on-year decline to drop to its lowest point for this year at $36.95 billion, per data from DeFillama.
While DeFi projects started the year strongly, peaking at more than $52 billion in April, the sector has witnessed six months of consistent underperformance, dragging it to its current low.
In the ever-evolving landscape of the DeFi sector, liquid staking projects have emerged as a beacon of resilience, contrasting with the broader decline seen in other DeFi categories.
Despite the prevailing bearish sentiments, liquid staking projects have thrived, returning almost 300% from their 2022 low to nearly $20 billion in TVL, according to DeFillama data. As of the latest figures, TVL now stands at $17.67 billion.
Lido is the dominant player within this niche, maintaining over 50% of the market share, outpacing major contenders like Binance, Coinbase, and Kraken, as per insights from Nansen data shared with CryptoSlate.
The Tron network, too, has witnessed significant growth in its DeFi projects, with their contribution to the overall TVL hitting an all-time high of 18.23% from the 6.5% recorded earlier in the year.
On-chain sleuth Patrick Scott attributed Trons increased TVL to the growth of the first Real-World Assets (RWA) on the network, stUSDT. According to DeFillama data, the projects TVL is nearing $2 billion in just four months since its launch.
However, CryptoSlate reported that the project has come under scrutiny, primarily due to its governance and transparency, while some of its claimed partners, like Tether (USDT), have denied any affiliations.
Meanwhile, Ethereum remains the primary platform for DeFi projects and applications, controlling more than 50% of the market. Other networks like Binance Smart Chain, Polygon, Arbitrum, and others also host many projects.
As the TVL has flatlined, DeFi projects have encountered another challenge: a decrease of approximately 2.5 million active monthly users throughout the year, Altindex reported, citing a Dune Analytics dashboard by rchen8. Per the report, the decline commenced in May and has maintained a downward trend.
In May, the DeFi sector boasted over 3.8 million monthly users, but by October, this figure had dwindled to around 1.15 million, compared to the 2.7 million users reported the previous October. Overall, monthly unique users have dropped by 66% from the all-time high of 7.51 million recorded in November 2021.
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A widely followed analyst is urging caution on a multi-billion dollar crypto asset as it hovers above a key support level.
Pseudonymous trader Altcoin Sherpa tells his 196,700 Twitter followers that the utility token of the Binance crypto exchange and the native token of the Binance Smart Chain (BNB) is not looking great, to be honest.
While I believe in Binance longer term, theres so much fear, uncertainty, doubt (FUD) associated with that exchange that its probably best to be cautious overall. Not trading this one currently.
BNB, the fourth-largest crypto asset by market cap, is trading at $208 at time of writing.
Turning to Bitcoin (BTC), Altcoin Sherpa says that the flagship crypto asset could fall to $27,000 or lower amid bearish price action.
Its an area [$27,000] that has a lot of support/confluence and, given this current environment, I dont know if were going to see one of those big rips to the downside (in the short term).
More likely that we grind down I think.
Bitcoin is trading at $27,223 at time of writing.
Next up is the native token of non-fungible token (NFT) marketplace Blur (BLUR). According to Altcoin Sherpa, BLUR is currently probably undervalued given the fact that the NFT marketplaces older competitor, OpenSea, is likely to be worth billions.
The pseudonymous analyst, however, says that he doesnt see any reason to buy the altcoin at the moment while attaching a chart that shows BLUR consistently and consecutively hitting new all-time lows over its lifetime, amid declining volumes.
BLUR is trading at $0.159 at time of writing, down by over 95% from the all-time high reached in February this year.
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Amid worldwide regulatory scrutiny against Binance and other crypto centralized finance (CeFi) service providers, the BNB Chain (formerly Binance Smart Chain) has seen close to $2 billion in outflows from its decentralized finance (DeFi) ecosystem in 2023.
Interestingly, Changpeng Zhao (CZ), Binance CEO, had predicted DeFi would outperform CeFi in the next bull run.
Binances CEO prediction was made live in X Spaces Ask Me Anything (AMA) session on September 3, where CZ talked about the challenges his company was facing, but also other regulatory matters related to DeFi platforms.
However, numbers related to Zhaos most relevant holdings on the BNB Chain (BNB) native token can pose even more challenges for the crypto-billionaires vision for the cryptocurrency market, and Binances success in a rumored new focus on the decentralized finance sector.
Data retrieved by Finbold from DefiLlama on October 7, shows a loss of $1.85 billion in the total value locked (TVL), year-to-date (YTD) for the BNB Chain. With a registered total value invested of $4.65 billion by January 1, 2023, to around $2.8 billion TVL at the time of publication.
Notably, the two leading DeFi protocols on the BNB Chain PancakeSwap (CAKE) and Venus (XVS) dominate the majority of the total value invested, currently with $1.27 billion and $608.46 million TVL, respectively. Both are also respectively registering outflows of 1.52% and 7.18% in the last 30 days.
Interestingly, the third biggest DeFi protocol by total value locked is actually accounting for Binance staked ETH, which is measured in Ethereum (ETH), rather than in BNB. Therefore, accruing value for the former chain, as investors are just using CZs structure while picking ether for staking to receive their passive income.
It is also important to say that the BNB tokens have lost 13.8% of their value YTD. With a starting trading price of $246.66 on January 1, to a current trading price of $212.62 by press time.
The TVL metric was also impacted by this value loss, considering the total value is measured in USD by DefiLlama, despite being invested in BNB. Nevertheless, there are also fewer BNB tokens locked into its chains protocols since the start of 2023.
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In the early days of cryptocurrency, creating a new token was a daunting task, often requiring the development of an entirely new blockchain or a Bitcoin fork.
However, Ethereum revolutionized this landscape by transforming blockchain technology into a versatile development platform. The introduction of the ERC-20 token model provided a fundamental framework for crafting new cryptocurrency tokens.
As the cryptocurrency ecosystem evolved, innovative projects emerged, each with unique blockchain technology. One such project is the BNB Smart Chain (BSC), which introduced its token standard, BEP-20.
With the emergence of the BEP-20 standard, the demand for wallets that support it obviously grew.
So, in this article, well explore the top BEP20 wallets available in 2023 and provide essential insights. Lets get started!
The BEP-20 (or BEP20, an acronym that stands for Binance Smart Chain Evolution Proposal) is a token standard developed by the Binance crypto exchange and operates on the BNB Smart Chain (BSC) and can be seen as an expansion of the widely-used ERC-20 standard on Ethereum.
It serves as a set of guidelines for tokens in this blockchain, specifying how they can be utilized, who has the authority to use them, and other regulations governing their functionality.
Following the BEP-20 token standards, people can easily create new tokens on the BNB Smart Chain. This process is simple and doesnt require advanced programming skills, which is a significant advantage. Developers dont need to build a new blockchain from scratch, and they arent limited to the Ethereum Token Standard.
Notably, the BEP-20 standard is not only inspired by but also fully interoperable with the ERC-20 standard.
Some examples of BEP20 standard tokens are BNB, PancakeSwap, Binance USD, SafeMoon, and others.
A BEP20 wallet is a wallet that allows you to manage BEP20-compliant tokens. In order to store and manage coins from the BNB Smart Chain (BSC) blockchain, users need a compatible cryptocurrency wallet.
These wallets offer a secure means for users to store, send, and receive BEP-20 tokens, much like Ethereum wallets facilitate the management of ERC-20 tokens.
They are crucial for individuals seeking to participate in activities involving tokens and decentralized applications (DApps) on the Binance Smart Chain.
A BEP20 wallet functions much like other crypto wallets. When you create a BEP20 wallet, you receive both private and public keys. The private key is a secret code granting access to your wallet, while the public key is used to receive BEP20 tokens.
The primary role of a BEP20 wallet is to store, send, and receive BEP-20 tokens. To achieve this, you generate a unique BEP20 wallet address consisting of alphanumeric characters. Its crucial to remember that each BEP-20 wallet address is exclusive and should remain confidential.
Once you have a BEP-20 wallet address, you can easily transfer BEP-20 tokens to and from the wallet. To send tokens, enter the recipients BEP-20 wallet address in the wallets send function. Specify the number of tokens you want to send and confirm the transaction.
Now that you have a good grasp of the fundamentals, lets explore the top 5 BEP-20 wallets for you to consider. To simplify your decision-making process, weve categorized them into the best hardware wallets and the best software wallets.
Our selection criteria include factors such as security, overall reputation, technology features, support for a wide range of coins (especially BEP-20 tokens), and more.
Based on our research, the best hardware BEP20 wallet at the time of writing this article is SafePal S1.
SafePal S1 is a secure hardware BEP20 wallet designed for safeguarding digital assets. Developed with backing from Binance, it caters to crypto enthusiasts with its user-friendly interface.
Managing SafePal products is easy through the centralized SafePal app, simplifying key generation and urging users to secure their recovery seed.
SafePal prioritizes security with a durable battery and no reliance on USB, WiFi, or Bluetooth, minimizing remote attack risks and unauthorized access.
SafePal is compatible with over 63 blockchain networks, including a wide array of ERC-20 and BEP-20 tokens. Based on the wide range of BEP-20 tokens supported, SafePal is a top choice for us.
Ledger Wallets is our second choice when it comes to the best BEP2 wallets, especially when it comes to hardware wallets. And when we say Ledger, that means all hardware wallets developed by Ledger, including Ledger Nano S, Ledger Nano X, and Ledger Stax.
Crafted by the renowned Paris-based company, Ledger is a secure and user-friendly hardware wallet for storing and managing cryptocurrencies.
The Ledger hardware wallets act as a personal vault, keeping cryptocurrencies safe from online threats like hackers and malware.
What sets Ledger Wallet apart is its innovative and intuitive design. The wallets are thoughtfully crafted to provide a seamless user experience, even for those new to crypto. With Ledger Wallet, you dont need to be a tech expert to manage your digital assets securely. Its user-friendly interface and straightforward setup process make it accessible to everyone, ensuring that anyone can easily safeguard their cryptocurrencies.
Ledger supports natively over 50 cryptocurrencies, all ERC-20 tokens, and some BEF-20 tokens. Ledger is ranked #2 in our top list precisely because it does not support various BEP20 tokens.
MetaMask Wallet was founded in 2016 and emerged as a non-custodial crypto wallet tailored for Ethereum blockchain interaction, nurtured by ConsenSys.
With over 30 million active users per month, it reigns as the leading non-custodial crypto wallet globally and our top pick among software BEP20 wallets.
MetaMask thrives within a vibrant community, supported by millions of downloads and abundant resources dedicated to its advancement.
Using MetaMask ensures swift, secure key and password generation on your devices. Crucially, you retain full control over your data and accounts, empowering you to decide what remains private or shared.
This versatile tool comes as a browser extension or mobile app for your convenience.
MetaMask initially supports Ethereum, endowing users with unique ERC20 wallet addresses. Consequently, users can swiftly fund their MetaMask wallets with Ethereum and many ERC20 tokens. Beyond Ethereum, MetaMask diversifies its support for various network standards, including Arbitrum, Optimism, Binance Smart Chain, Polygon, Avalanche, Fantom, Celo, Harmony, Palm, and Aurora.
Trust Walletis a non-custodial wallet and, simultaneously, a great BEP 20 wallet and decentralized wallet that gives users full control over their cryptocurrencies and NFTs. It serves as the official wallet for Binance Exchange, supporting more than 70 different blockchains and housing an extensive collection of over 9 million digital assets.
One of its standout features is its seamless integration with decentralized applications (DApps), ensuring secure interactions across various blockchains.
Trust Wallet offers many functions, including buying, sending, receiving, staking, trading, and securely storing cryptocurrencies.
It operates as a hot wallet, meaning its connected to the internet, providing unmatched flexibility for managing your assets from anywhere and at any time.
Trust Wallet is conveniently available on Android, iOS, and as a browser extension.
As mentioned earlier, Trust Wallet proudly supports multiple blockchains (over 70) and hosts a vast collection of over 9 million digital assets. When it comes to cryptocurrencies, youll discover all the major ones like BTC, ETH, DOGE, SOL, and DOT, as well as tokens like CAKE, BUSD, SAFEMOON, and more. This includes compatibility with the ERC20 and BEP20 networks.
Last but not least, Coinbase Wallet. Coinbase Wallet BEP 20 wallet was introduced in 2018 and is an online cryptocurrency wallet, often referred to as a hot wallet, that gives users control over their digital assets.
Its strong connection to the Coinbase crypto exchange is known for its top-notch security features, making Coinbase Wallet one of the most secure options for storing cryptocurrencies.
With this wallet, users can securely store their digital currencies and access decentralized applications (DApps) on different networks.
For added peace of mind, Coinbase Wallet is backed by FDIC insurance, which covers up to $250,000 of your fiat currency.
You can access it through any modern web browser, iOS, or Android device.
Coinbase Wallet covers major cryptocurrencies, including Ethereum, Polygon, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, Ripple, and Solana. It also works with Ethereum Layer-2 networks like Arbitrum, Avalanche C-Chain, Binance Smart Chain ecosystem, Fantom Opera, Optimism, Polygon, and Gnosis.
A BEP-20 address is a unique string of alphanumeric characters that identifies a wallet on the Binance Smart Chain (BSC). It is used for sending, receiving, and storing BEP-20 tokens, which are digital assets that adhere to the BEP-20 token standard on the BSC.
A BEP20 wallet address or a Binance Smart Chain address typically begins with the prefix x0. Its important to note that while this x0 prefix is commonly used for a wallet address on the Binance Smart Chain (BSC) or a Binance Smart Chain wallet, its not a mandatory requirement defined by the BEP20 token standard. Some projects or tokens on the BSC may follow this naming convention, but its not universally applicable to all BEP20 tokens.
There are plenty of crypto wallets in the market that accept BEP20 tokens. Based on our research, the best are SafePal, Ledger, MetaMask, Trust Wallet, and Coinbase Wallet.
However, there are others you can research yourself, such as Math Wallet or Ellipal Wallet.
Yes, MetaMask offers users the ability to add the BNB Smart Chain or Binance Smart Chain (BSC) RPC network to their wallet. This integration allows users to safely store and conduct transactions with BEP20 tokens.
Yes, Coinbase Wallet is a decentralized wallet that supports a multitude of BEP20 tokens.
As the cryptocurrency landscape continues to evolve, the emergence of BEP-20 tokens on the Binance Smart Chain has fueled the demand for wallets that support them.
Whether youre looking for a hardware wallets enhanced security or a software wallets convenience, the options available today provide a robust ecosystem for managing BEP-20 tokens and participating in the Binance Smart Chain network.
As the crypto space continues to innovate, staying informed and choosing the wallet that aligns best with your specific requirements is essential.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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In a major blow to the Palestinian militant group Hamas, Israeli police announced on Monday that they had frozen several cryptocurrency accounts linked to the organization. The accounts, which were used to fund Hamass activities in the Gaza Strip and the West Bank, were traced and blocked with the assistance of Binance, one of the worlds largest cryptocurrency exchanges.
According to a statement by the Israeli police, the operation was carried out by the cyber unit of the Lahav 433 anti-fraud division, in cooperation with the national security agency Shin Bet and the Israel Tax Authority. The police said they had identified and seized more than 150 cryptocurrency accounts, wallets and addresses that received donations from Hamas supporters around the world.
The police also said they had uncovered a complex network of websites and social media platforms that Hamas used to solicit donations in various cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin. The donations were then transferred to the accounts that were controlled by Hamas operatives in Turkey and Gaza.
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The police estimated that Hamas had raised tens of millions of dollars through this scheme, which was launched in early 2019 after the group faced a severe financial crisis due to the blockade imposed by Israel and Egypt on Gaza. The police said that the cryptocurrency donations enabled Hamas to bypass the banking system and the international sanctions imposed on it as a designated terrorist organization.
Binance, which is based in the Cayman Islands and has offices in several countries, confirmed that it had cooperated with the Israeli authorities in their investigation. A spokesperson for Binance said that the exchange had a zero-tolerance policy for illicit activity on its platform and that it was committed to working with regulators and law enforcement agencies to safeguard the interests of our users and the broader industry.
The spokesperson also said that Binance had implemented robust compliance and security measures to detect and prevent suspicious transactions, such as advanced identity verification, blockchain analysis and cyber threat intelligence.
The freezing of Hamass cryptocurrency accounts is not the first time that Israel has targeted the groups online fundraising efforts. In August 2019, the Israeli military said it had hacked into a website run by Hamass military wing, the Qassam Brigades, and exposed its Bitcoin donation campaign. The military said it had also sent warning messages to potential donors, alerting them that they were exposing themselves to legal action and cyber attacks by supporting Hamas.
Hamas has not yet commented on the latest Israeli operation, but it is likely that the group will try to find new ways to raise funds through cryptocurrency or other means. Hamas has been engaged in a long-running conflict with Israel, which has intensified in recent months following a series of violent clashes and rocket attacks.
Binance, the worlds leading cryptocurrency exchange, has announced that it is reducing the minimum order sizes for some of its spot and margin trading pairs to 1USDT. This means that traders can now execute orders with smaller amounts of capital, allowing them to diversify their portfolios and access more opportunities in the crypto market.
The new minimum order sizes apply to the following trading pairs:
The change will take effect on October 15, 2023, at 00:00 AM (UTC). Traders who have open orders below the new minimum order sizes will not be affected by this update. However, they will not be able to modify or cancel their orders until they meet the new requirements.
Binance said that the decision to lower the minimum order sizes was based on user feedback and market demand. The exchange aims to provide more flexibility and convenience for its users, especially those who are new to crypto trading or have limited funds. By lowering the barriers to entry, Binance hopes to attract more users and increase the liquidity and depth of its markets.
Binance also reminded its users to trade responsibly and be aware of the risks involved in crypto trading. The exchange advised its users to do their own research, use proper risk management tools, and follow the platforms rules and regulations.
Binance is constantly improving its products and services to offer the best trading experience for its users. The exchange has recently launched several new features and initiatives, such as:
Binance NFT Marketplace, a platform for buying and selling digital collectibles and artworks. Binance Pay, a peer-to-peer payment service that supports multiple cryptocurrencies and fiat currencies.
Binance Earn, a suite of products that allows users to earn passive income from their crypto assets. Binance Smart Chain, a blockchain network that supports smart contracts and decentralized applications. Binance Charity, a non-profit organization that uses blockchain technology to empower social good.
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