BNB Chain was originally initiated by Binance but has since grown to become a community-driven, permissionless and decentralised blockchain ecosystem. The blockchain network offers a variety of advanced tools and features for users to explore DeFi and for developers to build large-scale decentralized applications (DApps).
It has a Proof-of-Stake (PoS) consensus mechanism, allowing fast transactions and decentralized governance, leading to an efficient and environment-friendly system. BNB Chain is used for building Web3 applications with features like smart contract functionality and a focus on scalability and affordability.
The growth trajectory of Binance Chain hinges on sparking innovation and drawing more sophisticated, institutional-grade projects. Without this evolution, Binance Chain may find itself in the shadows of more adaptable and expansive Layer 1 crypto platforms.
What is BNB Chain?
BNB Chain is considered as the best blockchain that most developers prefer. Built by Binance, one of the biggest cryptocurrency exchanges, this blockchain has changed the way people see decentralised finance (DeFi) services.
It was created in 2019 with a goal of lowering transaction fees and expanding the reach of blockchain technology worldwide.
BNB is the native token of the BNB Chain ecosystem, which includes BNB Smart Chain and BNB Beacon Chain.
History of BNB Chain
Here’s a history of the BNB Chain:
- 2019: Binance Chain was launched with an aim to allow decentralized trading and token creation. It’s focused on trading with an emphasis on speed and growing decentralization.
- 2020: BNB Smart Chain – formerly Binance Smart Chain – was created as a new blockchain to run in parallel to BNB Beacon Chain. Due to its Ethereum Virtual Machine (EVM) compatibility, it gained popularity among developers, especially those creating DeFi tools.
- 2022: BNB Beacon Chain and BNB Smart Chain were put together under the BNB Chain ecosystem. Still, they operate differently. The Chain was designed to create a “decentralized multi-chain” identity.
- 2024: BNB Chain network has actively started supporting projects from different sectors like GameFi, SocialFi, and metaverse. It pays attention to developing scaling solutions, interconnectivity, and greater decentralization of the network.
Features and Functionalities of BNB Chain

Ethereum Compatibility
One of the core features of BNB Chain is its compatibility with the EVM. Developers can easily use their Ethereum-based dApps and smart contracts on BNB Chain within minutes. As a result, they enjoy quicker transaction processes, low fees, and a continuously increasing user base, without rewriting their code.
DeFi-Ready Ecosystem
BNB Chain supports a wide range of DeFi users and enables them to participate in various financial activities or opportunities. The blockchain allows DeFi activities at significantly lower costs compared to Ethereum. The activities include lending and borrowing, yield farming and stablecoin trading.
High Performance
Due to BNB Chain’s design, speed and scalability are two factors that are at the forefront. These factors enable it to achieve a considerably higher transaction per second (TPS) than many other blockchains, guaranteeing low latency and speedy processing. Thus, it is a great platform for developers working on large-scale dApps.
Staking and Governance
Along with serving as BNB Smart Chain’s ‘gas’ token, BNB also provides holders with on-chain governance rights. Token holders can also earn rewards by staking their tokens or participating in critical decision-making activities that help define the future of the network.
Top dApps Built on BNB Chain

According to DappRadar, following are some of the top decentralised applications on BNB Chain’s ecosystem.
ListaDAO
It establishes the governing infrastructure of projects on the BNB Chain. It allows collective participation of users in the decision-making process.
NFPrompt
The first prompt artist platform built on BNB Chain is NFPrompt for Web3 creators that allows users to mint, buy, and sell non-fungible tokens (NFTs) using artificial intelligence (AI) tools.
Balancer
A DeFi platform focuses on lending, borrowing, and yield farming. It offers an exceptional user experience, advanced security features, and a simple interface that appeals to advanced and novice users.
PancakeSwap
A widely used decentralised exchange (DEX) on BNB Chain. The protocol permits users to trade tokens, provide liquidity, and earn through yield farming, at reasonable fees and with greater liquidity.
Move Stake
A self-managed platform for staking where users can stake BNB tokens and earn rewards. It provides lucrative returns, flexible staking options, and unparalleled security.
How to Create BNB Chain Wallet?
Creating a BNB Chain wallet is a simple task. following are the steps:
Step 1: Choosing Wallet
To create a wallet on the BNB Chain, you will have to select a BNB Chain-compatible wallet platform which includes MetaMask Wallet, Trust Wallet and Binance wallet.
Step 2: Getting Wallet Extension or App
- MetaMask Wallet: You can find and download the MetaMask browser extension. Supported browsers are Chrome, Firefox, Brave and Edge.
- Trust Wallet: You can find the Trust Wallet application in the App Store or Google Play.
- Binance Wallet: You can add the Binance Wallet extension to the browser of your choice.
Step 3: Creating New Wallet
- Open the wallet extension or app.
- Press “Create a Wallet”.
- Create a seed phrase—a secret phrase between 12 and 24 words.
- Set a strong password for added security.
Step 4: Setting Up MetaMask for BNB Chain
- Open your MetaMask and go to the left corner of the wallet interface and click the network dropdown menu.
- Now, select “Custom RPC” and configure it with following details.
Step 5: Withdraw BNB Tokens
- Purchase BNB tokens on any of the exchange services, for example, Binance.
- Send BNB tokens to your new wallet address and make sure you are using the BEP-20 network.
Step 6: Start Using Wallet
- You can now send and receive BNB and other BEP-20 tokens.
- You can also use DeFi and dApps on the BNB Chain.
- Use your wallet to participate in staking and governance activities.
BNB Token Price Analysis

Currently, the market price of Binance token (BNB) is $678. Last year, BNB’s price jumped over 120%, which was a part of overall increasing trend in the market in that period.
Analysts expect BNB to witness further growth owing to the ongoing expansion by Binance into DeFi, NFTs and other sectors.
The competition among various chains is heating up, wherein BNB competes with Fantom for market share. Recently, Gate Ventures, the VC arm of Gate.io, announced a strategic pledge of $20 million to the BNB Incubation Alliance (BIA), a global initiative by BNB Chain and Binance Labs.
Conclusion
BNB Chain is more than a blockchain; it is a foundation for the future of decentralized technology. BNB Chain offers services to all: if you are a developer needing a powerful platform, a trader aiming to spend a reasonable amount, or a blockchain enthusiast trying to delve into DeFi.
From its chain fusion and EVM compatibility to its rich array of dApps, BNB Chain provides great user experience. It allows them to create, innovate, and build within a decentralized world. BNB Chain has the potential to stay on top of the market as Binance keeps expanding its operations.