TL;DR Breakdown
- IOTA token is now available on the Binance Smart Chain ecosystem.
- IOTA holders can now access several services and projects on the BSC network.
Binance Smart Chain (BSC), the centralized blockchain Network of the largest cryptocurrency exchange, is increasingly becoming a home for multiple projects on other blockchain networks, thanks to its scalability and cheaper transaction fees. IOTA is now the latest blockchain platform to launch on BSC via its native cryptocurrency. This further extends the IOTA token’s liquidity to multiple networks.
IOTA token holders to access BSC DeFi projects
The IOTA token launched on Binance Smart Chain as a wrapped version. The main token holders can swap it for the BEP20 IOTA token using the Binance Bridge. The market value of the wrapped token is pegged 1:1 to the original. With the BEP20 token, the holders can access and participate in several protocols on the BSC ecosystem, including in staking and decentralized finance projects on the network.
The development team behind IOTA will consider extending the cryptocurrency to other popular blockchain networks.
“Cross Chain liquidity is the pillar of any decentralized ecosystem. The IOTA ecosystem grows and becomes more decentralized by making IOTA liquidity available to other networks,” the team wrote.
BSC vs. Ethereum
Many projects and users deserted the second-largest blockchain network, Ethereum for Binance Smart Chain, since it began facing massive congestion, which made transactions on the blockchain very expensive. Recently, the Basic Attention Token (BAT), the native digital currency of Brave Browser, a privacy-focused web browser, was launched on the BSC blockchain as a wrapped token. This opened up access to the BSC ecosystem to BAT holders.
Additionally, the daily transaction count on BSC has significantly increased beyond that of Ethereum, probably as many people now prefer using the cheaper BSC services. However, ETH developers are looking to deploy rollups to help scale the network by at least 100x, which should help sustain the network until sharding is deployed.
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