Back

Binance Smart Chain Introduces Chainlink (LINK) Token

Amidst heavy altcoins pullback, Binance (BNB) leading cryptocurrencies exchange advance its native blockchain BSC with Chainlink (LINK) token

article image
Cover image via stock.adobe.com

Today, utility token of Chainlink decentralized oracles infrastructure, LINK, has been introduced on Binance Chain as its ‘native oracle’. By this announcement, Binance CEO Changpeng Zhao in semi-ironic manner shared the news about new ‘wrapped coins’.

Chainlink (LINK) goes live on Binance Smart Chain

In his recent tweet, Mr. Zhao shared the BscCan link to the contact of Chainlink (LINK) sytnthetic on Binance Chain.  It is a special type of ‘Binance-Peg’ asset that reflects some popular crypto coin on Binance Smart Chain.

At press time, 15 assets are available in Binance-compatible version. This list includes crypto behemoths – Bitcoin (BTC), Litecoin (LTC), XRP, stablecoins – Tether (USDT), DAI, Binance Coin (BUSD)  and overhyped tokens of 2020, e.g. Polkadot (DOT) and Chainlink (LINK).

While CZ introduced Binance verison of Chainlink (LINK) as ‘native oracle’, his eagle-eyed followers immediately noticed that another oracle infrastructure vendor, Band Protocol (BAND) also has its token within Binance Chain assets suite.

Ads
Ads

While the overall circulating supply of Chainlink (LINK) tokens surpasses 386M out of total 1B supply, Binance Smart Chain hosts 2 Mln LINK.

Perspective Ethereum (ETH) competitor

Despite It started to on-board smart contracts only recently, Binance Smart Chain is perceived as the dangerous challenger to Ethereum (ETH) supremacy in decentralized applications hosting platforms’ segment.

For instance, ex-Monero lead developer Riccardo ‘Fluffy Pony’ Spagni, admitted that, being Ethereum-compatible, Binance Smart Chain looks as a natural target for the migration of developers disappointed by high Ethereum fees.

👉 MUST READ OKEx CEO Accuses Binance Smart Chain of Centralization. What's Wrong With It?related article image
 

However, some experts assure that Binance Smart Chain is centralized and not permissionless. Jay Hao, CEO of OKEx, insists that with Binance monopoly on BSC nodes, this product shouldn’t be marketed as ‘decentralized’ and ‘public’ chain.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

article writer image
Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)