Before we get ahead of ourselves we must clarify that as of yet BAT remains an ERC20 token which means that to have access to the BSC platform it first needs to be converted into wrapped BAT. This is different to a token migration which would see BAT become a BEP20 token in itself without being wrapped. Wrapping a token requires a custodian to hold custody of your asset in return for an equivalent minted token, per say, which represents the original asset on the chosen network. This latest announcement relates to the smoothening of this process in a joint project between Brave and Binance Smart Chain.
“With this strategic integration between the Brave browser and Binance Smart Chain, we will introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains..." As described by Xiaoguang Zhang, Binance Smart Chain Ecosystem Coordinator.
This endeavour impacts BAT by making it much easier for holders to participate in DeFi/Dapps which exist in the Binance ecosystem
will impact the Brave browser experience in a ground shattering way since the current limitations of the Ethereum network will no longer be able to hold much needed upgrades back.
DeFi has been booming for the last few months but unfortunately Ethereum has been unable to solve massive issues such as gas fees and transaction times. Binance has stepped up in this regard to offer an improved experience in nearly everyway. This has been reflected in the migration of many projects to BSC and the success of native projects like PancakeSwap.
Currently a transaction on the ETH network would set you back $40 whereas on BSC it would be around $0.21. This partnership will make it easier for BAT holders to participate in DeFI as well as have access to the yield projects which are sure to crop up soon.
Brave Browser solutions
By integrating BSC into the browser the shackles of the bloated Ethereum network will be cast aside giving way for things like P2P tipping which certainly would not be possible before. This could also mean withdrawing BAT from your Uphold wallet would no longer mean losing the majority of your rewards to transaction fees.
What do you think about this strategic partnership? Are you excited?