Binance announced on September 1 that it had launched the Binance Smart Chain on the mainnet, bringing additional features to the existing Binance Chain and Binance Coin (BNB).

• Binance Smart Chain (BSC) will run alongside Binance Chain, allowing for smart contracts to be built on top of it and as well as a new staking mechanism for BNB
• Operating on a Proof of Staked Authority (PoSA) consensus mechanism, Binance says that the chain will offer transaction costs of as low as 1 cent and block production every 3 seconds
• It also supports DeFi protocol interoperability, with major crypto collaborating with Binance on this matter
• Collaborators include Aave (LEND), Band Protocol (BAND), Chainlink (LINK), CertiK, 1inch Exchange and Ontology (ONT)
• The smart chain was first announced in April 2020 and is compatible with the Ethereum Virtual machine (EVM)