Brave Browser (BAT) Joins Binance Smart Chain (BSC) to Accelerate DeFi Adoption

0
104
Brave Browser (BAT) Joins Binance Smart Chain (BSC) to Accelerate DeFi Adoption

Basic Attention Token (BAT) is now available on the Binance Smart Chain (BSC) as a wrapped token. BAT holders can now use the token with various applications such as PancakeSwap (CAKE) and Beefy.Finance (BIFI).

BAT joins Binance Smart Chain

The Basic Attention Token (BAT) is now available on the Binance Smart Chain (BSC) in its “Wrapped BAT” wrapped version. This news means that the Ethereum-based (ETH) token can be exchanged for an equivalent token on the BSC.

Thus, BAT holders can now use the token with various BSC-based decentralized finance (DeFi) applications such as PancakeSwap (CAKE), Venus (XVS), and Beefy Finance (BIFI).

Brendan Eich, co-founder of Mozilla (Firefox) and Brave, said: “With the Wrapped BAT available on the BSC, we believe to make DeFi more user-friendly for the general public. We’re especially excited about the scalability of BSC and how it allows us to build scalable applications for Brave users . “

Brendan Eich explained that the low transaction fees of Binance Smart Chain were the main attraction of this integration. The crypto-browser also plans to integrate a Decentralized Exchange Aggregator (DEX) where BAT token holders can provide liquidity and receive rewards based on their contribution.

Brave ecosystem continues to grow

This news is part of the Roadmap 2.0 unveiled by Brave at the end of February. The browser also hopes to extend the BAT token functionality to the entire decentralized web, particularly by strengthening its use for e-commerce and file storage.

Since launching in October 2017, Brave has attracted over 9 million daily active users and 25.4 million monthly users, with its user base doubling in 2020. By the end of 2021, the browser hopes to count 50 million monthly users and 17 million daily users.

BAT is also used by 3.8 million users every month, while over 13 million Brave wallets have been created. The browser claims that the BAT is among “the most used tokens in the world”. 

This latest development will increase the popularity of the utility token since the Binance Smart Chain is one of the fastest-growing blockchain networks.