As of press time, Binance finished integrating BUSD on the Avalanche and Polygon networks as well as WAX (WAXP) on the ERC20 protocol. These two integrations were announced by Binance on its official website and Twitter account.
The ERC-20 standard provides guidelines for Ethereum tokens that leverage smart contracts, which has a huge impact on the blockchain.
The transfer of tokens, approval of transactions, how users can access token information, and the total quantity of tokens made available are all subject to these rules.
So what is new now?
Binance has finished integrating WAX into ERC20 (WAXP). WAX may now make deposits and withdrawals over the Ethereum Network (WAXP).
A fungible token is identical to all others in terms of type and value, and the ERC-20 specifies a protocol for fungible tokens. Smart contracts became more popular in 2015, but there were still certain issues that needed to be fixed. Tokens could be made by anyone, thus many were being created.
The integration of Binance USD (BUSD) on the Avalanche and Polygon networks was also completed by Binance. Now, deposits and withdrawals in BUSD are accepted on both networks. Between the Ethereum, BNB Chain, Avalanche, and Polygon networks, users can send and receive BUSD.
The ERC-20 standard is adopted by several well-known digital currencies. Shiba Inu (SHIB), Binance USD (BUSD), BNB (BNB), DAI Stablecoin (DAI), HEX (HEX), Bitfinex LEO (LEO), and MAKER (MKR) are a few of them.
Plans on introducing new tokens
According to a formal release, Binance intends to give all users who satisfy the know-your-customer (KYC) standards a “soulbound” token on the BNB blockchain.
Soulbound tokens are exclusive and non-transferable, serving in this instance as an identity passport within the BNB network. Users can choose not to use the token if they would rather keep their identity a secret from the rest of the network.
According to the press release, Binance’s soulbound token, also known as Binance account bound (BAB), would enable users can take part in “creating projects” while collecting incentives.
Co-founder of the Ethereum network Vitalik Buterin first introduced the idea of soulbound tokens in a blog post in January. In a decentralized society, social identity is represented by non-transferable digital tokens, according to his description of the new asset class.