Binance Leverages the Elrond Blockchain for Fast & Inexpensive BUSD Stablecoin Transfers
Binance and Elrond have entered into an agreement which will make the Binance-backed BUSD stable coin available on the Elrond Network. The cooperation between the leading provider of services in the crypto space and the first blockchain with a working state sharded architecture will enable fast and inexpensive stablecoin transactions thanks to Elrond’s high throughput processing capacity.
With BUSD circulating supply nearing 200 million dollars, BUSD has been the fastest growing stablecoin in the cryptocurrency space in 2020. This integration will expose Binance’s $BUSD to a broader user-base, who will be able to exchange value at high speed and negligible cost on Elrond’s imminent mainnet.
BUSD will use the Elrond Standard Digital Token model, which makes token transfers as fast and inexpensive as the native protocol coin. By comparison, other chains require calling a smart contract and spending additional gas every time a token is transferred. This innovation enables existing DeFi scenarios to run on Elrond at increased speed and lower cost.
New DeFi scenarios involving $BUSD will be possible, based on Elrond’s multiple innovations such as accounts with programmable key-store values, processing debit & credit transactions for the same address in the same block and offering smart contract authors 30% gas fees as royalties.
“We have been seeing a steady increase in the number of BUSD holders, exchange listings, DeFi offerings and real-world applications. We believe BUSD will continue to surge in popularity given the strength of Binance’s ecosystem,” said Samuel Lim, Binance Chief Compliance Officer.
Stable coins in general have also seen a spike in use, with transactions nearing $100bn so far in 2020, almost three times more than in 2019. Slow transactions, long confirmation times and large fees are seemingly inescapable infrastructure problems today.
“Given that the Elrond launch is so close, the immediate availability of the Binance $BUSD will put the high performance capability of our network to great use. This collaboration marks an important step in our focus to significantly improve current blockchain use cases, and enable new ones as soon as Elrond goes live”. said Beniamin Mincu, Elrond CEO.
The Elrond mainnet will launch soon with the Binance $BUSD as the first available stablecoin. Developers can already start building on the Elrond testnet with a dedicated IDE and smart contract frameworks for the most popular languages. This way they get a head start on implementing new DeFi use cases and receive 30% royalties from their smart contracts.
About Binance
Binance is the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, serving a greater mission to accelerate cryptocurrency adoption with 25+ products, projects and initiatives including:
- Binance Exchange (Binance.com): Binance Futures, Spot & Margin trading, Binance Lending and Binance Staking
- Binance Academy: non-profit blockchain and crypto educational portal
- Binance Charity: non-profit organization and first blockchain-powered donation platform dedicated to advancing transparent philanthropy
- Binance DEX: community-driven decentralized exchange developed on top of the Binance Chain blockchain for issuing and exchanging digital assets in a decentralized manner
- Binance Fiat Gateways: buy-and-sell crypto platform, covering 170+ countries and regions through local payments partners and P2P platforms. Fiat-to-Crypto Platforms: joint ventures with global partners to buy, sell and trade crypto: Binance US, Binance Jersey, Binance Korea, Binance Singapore, Binance Uganda, Binance Lite Australia
- Binance Labs: venture arm and incubator, investing in and supporting early-stage blockchain startups and infrastructure projects
- Binance Launchpad: exclusive token launch platform for supporting transformative blockchain startups and entrepreneurs
- Binance Research: institutional-grade, data-driven insights and analysis for crypto investors
- Binance X: developer-focused initiative to foster innovation of blockchain developers and cultivate industry growth and meaningful use cases
- Other initiatives include: Binance Cloud (end-to-end enterprise solution for launching exchanges), Binance Info (market news and insights), Trust Wallet (mobile wallet and dApp browser)
For more information, visit: https://www.binance.com
About Elrond
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
For more information, visit: www.elrond.com
Media Contacts:
For Binance: pr@binance.com
For Elrond: contact@elrond.com
