PERI Finance dApp Binance Smart Chain Integration
We are delighted to announce that PERI dApp integrates with Binance Smart Chain(BSC) to maximize cross-chain functionality with EVM compatibility. Through this integration, PERI staking dApp allows the BEP-20 based PERI holders to stake their PERI.
About PERI Finance
PERI Finance is an innovative synthetics issuance and derivatives market that utilizes blockchain technology to supercharge trades through its protocol.
PERI Finance allows accessing a wide range of both traditional financial and crypto assets in the form of leverage and non-leverage synthetic products. We empower users with the lower GAS fee, speedy transaction, and ample security from front-running or flash loan.
PERI Finance’s synthetic assets on the accompanying PERI.Exchange are labeled as “Pynths.” Pynths are synthetic assets whose price follows the price of an underlying asset. Pynths offer users a way to buy and sell financial instruments without owning the physical underlying asset.
What is Binance Smart Chain?
Binance Smart Chain (BSC) is a independent blockchain protocol from Binance that runs in parallel with Binance Chain. Unlike Binance Chain, however, Binance Smart Chain powers smart contract functionality and boasts compatibility with Ethereum Virtual Machine (EVM).
BSC has one of the fastest blockchain transaction times and lowest fee structures, which makes building DeFi apps on the protocol so appealing for developers.
Binance Smart Chain uses a consensus algorithm known as Proof of Staked Authority (PoSA) where 21 validators stake BNB, the native token for the Binance ecosystem, to secure the network.
Unlikely with many other blockchains, Binance Smart Chain does not offer block subsidies or allows minting of fresh BNB in the form of a block reward. Instead, validators receive transaction fees as a reward for securing the network.
Binance Smart Chain’s BEP-20 token uses essentially the same format as the Ethereum protocol’s popular ERC-20 tokens.
Why did we choose Binance Smart Chain?
BSC network provides the compatibility of Ethereum Virtual Machine(EVM). EVM compatibility facilitates the Ethereum developer to conveniently port their applications to BSC’s platform enabling the traders to enjoy the benefits of its cross-functionality. This helps PERI smart contract run on fast and stable environment with decentralized platform.
BSC achieves block creation per every 3 seconds with a Proof of Staked Authority(PoSA) system. PoSA runs with limited participants who joined in block validator by staking BNB on BSC network. Through this feature, PERI Finance dApp users can access BSC network with fast transaction speed with low gas fee.
Familiar with Cross-chain
Binance Smart Chain was envisioned as an independent but complementary system to the existing Binance Chain. Dual-chain architecture is used, with the idea being that users can seamlessly transfer assets from one blockchain to another. In this way, rapid trading can be enjoyed on Binance Chain, while powerful decentralized apps can be built on BSC. With this interoperability, users are exposed to a vast ecosystem that can cater to a myriad of use cases. PERI Finance allows users accessing its dApp from diverse cross-chain based ecosystem. This will help PERI Finance to enhance interoperability of dApp ecosystem.
Binance Smart Chain provides faster and cheaper transactions than any other blockchain networks and allows developers to port from Ethereum to Binance Smart Chain with ease.
PERI Finance will keep backing up for users to trade assets on safe, cost-less, rapid environment with Binance Smart Chain.