The BNB Smart Chain page of Bitcoin Layers is under development.
Bitcoin Layers' focuses its efforts on reviewing protocols that claim to be a bitcoin layer and BTC wrappers that live on alternative chains. Alternative network provide a snapshot into the network architecture, but largely focus on review related to BTC wrappers on the network. If the network is an Ethereum L2, we recommend heading to L2Beat for a deeper dive into the architecture.
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BNB Smart Chain
Overview
Status
Mainnet
Type
Alt. Layer 1
Fee Token
BNB
BTC Supply
₿0
BNB Smart Chain is an alternative proof-of-stake blockchain that supports a number of wrapped BTC tokens. It offers an EVM-compatible execution environment which supports more expressive smart contracts.
CUSTODY
DATA AVAILABILITY
OPERATORS
FINALITY ASSURANCE
Trust Assumption Review
BTC Custody
Very High
🛑
Binance BTCB
BTC backing this asset is managed by centralized parties
When interacting with BTCB, users trust that Binance, a centralized custodian, will safely custody the BTC backing BTCB. When interacting with a centralized custodian, users trust that the custodian will not steal the funds backing their BTCB tokens. They also trust that Binance will effectively manage the BTC and not lose access to it. If the BTC backing BTCB, BTCB tokens could become effectively worthless.
Data Availability
Alternative PoS Network
⚠️
Data is made available by an alternative consensus network
Data is published to, and made available by, full nodes participating in an alternative consensus network. Anyone can run a node and verify the current state of the network
Network Operators
Alternative PoS Network
⚠️
BNB Smart Chain is operated by a distributed validator set
The network's blocks are constructed by a distributed validator set. Validators participate in a proof-of-stake consensus network. Anyone with sufficient resources and token stake can become a validator and participate in block production.
BNB Smart Chain leverages a hybrid proof-of-stake mechanism similar to delegated proof-of-stake. BNB token holders can delegate tokens to their preferred validator to support their chances at winning blocks.
BNB Smart Chain leverages a hybrid proof-of-stake mechanism similar to delegated proof-of-stake. BNB token holders can delegate tokens to their preferred validator to support their chances at winning blocks.
Finality Guarantees
Alternative PoS Network
⚠️
Finality guarantees are provided through BNB Smart Chain's validators
Finality assurances are provided by an alternative consensus network. Users trust that once a transaction has been added to the chain it won't be reverted.
Bitcoin Security
BNB Smart Chain does not inherit any security from bitcoin
In its current state, the network does not inherit security from Bitcoin.
ETH token used to pay fees
Fees to network operators are paid in an alternative token.
No MEV introduced to bitcoin
The network does not introduce any MEV on the Bitcoin L1. Users trust the validators of the network to not reorder their transactions to extract MEV.
BNB Smart Chain does not contribute to the security budget
In its current state, the network does not inherit security from Bitcoin.
Technology
Ethereum Virtual Machine
The network uses an EVM-compatible virtual machine. The Ethereum Virtual Machine is software responsible for smart contract execution for a number of blockchains, namely the Ethereum Network. It uses Solidity/Vyper as its code and is the dominant environment for smart contract execution in the cryptocurrency ecosystem.
Use Cases
Onchain applications
Onchain applications are supported. Onchain applications including borrowing and lending protocols, onchain exchanges (commonly referred to as decentralized exchanges), and more. These applications are supported with more expressive smart contract environments.