SEOUL, South Korea--(BUSINESS WIRE)--Public blockchain platform BOSAGORA announced on the 29th that the company is linking BOA with Binance Smart Chain (BSC), the blockchain platform of Binance, which is the world's largest cryptocurrency exchange.
Binance Smart Chain is one of the most popular platforms in the industry recently and is a blockchain platform developed by Binance to expand the Binance ecosystem by discovering promising projects through Smart Contracts. Only a few validated nodes are designed to create blocks, resulting in lower gas fees and faster transaction speeds compared to Ethereum. It is also compatible with other platforms such as Ethereum Virtual Machine (EVM) and can utilize various solutions.
The Binance Smart Chain launched in September 2020 and has been growing rapidly with more than 180 promising projects such as DeFi (Decentralized Finance), NFT (Non-Fungible Token), and DEX (Decentralized Exchange).
BOSAGORA has newly issued 400,000 BEP-20-based BOAs to link them with Binance Smart Chain. As a result, 400,000 BOAs based on the existing ERC-20 were frozen in lock-up accounts to prevent the overall issuance from changing.
The newly issued BEP-20-based BOA plans to open a pool of liquidity in pairs of BOA/BNB on PancakeSwap, the largest DEX with the highest liquidity and usage in the Binance Smart Chain.
In particular, BOSAGORA will expand its ecosystem to the area of DeFi by participating in PancakeSwap. This is significant as BOA's ecosystem continues to expand following the recent business model announced by BOSAGORA T-Fi (True Finance), which bridges blockchain and traditional economies.
This link will also allow BOA holders to use various services within the Binance Smart Chain ecosystem. In the long run, it is expected that all BEP-20 token holders on the Binance Smart Chain, including BNB, will be able to use T-Fi.
Kim In-hwan, the president of BOSAGORA mentioned "Expanding interoperability through connections with various blockchain networks will be an important factor in becoming competitive in the rapidly changing blockchain market. We expect BOA to increase its value through linkage with Binance Smart Chain, the world's largest exchange."
Meanwhile, BOSAGORA is planning to release CoinNet within the third quarter and will develop Trust Contracts in the network after the launch of CoinNet to help developers build their own Dapps and play an active role.