What Is BNB Smart Chain (BSC)?
BNB Chain (formerly Binance Smart Chain) is an Ethereum Virtual Machine (EVM)-compatible blockchain designed for executing general-purpose smart contracts. It serves as a Layer 1 (L1) blockchain within the broader BNB Chain ecosystem, which is supported by the cryptocurrency exchange Binance. The platform is renowned for its fast transaction speeds and low fees.
The native token, BNB, powers BNB Chain. Initially called Binance Coin, it has since been rebranded as "Build and Build." Beyond functioning as the chain's "gas" token, BNB also grants holders on-chain governance rights, enabling participation in ecosystem decisions.
History of BNB Chain and BNB token
The Binance cryptocurrency exchange and the BNB token were launched in 2017. Initially, BNB was an ERC-20 token on the Ethereum blockchain. In 2019, it migrated to Binance’s proprietary blockchain, Binance Chain, and later became the utility token for Binance Smart Chain (BSC), which launched in September 2020. Thanks to its fast transaction speeds, low costs, and EVM compatibility, BSC quickly gained popularity, especially during the rise of DeFi, as Ethereum faced congestion and high fees.
In February 2022, Binance Smart Chain was rebranded as BNB Smart Chain. It is now a core component of the broader BNB Chain ecosystem.
Adding the Network to your EVM wallet.
To add this network, simply connect to Magic Eden, select BNB Chain and sign the transaction to add BNB Chain to your wallet.
Import Manually
If you experience any issues with the automatic connection, you can manually add BNB network. Simply follow the steps outlined below, using the provided chain information.
Enter the BNB address below into their relevant fields:
Network Name – BNB Smart Chain
New RPC URL - https://bsc-dataseed.binance.org/
Chain ID – 56
Currency Symbol – BNB
Block Explorer URL (Optional) - https://bscscan.com/
Please note: BNB Chain is not yet supported in the Magic Eden wallet.
Bridging funds to BNB Chain
Bridge and transfer your assets between networks (Ethereum etc.) and the BNB Chain ecosystem.
If you would like to bridge, please go to BNB’s official website.
If you need to convert to wBNB, you may utilize third-party platforms such as PancakeSwap. Please note that these services are external to our platform, and we are not responsible for any transactions or issues that may arise.
Ready to explore BNB Smart Chain on Magic Eden?
You can now explore BNB Chain on our EVM marketplace by simply navigating to https://magiceden.io/bsc
Please note that US users will be redirected to https://magiceden.us/bsc
If you have any questions, feel free to reach out to our support team. Simply open a ticket by using the chat widget.