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Binance renames ecosystem to BNB Chain and launches MetaFi

Binance renames ecosystem to BNB Chain and launches MetaFi.

Exchange Binance has rebranded its blockchain ecosystem, showing that the company does not want to directly connect to the Binance Smart Chain blockchain.

The blockchain ecosystem is now available change name was changed to BNB Chain and its BNB token – once known as Binance Coin – has now been renamed “Build and Build”.

“Over the years we’ve noticed that BNB has evolved into something other than Binance and in fact BNB means ‘Build and Build’ (not Binance Coin) which CZ previously tweeted,” said Samy Karim, BNB Chain ecosystem coordinator.

“The BNB ecosystem – Binance renames is larger than Binance and has outperformed Binance in terms of use cases.”

The official announcement comes a week after Binance CEO Changpeng Zhao (CZ) tweeted that BNB stands for “Build’N Build”, meaning build community and let community build.

The company says the removal of the Binance BNB Chain name will provide “more opportunity and freedom to innovate.” BNB Chain will also become multi-chain.

“The BNB chain will include large scale applications including GameFi, SocialFi and Metaverse. Specifically, scaling from single-chain to multi-chain, improving scaling solutions, and scaling the BSC validators from 21 to 41 candidates (with 20 validators acting as application block producers),” said Karim.

Along with the name change, Binance has also introduced a new concept called MetaFi – a combination of two words – Meta (metadata) and Fi (DeFi). Through MetaFi, the BNB chain community wants to build infrastructure for various projects, with GameFi, SocialFi, Web3 and NFT under one roof.

“MetaFi is a holistic ecosystem of the future that promises a paradigm shift that will enable seamless interoperability between different projects and blockchains. The combination of these various blockchain projects creates a full-fledged parallel ecosystem that serves users from around the world.”

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.