Brave Software’s BAT token, native to Ethereum, is now available on the Binance Smart Chain (BSC) as wrapped BAT. Brave shared the announcement on their blog and on Twitter, saying,
“BAT is now also available on the Binance Smart Chain (BSC), enabling holders to participate in the emerging DeFi ecosystem.”
Brave is exploring multiple blockchains as part of its Themis Initiative. Themis is a decentralized protocol that improves the current Brave ad ecosystem and gives users anonymity while requiring zero trust and provides auditability. BAT holders can participate in the BSC’s DeFi ecosystem using the multiple bridges that connect it to Ethereum.
More Support For Brave Wallet
Brave browser is the first client and gateway to utility for the BAT token. Brave’s browser wallet supports Ethereum and BSC via a change in the configuration of the wallet. With BAT on BSC, the original token can be exchanged for a BSC-based BAT token of equal value. Brave is now planning to preconfigure support for BSC later this year.
Users will be able to access BSC without downloading additional apps, creating new wallets, or updating configurations in the Brave wallet. Brave is also keen on using BSC to enable P2P tipping within the Brave browser. BAT tokens will be used in the future for discounts and payments in an upcoming Brave DEX Aggregator.
BSC’s Low Transaction Costs An Appealing Factor
The decision to use the BSC platform might be due to Ethereum’s high transaction fees. In a blog post by Brave, Brendan Eich, CEO, and co-founder said,
“Our hope is that BAT and Brave will take crypto mainstream and to make DeFi user-friendly for the mass market. With wrapped BAT now available on BSC, we believe this is achievable. We are especially excited by the low transaction fees and scalability of Binance Smart Chain and how that enables us to build scalable and seamless DeFi applications for Brave users.''
BAT holders can use the token with various DeFi projects on BSC such as PancakeSwap and BakerySwap for trading, Beefy Finance for yield optimization, and others that include Venus, DODO, OpenOcean, and Autofarm.
Xiaoguang Zhang, Binance Smart Chain Ecosystem Coordinator, added that the feature will “introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains.”
About Brave And BAT
Brave Software is the maker of the Brave browser which combines privacy with a blockchain-based digital advertising platform. Users of the browser can enable privacy-respecting ads that reward them with BAT tokens. They can be redeemed or used to tip or contribute to projects published by other users. Brave previously partnered with Binance to provide a home page trading widget in March 2020. BAT has a market cap of $1.7 billion, making it one of the more significant projects integrated on BSC.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.