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CryptoNEWS: Brave (BAT) Officially Joined Binance Smart Chain Ecosystem To Accelerate DeFi Adoption
Have you noticed that Brave community behind Basic Attention Token (BAT) is working hard lately on its projects? They have a lot of news lately which I tackle some of it, that they joined the BAT-BAKE LP in Bakerswap.org and my other news article which is they will going to launch their Brave Search Engine to compete with Google that has the advantage of being a privacy centered search engine. I assume that this is the reason why BAT's price surges up recently. Currently, it is trading $1.15 as of writing this article which is higher than its usual price before that is below $0.80.
Last March 19, 2020 they officially announced on their Brave site that they officially joined Binance Smart Chain to accelerate Defi adoption.
BAT or Basic Attention Token is the native token of Brave privacy browser which explores multiple blockchains as part of its Themis initiative and is finally available in Binance Smart Chain (BSC) as wrapped BAT. All BAT holders can now use numerous bridged that can connect Ethereum and Binance Smart Chain, so they can participate in the Defi ecosystem on BSC.
Currently, Brave browser wallet supports Ethereum and BSC through configuration change in the wallet, but Brave is also planning to preconfigure support for Binance Smart Chain later this year. It will allow users to access BSC without downloading additional apps, creating new wallets, and updating configurations in the Brave wallet. Given that BSC has low transaction fees, Brave will also explore the use of BSC to enable peer-to-peer tipping within the Brave browser.
Everyone who holds BAT can now participate in BSC-based projects like Pancakeswap and Bakeryswap for trading while Beefy Finance for yield optimization, also Venus, DODO, OpenOcean, and Autofarm.
“With this method of integration between the Brave browser and Binance Smart Chain, we will inaugurate seamless UX together for crypto users to access Defi and Dapps in BSC and other blockchains, which will dramatically stimulate mass adoption and inclusive finance,“ said Xiaoguang Zhang, Binance Smart Chain Ecosystem Coordinator.
While CEO and co-founder of Brave Brendan Eich said;
“We hope 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 speculate this is achievable. We are especially fascinated by the low transaction fees and scalability of Binance Smart Chain and how that allows us to build scalable and seamless Defi applications for Brave users,” he added.
BAT token first client and gateway to utility is the Brave browser, that grown over 25 million monthly active users (MAU) and over 9 million daily active users (DAU). With this tremendous utility, BAT has 3.8 million monthly transacting users and over 13 million Brave/BAT reward wallets.
The BAT tokens will be utilized in the future to receive rebates and pay fees in an upcoming Brave DEX Aggregator.
It's a win-win solution for everyone who had a stake in the open Web and who is wary of giving up their privacy and revenue to the ad-tech intermediaries with Brave. It has current active monthly users of over a 25.4Million while having 1 million verified publishers.