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The growth of BNB and underlying chains has been largely tied to ongoing regulatory scrutiny, particularly in the United States.
BNB Smart Chain (BSC), a leading smart contract blockchain developed by major centralized exchanges binance It is expected to hard fork on the mainnet at block height 29,020,050, with approximately $4.45 billion in total value locked. Through the current block generation speed, the Binance Chain core developers expect the Luban hard fork to occur on June 12, 2023. As a result, BNB Smart Chain validators and full node operators have been advised to switch their software version to v1.2.4. Before the hard fork is due in seventeen days.
According to the GitHub documentation, the Luban hard fork is expected to introduce three BEPs on the BNB smart chain. The first is called BEP-126 and is expected to offer a faster final mechanism. With BEP-126, the BNB smart chain can handle much more complex transactions much faster without compromising security.
The second is BEP-174, which deals with cross-chain management.
“It introduces a new governance proposal type to manage a set of BEP whitelisted relayers… It will improve the management of relayer whitelists by introducing BEP Relayer Managers, where a Relayer Manager can manage the registration of a single Relayer. Managers will be elected and evicted through governance,” BSC Core Developers noted,
The third is BEP-221, which introduces a new pre-compiled contract for validating CometBFT Lite blocks.
BNB Smart Chain (BSC) and Market Outlook
The BNB Smart Chain has been developed over the years to compete with other smart contract-oriented blockchains such as Ethereum And tron, According to on-chain data provided by BscScan, the BNB chain had a market capitalization of approximately $7,413,623,726. Worth noting that the total voting power of Smart Chain is approximately 22,447,545 BNB coins.
Furthermore, the BNB chain was developed with the goal of embracing large-scale applications – including GameFi, SocialFi, and the Metaverse. In this regard, the value of BNB coin is expected to increase as the underlying chain receives much needed updates.
According to the latest market data provided by Coingecko and Tradingview, BNB coin traded around $306 on Thursday, up nearly 25 percent YTD. As a result, the BNB market has a market capitalization of approximately $48,315,168,651 with a circulating supply of 157,900,174 units. Nevertheless, the price of BNB has dropped almost 55 percent from its ATH to around $686.
The growth of BNB and the underlying chain has been largely tied to ongoing regulatory scrutiny, particularly in the United States. In particular, Binance has been losing significant ground in the United States since the collapse of FTX and Alameda Research late last year.
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