One of the latest reports from the crypto world is the recent integration that has been carried out by MDEX for the Binance Smart Chain. MDEX, a leading decentralized exchange has revealed that it has gone ahead with the integration in order to expand its ecosystem.
The firm has confirmed that it has successfully carried out the completion of the deployment on April 8, 2021, at 8:30 pm (UTC+8). The firm has reported that the feedback it received right after the integration of the Binance Smart Chain was enormous and promising.
According to MDEX, its total value locked increased at an extremely high rate within the first five seconds of being deploying the Binance Smart Chain. MDEX confirmed that its total value locked (TVL) went above the $500 million marks within the stated time.
There will be four services that will be receiving new functionalities with the deployment of the new integration. The services that will be boosted include cross-chain asset services, transaction mining services, single token staking services, and liquidity mining services.
With the help of the new deployment, the MDEX users will be able to witness interoperability between BSC and Heco, which is Huobi’s eco-chain.
The chief technology officer (CTO), Sky at MDEX shared his views around the latest integration that has been carried out. According to Sky, it was always a part of their plan to integrate their services with BSC.
Sky stated that the functionality offered by BSC is almost similar to that of Heco. Just like Heco, BSC also exists to address and provide a solution for high fees and congestion that is currently a huge problem on the Ethereum network.
Sky also added that both services, BSC, and Heco are CeFi resources-supported platforms.
The development teams at Binance have also shared the true purpose behind the creation of the Binance Smart Chain. According to them, Binance Smart Chain was created with the vision of providing an extension to the Binance Chain.
Both of the Binance blockchains are based on dual-chain architecture, making both of them highly complementary. Binance Smart Chain mainly focuses on serving applications on the decentralized network. It does it in a way that no pressure or congestion is caused on the original Binance chain.
The support offered by the Binance Smart Chain ensures that the original Binance Chain receives more optimization, helping it to support more trading.
The services and features offered by both blockchains make them optimized and efficient when it comes to operating decentralized applications (DApps). These features also let the users process transactions on the blockchain at very low fees.
At present, the Ethereum transaction fees are above $20 per transaction, making it almost unbearable for small-time and medium investors. This is where Binance Smart Chain offers lower fees and has taken advantage of the Ethereum blockchain.