Binance has finalized the ERC20 integration of WAX (WAXP) and BUSD on the Avalanche and Polygon networks today. Binance made the announcements on its official website and Twitter account.
WAX Integration in ERC20 (WAXP)
Binance has finished the ERC20 integration of WAX today (WAXP). WAX deposits and withdrawals are now possible on the Ethereum Network (WAXP). The ERC-20 standard defines fungible tokens, which means that each token is identical (in terms of type and value) to every other token. Smart contracts gained popularity in 2015, yet some issues remained. A token may be made by anyone, thus there were a lot of them.
Binance said today that it had finished integrating Binance USD (BUSD) on the Avalanche and Polygon networks. Both networks now accept deposits and withdrawals in BUSD. Users can send BUSD to and from the Ethereum, BNB Chain, Avalanche, and Polygon networks. ERC-20 is a standard that is utilized by a number of major digital currencies. Tether USD (USDT), USD Coin (USDC), Shiba Inu (SHIB), Binance USD (BUSD), BNB (BNB), DAI Stablecoin (DAI), HEX (HEX), Bitfinex LEO (LEO), MAKER are a few examples (MKR) The ERC-20 standard is important in blockchain because it defines the rules for Ethereum tokens that employ smart contracts. These restrictions cover the transfer of tokens, transaction approval, how users can obtain information about a token, and the overall amount of tokens.
Binance has launched the BAB Token.
Binance created The Binance Account Bound (BAB) token last week, a soul-bound token intended to identify Binance users who have completed KYC verification. Users can create BAB tokens on the BNB Chain to use as identifying credentials, participate in the development of various projects, and receive prizes. The BAB currency can be used to address the issues that restrict bots from receiving airdrops.