What is BEP8? Binance Chain Launches Three BNB Token Issuances for Small and Medium-sized Enterprises, Binance Smart Chain to Go Live in Q3

Today (17th), Binance Chain, focusing on decentralized trading, has launched a new token protocol BEP8, which is said to be suitable for small projects, intellectual property, and small-scale token economies. In addition, following the testnet launch of Binance Smart Chain on May 30th, the mainnet is set to go live in the third quarter.

BEP8 Issuance Costs Only 3 BNB, Becoming the Minor Leagues

Binance refers to the new token protocol BEP8 as "mini-tokens," believing that this will help some high-quality small projects to find a way to issue tokens outside the higher issuance costs of BEP2 tokens.

The official statement mentions that the new BEP8 protocol is easier and cheaper to issue compared to the existing BEP2, requiring only 3 BNB to issue tokens (current price is approximately $51). Binance describes the new BEP8 as the "SME board" in the traditional stock market's GEM board.

When issuing tokens on the Binance Chain's decentralized exchange, under the BEP2 standard, it requires validation node voting approval. However, with the issuance and listing rules of BEP8, issuing tokens only requires payment of 1-10 BNB (Binance platform token) or the equivalent in BUSD (Binance stablecoin), and listing only requires 5-50 BNB or the equivalent in BUSD.

This move undoubtedly helps Binance expand its revenue by allowing various tokens to grow wildly with low or no evaluation standards. The official statement also mentions that well-performing BEP8 tokens will have the opportunity to be upgraded to BEP2 tokens. This is akin to idol groups having second-tier members, with the chance to promote to the first-tier based on performance.

Binance Smart Chain to Launch in the Third Quarter

According to Binance, the Binance Smart Chain (BSC) allows the deployment of smart contracts and is closely related to the previously launched Binance Chain (BC), forming a structure known as a parallel chain.

This dual-chain architecture will enable users to build their decentralized applications (DApps) and digital assets on one blockchain (BSC) and conduct transactions on another blockchain (BC) with fast trading.

In August, the testnet will be updated with the new version Millau, and the mainnet will be officially launched in the third quarter.

Although the Binance Smart Chain has not been officially launched yet, Taiwanese serial entrepreneur and artist Huang Licheng recently announced a new DeFi project to be built on his blockchain.