We are delighted to announce that the SMAC token is now available on Binance Smart Chain as a native BEP-20 token, enabling the SMAC token holder community to benefit from broader accessibility and lower transaction costs.
In November 2021, we announced SMAC’s integration into the Binance Smart Chain Ecosystem, opening the path to bring SMAC’s open-source oracles to the efficiency-geared Binance Smart Chain. To realise the full benefits of the fast-growing Binance Smart ecosystem SmartChem will make the SMAC token available on Binance Smart Chain as a native BSC BEP-20 token.
Binance Smart Chain (BSC) is a blockchain developed by the Binance Chain community that runs in parallel to the Binance Chain (BC). Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the rich Ethereum ecosystem through the Ethereum Virtual Machine (EVM).
The design goal of BSC was to achieve high transaction capacity, while introducing smart contracts into the ecosystem, enabling users to create DApps and other DeFi products. The BSC Network is powered by BNB, Binance ecosystem’s native token and runs on a proof-of-stake (PoS) consensus model.
BEP-20 is a token standard on Binance Smart Chain that extends ERC-20 capabilities — the most common Ethereum token standard. BEP-20 was conceived with the goal of providing a flexible format for developers to launch a range of different tokens. These could represent anything from shares in a business to dollars stored in a bank vault.
As of today, the SMAC BEP-20 token is available on the Binance Smart Chain, enabling Binance users to make use of the token deposit and withdrawal functionality. As a native BEP-20 token on BSC, it leverages smart contract functionalities and compatibility through the Ethereum Virtual Machine (EVM). This allows access to the rich universe of Ethereum tools and DApps while avoiding Ethereum’s current high transaction fees — gas costs.
• Metamask is the most popular Ethereum wallet, also compatible with BSC. You can follow this tutorial to connect Metamask to BSC:
• Trust Wallet is one of the easiest mobile wallets to use, so if you’d like to use BSC from your pocket, it’s among the best options. Download link
• Binance Chain Wallet is another option that you have for certain apps on BSC. You can get it as a browser extension for Chrome, Firefox, and Brave.
• Withdraw from your Binance account, by selecting Binance Smart Chain (BEP-20) when withdrawing funds to your external wallet.
• Through the Ethereum Virtual Machine (EVM), BSC is Ethereum-compatible, supporting Ethereum based DApps, tools and DeFi products, like Metamask.
• BSC also offers seamless integration with Binance Chain (BC), even though BSC is not a layer 2 blockchain.
• With an average gas price of 20 gwei, sending 10 BEP-20 tokens worth about $300 should cost roughly $0.01. In fact, sending ten or even a hundred times that amount still shouldn’t cost more than a few cents.
• The SMAC Token is benefiting from the flexibility of the Binance Smart Chain to integrate the token into different DeFi applications of the BSC ecosystem. For example, it allows users to trustlesstly exchange the token through Pancakeswap’s pair exchange.
BSC native tokens require their own smart contract. Before interacting with any SMAC BEP-20 token, make sure to check that the contract address is correct: