What Is BSC (BNB Smart Chain)? Features, Projects, and Its Relationship with BEP20

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Binance Smart Chain (BSC), now officially known as BNB Smart Chain, is one of the most widely used blockchain networks in the cryptocurrency space. If you've ever transferred tokens or interacted with decentralized applications (dApps), chances are you've encountered BSC as a network option. This guide will walk you through what BSC is, its core features, how it relates to BEP20, and some of the most popular projects built on it. You'll also learn how to set up a BSC-compatible wallet like MetaMask and receive tokens on the network.

Key Highlights

👉 Discover how easy it is to start interacting with BNB Smart Chain today.

What Is BNB Smart Chain?

BNB Smart Chain—originally launched in 2020 as Binance Smart Chain—is a blockchain developed by Binance to support smart contract functionality alongside fast and affordable transactions. It allows developers to build decentralized applications and users to transfer digital assets efficiently.

To reduce confusion between BSC and the older BEP2-based Binance Chain, the ecosystem was rebranded in 2024 under the unified name BNB Chain, which encompasses both the BNB Smart Chain (for smart contracts) and the original chain (for high-speed trading). This rebranding emphasizes the central role of the BNB token across all layers of the network.

For everyday users, BNB Smart Chain serves as a common network option when depositing or withdrawing tokens from exchanges. It's also essential for participating in decentralized finance (DeFi), NFT marketplaces, and play-to-earn games that operate on the chain.

Core Features of BNB Smart Chain

Low Transaction Fees

One of the biggest advantages of BNB Smart Chain is its extremely low transaction costs. Sending tokens or interacting with smart contracts typically costs less than $0.01—significantly cheaper than Ethereum or even Bitcoin.

For example:

This cost efficiency makes BSC ideal for microtransactions, frequent trading, and mass adoption of blockchain applications.

High-Speed Transactions

BNB Smart Chain produces a new block approximately every 3 seconds, allowing it to process hundreds of transactions per second. This means your transfers and contract interactions are confirmed almost instantly—often within seconds.

Compared to slower networks where users may wait minutes for confirmation, BSC delivers a smooth, responsive experience similar to modern web platforms.

Versatile Use of Native Token (BNB)

The BNB token isn’t just used to pay gas fees—it plays a vital role across the broader ecosystem:

Holding BNB unlocks multiple utility layers beyond basic payments.

Trade-Off: Higher Centralization

While BSC excels in speed and cost, it sacrifices some decentralization—a well-known trade-off described by the blockchain trilemma (security, scalability, decentralization).

Initially, BSC operated with only a few dozen validator nodes, raising concerns about central control. However, since 2023, the network has expanded to over 100 validators and introduced mechanisms to decentralize governance further. Still, compared to fully decentralized chains like Bitcoin or Ethereum, BNB Smart Chain remains more centralized.

How to Use BNB Smart Chain and Get a BSC Address

Wallets That Support BNB Smart Chain

You can access BNB Smart Chain through various wallets:

These wallets allow you to store BEP20 tokens, interact with dApps, and manage your digital assets securely.

👉 Start exploring BSC-based dApps with a secure Web3 wallet.

How to Add BNB Smart Chain to MetaMask

Since MetaMask defaults to Ethereum, you’ll need to manually add the BSC network:

  1. Open MetaMask and click the network dropdown.
  2. Select “Custom RPC.”

  3. Enter the following settings:

    • Network Name: BNB Smart Chain
    • New RPC URL: https://bsc-dataseed.binance.org/
    • Chain ID: 56
    • Currency Symbol: BNB
    • Block Explorer URL: https://bscscan.com

Once added, your wallet address works across both Ethereum and BSC (due to EVM compatibility), but always double-check the network before sending funds.

How to Find Your BSC Deposit Address on Binance

To receive tokens via BNB Smart Chain on Binance:

  1. Go to your Assets page.
  2. Click Deposit.
  3. Choose the token you want to receive.
  4. Select BNB Smart Chain (BEP20) as the network.
  5. Copy the displayed address.

⚠️ Always ensure the deposit network matches—sending ERC20 tokens to a BEP20 address (or vice versa) may result in permanent loss.

How to Get a BSC Address in Binance Wallet

If using Binance’s built-in Web3 wallet:

  1. Tap Receive in the wallet dashboard.
  2. Choose Receive via Address.
  3. Switch to BNB Smart Chain.
  4. Select your desired token.
  5. Copy the address.

This address can be shared safely for receiving BEP20-compatible tokens.

Popular Projects Built on BNB Smart Chain

BNB Smart Chain hosts a thriving ecosystem across multiple sectors:

These projects benefit from low fees and high throughput, making them accessible even during peak usage times.

Frequently Asked Questions (FAQ)

Is BEP20 the same as BSC?
Not exactly. BEP20 is the token standard used on BNB Smart Chain—similar to how ERC20 works on Ethereum. While people often use “BEP20” and “BSC” interchangeably when referring to networks, technically BEP20 defines how tokens are issued and function on the chain.

What token is used for gas fees on BSC?
Gas fees on BNB Smart Chain are paid in BNB. You must hold a small amount of BNB in your wallet to cover transaction costs when sending tokens or interacting with dApps.

Can I use my Ethereum wallet address for BSC?
Yes—because both chains use EVM architecture, your public wallet address is identical on Ethereum and BSC. However, you must switch networks in your wallet app to interact correctly with each chain.

How do I check my BSC transaction history?
Use BscScan, the official block explorer for BNB Smart Chain. You can view transaction status, smart contract details, token balances, and more by entering your wallet address.

Are there risks using BNB Smart Chain?
Like any blockchain, risks include smart contract vulnerabilities, phishing sites, and irreversible transactions. Always verify contract addresses and use trusted dApps.

Can I bridge assets from Ethereum to BSC?
Yes—via cross-chain bridges like the official BNB Bridge, you can transfer assets between Ethereum, BSC, and other chains. Be cautious of third-party bridges and always check URLs.

👉 Learn how to safely bridge and use multi-chain assets on OKX.

With its blend of speed, affordability, and robust developer support, BNB Smart Chain continues to power innovation in DeFi, NFTs, and Web3 gaming. Whether you're a developer building the next big dApp or a user exploring decentralized finance, understanding how BSC works—and how to use it—is essential in today’s crypto landscape.