BNB Chain

Lore & Background

BNB originated in 2017 as an Ethereum-based token for Binance exchange users, becoming the native coin for the separate Binance Chain in 2019 via a token swap. In 2020, the parallel Binance Smart Chain (BSC) launched, adding smart contract functionality, and was rebranded as BNB Smart Chain in 2022. BNB Chain use of centralization had led to several exploits on the network. Binance Smart Chain was renamed to BNB Chain. The unified BNB Chain was introduced in 2022, combining the functions of the original Binance Chain (now BNB Beacon Chain) and BNB Smart Chain into a single system. After the BSC Token Hub bridge exploit on October 6–7, 2022, validators coordinated a temporary halt. Independent security tallies have found BNB Chain to be among the most targeted networks by incident count in 2023, with industry coverage highlighting rug pulls as a frequent loss vector. Since 2023, regulatory exposure has been cited due to links with Binance and the BNB token: the U.S. SEC filed a civil complaint in June 2023 alleging unregistered offers and other violations; in May 2025 the SEC announced a joint stipulation to dismiss the case with prejudice.

In Their Own Story

The integration of BNB Chain into The Graph's infrastructure unlocked new possibilities for developers building AI-powered dapps and intelligent agents. In 2025, The Graph introduced GRC-20, a knowledge graph standard enabling structured organization of decentralized data across networks including BNB Chain. This development was described by Blockster as "a step further by offering a unified framework that enhances interoperability, adaptability, and composability across decentralized applications." Real-time token data became accessible through the Token API beta released in March 2025, allowing wallets and explorers to query balances and pricing data across multiple chains. The network's capacity grew substantially, processing over 1.95 billion queries per month as of 2024, with BNB Chain benefiting from this robust infrastructure.

Reader's Guide

BNB Smart Chain runs on a proof of stake model. The New York Times and Financial Times described the coin as an alternative to Ethereum.

Did You Know?

• BNB Smart Chain was originally called Binance Smart Chain before being rebranded in 2022.
• The BNB token started as an Ethereum-based token in 2017 before becoming the native coin of Binance Chain.
• In 2023, BNB Chain was among the most targeted networks by incident count, with rug pulls being a frequent loss vector.