Ledger Live joins the Binance Smart Chain
For a few days now, you can manage and store Binance Smart Chain (BSC) tokens directly in Ledger Live. More specifically, the application supports the native BNB token and the tokens of the BEP20 standard.
How to take advantage of this new functionality?
Install the “Binance Smart Chain” app on your Ledger device Once you navigate to the accounts tab, create a Binance Smart Chain account. You can then verify and confirm the address to deposit your tokens.
However, be careful not to confuse the Binance Smart Chain with the Binance Chain. BSC and Binance Chain are two different protocols. Although both are supported by Ledger hardware, only Binance Smart Chain will be supported by Ledger Live.
We can read in the press release;
“At Ledger, what lies ahead is clear: add more and more networks to provide the most secure gateway to the Web3 universe. Therefore, the addition of Binance Smart Chain in Ledger Live is a concrete step to enrich the user experience ”
Binance Smart Chain losing momentum?
The last 3 months have particularly affected the Binance Smart Chain (BSC) in terms of activities.
According to DeFi Llama, $ 16 billion is stuck in Binance Smart Chain apps. However, the Total Locked-In Value (TVL) on the BSC has declined by over 50% in 3 months, a much larger drop than Ethereum. Messari gives a main reason for this:
“Most of the funds blocked on the BSC correspond to assets that had little use other than speculation. Binance Smart Chain’s TVL was very risk-oriented, which made it very sensitive to changes in the market. “
👉 To read on the same subject: The Ledger Live application adopts DeFi by integrating the ParaSwap aggregator
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About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.