FXT, a cryptocurrency trading platform, has announced the development of a BEP-20 token after seeing its ERC-20 token rise by 1500 percent since its launch in January 2021.
When compared to its Ethereum-based predecessor, the new coin, which is built on the Binance Smart Chain (BSC), is aimed to minimize transaction costs and settlement times. FXT plans to launch its token on numerous crypto exchanges to make it worldwide available, in addition to improving the altcoin’s general efficiency and utility.
FXT anticipates a big influx of worldwide investors due to its lower price threshold and history of massive return on investment, and believes the BEP-20 token will “replicate the success of its version – ERC-20 Token.”
FXT would ideally use the ICO cash to scale its offerings and prepare for similar coin releases in the future, however more details have yet to be revealed.
ERC-20 tokens have risen to the top of the market capitalization rankings since the Ethereum (ETH) blockchain’s launch. ERC-20 tokens currently account for over 49% ($25.6 billion) of the total assets on the Ethereum blockchain, according to Messari CEO Ryan Selkis.
Immunefi’s latest relationship with Binance Smart Chain will compensate whitehat hackers who find vulnerabilities in BSC-hosted projects, complementing the ongoing BEC-20 adoption drive. Immunefi reported paying bug bounties of more than $3 million in this effort to improve infrastructure security.
On the other hand, BSC projects are still dealing with their fair share of mishaps. BurgerSwap was the victim of a $7.2 million hack, according to Cointelegraph, which resulted in the loss of BURGER tokens, Wrapped BNB (WBNB), and Tether (USDT).