Binance Smart Chain (BSC), a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability that runs in parallel to Binance Chain, today announced strategic cooperation with PeckShield, a leading blockchain security company on DeFi security.
Binance Smart Chain will work with PeckShield on promoting the Binance-led industry cooperative Cryptosafe Alliance, DeFi early warning scanning and quick response, etc. PeckShield will provide basic security control for the upcoming DeFi products built atop the Binance Smart Chain.
In 2020, the DeFi market has witnessed rapid development. According to data from DAppTotal, the DApp data aggregation platform owned by PeckShield, as of Aug. 31, 2020, the total lockup value of the 40 DeFi platforms is $7.68 billion, nearly 10 times that of the lockup value of $0.85 billion at the beginning of the year. Recently, with the increasing development of DeFi yield farming, the DeFi market has led a bull market, featuring price surge of mainstream tokens and DeFi tokens.
However, as the DeFi market scales, some critical issues with the underlying public chain Ethereum have emerged, including latency, high transaction fees, poor user experience and so on. By introducing PoSA (Proof of Staked Authority) consensus mechanism, Binance Smart Chain is committed to creating an ecosystem that benefits all stakeholders including nodes, token holders, developers and users.
Binance Smart Chain has shown remarkable advantages in respect to DeFi, including: 1) low transaction fee that goes down to 1 cent; 2) high speed and performance, with block time of less than 3 seconds; 3) cross-chain DeFi mechanism: enhance the composable feature of DeFi; 4) the support of capital and ecosystem resources from the world leading exchange platform Binance. With millions of Binance users from Binance and the decentralized exchange platform Binance DEX, DeFi products on Binance Smart Chain will have access to a great number of crypto users. All of these help solidify Binance Smart Chain as the next underlying public chain for DeFi application and the platform for incubating more leading applications in the industry.
Founded in 2018, PeckShield is one of the top blockchain security companies, boasting of a core team with strong technical background that used to work for well-known companies, such as Qihoo 360, Intel, Juniper, and Alibaba, etc. PeckShield has been the first security company in the DeFi field that detected and participated in many emergency response events on DeFi security, and the first one to publish a technical analysis report on it. As the leading security auditing company of the industry, PeckShield has rich experience and solid tech capabilities in code security auditing, economic models, and DeFi specific business logics, serving various DeFi projects, including Maker DAO, Aave, bZx, StarkWare, dForce, TokenLon, Newdex, DoDo, Zerion, InstaDApp, YAM, SushiSwap and so on.
The cooperation with PeckShield allows Binance Smart Chain to further enhance its security mechanism for building a vibrant DeFi ecosystem. By learning from its predecessors and researching user demands, Binance Smart Chain is committed to providing reliable security infrastructures and nurturing the development of more DeFi projects.