The BNB Chain is taking unusual steps to become the “central infrastructure” for stablecoins. One of several is that through MegaFuel, powered by the company Nodereal, it will cover gas fees for users of centralized exchanges, wallets and web3 applications that use stablecoins such as USDT, USDC and FDUSD. This announcement coincides with the opening of the BNB Chain’s “carnival season”, which begins on September 19, 2024.
According to the blog about the BNB Chainthe introduction of MegaFuel optimizes the user experience:
The introduction of innovative solutions such as MegaFuel, a gas-free transaction service, further optimizes the user experience by allowing decentralized applications, wallets, and centralized exchanges to cover gas fees on behalf of users. This makes it easier for newcomers and experienced users alike to interact with stablecoins without worrying about hidden costs.
Organization of the BNB Chain
According to a tweet On the social network X, the BNB Chain organization is associated with centralized exchanges such as Binance, Bitget, Gate.io, MEXC and HTX to also offer fee-free transfers.
The approach will be identical with wallet providers such as SafePal, TrustWallet and various exchange wallets, although in the case of these, transfers would be “low cost”.
The BNB Chain organization also claims to be associated with Celer Network to offer free transfers across various blockchains.
But perhaps the most important part of the announcement is the search for solutions for real-life, everyday payments with stablecoins and BNB Chain. This is an area of utility that has historically been resistant to blockchains.
BNB Chain is partnering with AlchemyPay, Oobit, MugglePay, NOWPayments, and LunuSolutions to enable “everyday purchases, such as buying coffee, with stablecoins, making cryptocurrency transactions more convenient and affordable.”
According to the official BNB Chain account on X, these measures with fees, transfers and payments with stablecoins are intended to connect Web2 and Web3:
Our mission: to onboard the next billion Web3 users. How we’re doing it: to empower stablecoin payments – faster, cheaper and accessible to everyone. Wallet providers, payment gateways and merchants, let’s shape the future of stablecoins together…”
Statement on X on behalf of BNB Chain.
Carnival season without fees on the BNB Chain
Alongside the on-chain development announcement to make BNB Chain a stablecoin home, the BNB Chain team announced a fee-free season by withdrawing stablecoins from Bitget, Gate.io, MEXC and HTX to BSC and opBNBthe second layer of BNB optimistic rollups.
BNB Chain has “$25,000 in gas fees covered for transfers via Bitget Wallet and Safepal; plus $50,000 for gas-free cross-chain transfers via Celer.”
According to the BNB Chain blog, the chain has established itself “as the third-largest stablecoin ecosystem, with a market cap of $4.99 billion as of August 2024.”
Favoring stablecoin infrastructure on the BNB Chain would therefore further boost its DeFi finance, leading to increased transaction volume, activity, and overall usage of the chain.
This initiative comes immediately after Binance Labs sealed an alliance, called BNB Incubation Alliance, which aims to support the growth of early-stage projects within the BNB Chain, as CriptoNoticias reported.
