Binance strengthens its Web3 wallet with ERC-404 token support and Inscription Marketplace and announces a $1 million airdrop to engage users.
Binance, a leading global cryptocurrency exchange, has announced a major upgrade to its Web3 wallet, introducing a series of new features and integrations that streamline the user experience in the decentralized finance (DeFi) space. The platform launched the Inscriptions Marketplace, provided integrated support for ERC-404 tokens, and unveiled UI/UX improvements.
Enhanced support for ERC-404 tokens
Binance has expanded the usefulness of its Web3 wallet by incorporating support for ERC-404 tokens, which combine properties of the ERC-20 and ERC-721 standards to facilitate fractional ownership of NFT collections without intermediaries. This move follows the success of Pandora, the first token launched under this standard, signaling the market’s preference for innovative tokenization methods.
Expanding the Web3 Wallet ecosystem
To foster a more dynamic ecosystem, Binance’s Web3 wallet now includes 24 new decentralized applications (dApps) and has integrated five additional networks: Manta, ZetaChain, ZKFair, Metis, and Scroll. This integration is set to provide users with more options and improve the wallet’s functionality within various Web3 environments.
Self-Storage Wallet Options
Emphasizing user autonomy and security, Binance introduced the option to upgrade from a semi-custodial wallet to a fully custodial wallet. The process includes a simple backup method using a cloud service or QR code and setting a recovery password, further solidifying Binance’s commitment to the fundamental value of blockchain.
Inscription Marketplace and Airdrop
The newly launched Inscriptions Marketplace within Web3 Wallet allows for the issuance and trading of inscriptions, providing a user-friendly platform for beginners and experts alike to participate in over 60,000 BRC-20 tokens. To celebrate the launch, Binance has launched an exclusive airdrop campaign offering over $1 million in token rewards from various BRC-20 partners from February 22 to April 3, 2024.
UI/UX improvements and inscription accelerator
Additional UI/UX improvements have been made to the Inscriptions Marketplace, including bookmarking functionality, improved token details, streamlined access, and improved search functionality. Binance also introduced the Inscriptions Accelerator, powered by the BTC Transaction Accelerator, to reduce transaction latency.
How do I participate in the airdrop?
To participate in the airdrop, users must verify their Binance account, set up a Web3 wallet, opt-in on the activity page, and complete at least one transaction for the featured token during the campaign period. The winner will be determined by matching the sequence of Binance User ID (BUID) with the block hash value of the BNB beacon chain.
final thoughts
Binance is continuously improving the Binance Web3 Wallet with a focus on providing practical and user-centric improvements. As the digital asset landscape evolves, Binance aims to provide a more efficient and useful access point to Web3.
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