Ledger now integrates the Binance Smart Chain (BSC) into its Ledger Live application. The hardware wallet maker is looking to add more and more networks to provide a secure gateway to Web 3.0.
Ledger Live integrates the Binance Smart Chain
Since a few days, you can manage and store Binance Smart Chain (BSC) tokens directly in Ledger Live. Specifically, the application supports the native BNB token and BEP20 standard tokens.
How to take advantage of this new feature?
- Install the Binance Smart Chain application 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 the Binance Smart Chain will be supported by Ledger Live.
We can read in the release;
“At Ledger, it is clear what lies ahead: adding 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 on the decline?
The last 3 months have hit the Binance Smart Chain (BSC) particularly hard in terms of activity.
According to DeFi Llama, $16 billion is locked up in Binance Smart Chain applications. However, the total value locked (TVL) on the BSC has decreased by more than 50% in 3 months, a much larger drop than Ethereum. Messari gives a main reason for this:
“Most of the funds locked on BSC correspond to assets that had few uses other than speculation. The Binance Smart Chain TVL was very risk-oriented, which made it very sensitive to market changes.”Messari