Binance Coin (BNB) has quickly shot up in price, becoming the third most valuable cryptocurrency besides Ethereum and Bitcoin. While that’s a remarkable achievement for the token, BNB’s centralized nature means that it relies on the Binance platform. In contrast, most cryptocurrencies are decentralized, meaning there’s no single point of failure. This became quite apparent for investors earlier this week when Binance said that it was suspending all withdrawals of Binance Coin due to a sudden spike in volume that overwhelmed its system. While Binance eventually resolved the issue, it’s left many crypto investors eager to transfer their BNB outside of Binance and into another platform or wallet.
One of the few options out there is Trust Wallet, a type of digital wallet that easily lets you buy and convert cryptocurrencies from different blockchains against each other. If you’re wondering how to swap you BNB to smart chain on your Trust Wallet account, here’s how (and why) you should do so.
What’s the difference between BNB and smart chain?
If you compare the symbols for Binance Coin and Trust Wallet’s smart chain, you’ll notice that while they are similar, the colors are inverted. That’s because BNB and smart chain, Trust Wallet’s equivalent, have some minor differences.
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While BNB and smart chain have different listings on Trust Wallet, their values are always equal. The main difference between the two is that BNB is on the BEP2 network, while the smart chain is on the Binance Smart Chain (BSC) network.
Why is this important? Because on certain decentralized exchanges that operate on BSC, like PancakeSwap, you can’t purchase other BSC-based altcoins with Binance Coin. Hence why crypto investors are converting their Binance Coin to smart chain on platforms like Trust Wallet.
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Source: Bitcoin Wiki
Given the rise of altcoins like SafeMoon, which are built on the Binance Smart Chain instead of Ethereum, it’s not surprising that demand is skyrocketing right now for a way to convert BNB to smart chain.
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