Binance Web3 Wallet: ARC-20 Integration, Taproot, and Other Enhanced Features
Main Takeaways
New Binance Web3 Wallet enhancements include both ARC-20 and Taproot support, thereby broadening Inscriptions offerings, and improving Bitcoin address functionality.
Extensive network integrations and the addition of 35 new DApps have expanded the walletâs reach and functionality, providing a wider range of Web3 services.
Other updates include a redesigned Discover page to help navigation within the wallet.
This is a general announcement. Products and services referred to here may not be available in your region.
Welcome to the latest enhancements to the Binance Web3 Wallet. Recent updates include the significant addition of ARC-20 tokens to the Binance Inscriptions Marketplace, Taproot support for Bitcoin addresses, and several new network integrations â all designed to broaden the functionality and reach of your wallet.Â
These upgrades will further streamline your interactions with the decentralized web, making the Binance Web3 Wallet an even more robust tool for all your digital asset needs. Read on as we explore these developments in more detail.
1. ARC-20 Integration
Weâre excited to announce the addition of ARC-20 tokens to the Binance Inscriptions Marketplace, now the third supported standard alongside BRC-20 and EVM tokens. ARC-20 is a token standard that makes it possible to create fungible tokens that can be held and transferred on the Bitcoin blockchain.Â
ARC-20 tokens use the Atomicals Protocol on Bitcoin, leveraging native satoshis and the Unspent Transaction Output (UTXO) system, crucial for tracking transactions. In the UTXO model, transactions start with unspent outputs that become inputs for new ones. Once used, these inputs are marked as âspentâ, generating new UTXOs. This cycle provides a transparent and secure record of ownership and transaction history. The incorporation of the UTXO system into ARC-20 enhances security and clarity, distinguishing its asset tracking and management capabilities across Bitcoin-compatible addresses.
Zero-Fee Trading Promotion
To celebrate this new integration, weâre offering zero-fee trading on ARC-20 tokens until June 2, 2024. This is designed to welcome new users and provide additional value to our existing community by lowering the cost of trading these new tokens. Log in to your Binance App, navigate to [Wallets] > [Web3] > [Markets], and select [Inscriptions] to begin trading ARC-20 tokens at no cost!Â
2. Taproot Support
Another enhancement to the Binance Web3 Wallet comes with the integration of support for Taproot. Users can now seamlessly switch between Taproot and Native SegWit addresses. This update enhances the management of your BTC wallets, streamlining operations and providing more options for users.Â
Brief Introduction to Taproot: Implemented in 2021, Taproot is a technical upgrade for the Bitcoin network. It aims to improve Bitcoinâs scripts to increase privacy, efficiency, and the networkâs ability to process smart contracts.
Setting Up Taproot: To activate Taproot, log into the Binance app, navigate to the Web3 Wallet, tap [More] > [Networks], find [Bitcoin], and set your preferred address type as the default. This customization enhances your walletâs functionality and enables you to dictate your preference for Taproot or not.
3. Network Integrations
Weâre continually enhancing the functionality of the Binance Web3 Wallet by integrating a diverse range of blockchain technologies. Our latest updates include the addition of several new networks, each chosen to expand the capabilities and reach of our wallet, catering to the varied needs of our users.Â
Here are the newest network integrations:
BÂČ Network: a Bitcoin Layer 2 network (EVM-compatible rollup) designed to expand the Bitcoin ecosystem.
Base: an Ethereum Layer 2 (L2) chain that offers a safe, low-cost, developer-friendly way to build on-chain.
BEVM: a decentralized EVM-compatible Bitcoin Layer 2 based on Taproot, and using BTC as gas.
Blast: an Ethereum L2 solution providing native yield for ETH and stablecoins.
Linea: a zkEVM rollup developed by Consensys that seeks to enhance Ethereumâs scalability with faster throughput and lower transaction costs.
Solana: A blockchain platform, launched in 2020 by Solana Labs, which uses a proof-of-stake mechanism to provide smart contract functionality.
Sui: a Layer 1 that wants to make digital asset ownership fast, private, secure, and accessible. Founded by former members of Metaâs blockchain team.
Tron: a decentralized blockchain-based operating system developed by the Tron Foundation and launched in 2017.
zkLink Nova: Through zk-SNARKs and multi-rollup state synchronization, zkLink Nova aggregates assets, DApps, and users dispersed across Ethereum Layer 2s.
These additions enhance the diversity and utility of the Binance Web3 Wallet, providing users with broader access to different blockchain networks, and ensuring they can manage their digital assets with greater ease and flexibility.
4. Discover Page Revamp
To improve navigation and user experience within the Binance Web3 Wallet, we have revamped the Discover page. This redesign is aimed at making the exploration of different Web3 services and features more intuitive and accessible. The new Discover page is organized into three focused tabs:
Recommended Tab: Includes a new section where users can explore the latest trends and most relevant decentralized applications (DApps) in the Web3 space.
DApps Tab: Allows users to search for specific DApps or browse by category, streamlining the discovery process. This tab is particularly useful for users looking for specific functionalities, such as trading platforms or gaming DApps.
Airdrops Tab: This tab is designed specifically to showcase both current and past airdrop campaigns. It serves as an essential resource for users eager to discover new tokens. Additionally, users can conveniently view their history of received rewards, enhancing their ability to track benefits and participation.
The newly designed Discover page not only enhances the usability of the Binance Web3 Wallet, but also ensures that users can quickly tap into the latest trends and opportunities in Web3. This redesign makes it easier for users to explore and seize the most compelling features and services as they emerge.
5. Increased DApp Accessibility
Weâve significantly expanded user access to the decentralized web by integrating 35 new decentralized applications (DApps) into the Binance Web3 Wallet. This update enriches access to the Web3 ecosystem, allowing users to tap into a wider range of blockchain-based services directly through their wallet.
The newly added DApps include:
Aevo; Ambient Finance; BAC Games; bevm.io/brdige; Blast Off; Blaster Swap; Celluar; CryptoMaze; Cyber8Ball; Ethena; ether.fi; FBPAY; Jumper.Exchange; Kinza; LayerSwap; LifeForm; Link3; Lista DAO; MonoSwap; Mute.io; OmniBTC; Particle; Puffer.fi; Satori Perp; Satoshi Protocol; Syclub; SyncSwap; SynFutures; Thena Finance; Ulti-pilot; Whales.Market; XY Finance; Zerolend; zkSwap Finance; Zorro.
Users can easily access these new DApps by navigating to the Discover section of their Binance Web3 Wallet, tapping on [Wallets] > [Web3] > [Discover] > [DApps]. The addition of these DApps not only enhances the functionality of the Web3 Wallet, but also opens up an avenue for users to engage with the wider blockchain ecosystem, providing a gateway to a world of new experiences.
Enhancing Your Web3 Wallet Experience
As you can see from this update, weâve significantly enhanced the Binance Web3 Wallet with key features like ARC-20 integration, Taproot support, and expanded network integrations, among others. We encourage you to explore these updates and see how they transform your interactions within Web3. Your feedback is crucial as we strive to refine our services to better suit your needs. Letâs continue to innovate and expand the possibilities within Web3 together.
Further Reading
Disclaimer: Binance Web3 Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Web3 Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Web3 Wallet Terms of Use and always do your own research.