Smart Chain (BNB)

What is Smart Chain?

Here are 5 key points about the Smart Chain (BNB) Network:

• Smart Chain is a blockchain network that is offering Ethereum Virtual Machine (EVM) compatibility that allows developers to deploy smart contracts and decentralized applications (dApps) using familiar Ethereum tools and programming languages.

• Smart Chain is designed to handle a high throughput of transactions that enables quick transaction confirmations and supports a wide range of decentralized finance (DeFi) applications.

• Binance Coin (BNB) is the native currency of the Smart Chain network which is used for transaction fees and also utilized for participation in governance decisions and network validators.

• Smart Chain offers opportunities for users to stake BNB and other assets, earning rewards as yield farming protocols that provide liquidity to decentralized exchanges and liquidity pools.

• Compared to Ethereum's mainnet, Smart Chain typically offers lower transaction fees which makes it more cost-effective for users to interact with dApps and perform token transfers.

tip

Learn more about Smart Chain (BNB) by reading the Gem Wallet Learn article: What Is The BNB Chain?

Smart Chain is Fully Supported by Gem Wallet

Gem Wallet provides a user-friendly interface for interacting with the Smart Chain network.

Gem Wallet can be used to:

• Buy Smart Chain (BNB) with fiat using debit/credit cards.
• Store BNB and BEP20 tokens securely. Private keys are encrypted, giving you full control over your assets.
• Send and Receive BNB and BEP20 tokens natively. Customize transactions fees based on your preference.
• Swap BNB to BEP20 tokens and vice versa.
• Swap BNB to another crypto via Cross-Chain Swap.
• Stake BNB to earn more BNB.
• Interact with DApps on Smart Chain via WalletConnect.

What are BEP20 tokens on the Smart Chain Network?

BEP20 tokens is a token standard on the Smart Chain network with the following features:

• BEP20 tokens are fully compatible with Ethereum's ERC20 token standard which can seamlessly interact with Ethereum's ecosystem, including wallets, decentralized exchanges (DEXs), and other decentralized applications (dApps).
• Transactions involving BEP20 tokens typically incur lower fees compared to Ethereum's mainnet.
• BEP20 tokens transactions are processed quickly, with fast block times and confirmations due to the high throughput and low latency of the Smart Chain Network.

tip

Learn more about BEP20 tokens from this Gem Wallet Learn article:
What Is BEP20 and What You Need to Know About Tokens on the BNB Blockchain

How to Receive Smart Chain (BNB) with Gem Wallet?

Here are some ways to acquire some Smart Chain (BNB):

• Buy Smart Chain (BNB) directly on the Gem Wallet app.

• Receive BNB with the unique Smart Chain address on the Gem Wallet app.

How to Receive BEP20 Tokens with Gem Wallet?

• Your Smart Chain (BNB) address in Gem Wallet also serves as the unified address for all your BEP20 tokens, simplifying management and transactions.
• As an example, after adding USDT-BEP20 to your Gem Wallet, tap "Receive" to see your USDT address, which is the same as your Smart Chain address.

How to Send Smart Chain (BNB) with Gem Wallet?

Tap on Send, then input the Recipient Address manually or use the QR Code Scanner. Next, set the amount of BNB you want to send.

When sending Smart Chain (BNB), ensure you have sufficient BNB in your wallet to cover the network fees. Adjust the Network Fee based on your desired transaction speed. Once ready, Confirm the transaction.

How to Send BEP20 Tokens with Gem Wallet?

Tap on Send, then input the Recipient Address manually or use the QR Code Scanner. Next, set the amount of USDT you want to send.

When sending BEP20 Tokens, ensure you have sufficient BNB in your wallet to cover the network fees. Adjust the Network Fee based on your desired transaction speed. Once ready, Confirm the transaction.

Transaction Fees on the Smart Chain Network

The fees on Smart Chain are summarized as follows:

• Smart Chain (BNB) generally offers lower transaction fees which makes it more cost-effective for users to interact with decentralized applications (dApps), transfer tokens, and participate in various blockchain activities.
• The low transaction fees on Smart Chain make it particularly attractive for traders and users of decentralized finance (DeFi) platforms.
• Unlike Ethereum's mainnet, where gas fees can vary widely based on network congestion, fees on Smart Chain tend to be more stable and predictable.

tip

You can check the current Gas fees on Smart Chain by going to this site, Smart Chain Gas Tracker.

Can I Swap Smart Chain (BNB) and BEP20 tokens on Gem Wallet?

• You can seamlessly swap Smart Chain (BNB) for any cryptocurrency supported by cross-chain swaps, and vice versa, allowing flexible conversions between BNB and other compatible cryptocurrencies.

• Effortlessly swap Smart Chain (BNB) for BEP20 tokens using integrated Decentralized Exchanges (DEXs) for fast, secure, and efficient transactions.

• Easily convert BEP20 tokens back to Smart Chain (BNB).

Can I Stake Smart Chain (BNB) on Gem Wallet?

Yes, you can stake Smart Chain (BNB) on Gem Wallet to earn rewards. Follow the Smart Chain (BNB) staking guides to delegate your BNB tokens to a validator.

note

You need to have BNB in your wallet to pay for network fees, also known as gas fees. These fees are required to process transactions on the Smart Chain network, including token swaps and staking, as each transaction consumes computational resources. Without BNB to cover these fees, the swap or stake transactions cannot be executed.

How to Check Smart Chain (BNB) Balance?

Gem Wallet app connects to the Smart Chain network to show the BNB balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on BscScan.

tip

BscScan is the default BNB explorer of Gem Wallet. You can manually check balances and transactions by going to BscScan and search for your BNB address.

Key Points for Managing Smart Chain (BNB) and BEP20 Tokens in Gem Wallet

• There is no cap on the amount of BNB or BEP20 tokens you can receive in your Gem Wallet.
• Share your Smart Chain (BNB) address from Gem Wallet with the sender and always verify its accuracy.
• Add BEP20 tokens in your wallet’s token list through the "Manage Token List" feature, filtering for the Smart Chain network.
• Gem Wallet charges no fees for receiving BNB or BEP20 tokens, though senders incur gas fees based on network activity.
• Sending or swapping BNB and BEP20 tokens, as well as staking BNB requires gas fees paid in BNB, which vary depending on network congestion.
• Always double-check the recipient’s address before initiating any transaction to ensure accuracy.

Why Choose Gem Wallet for Smart Chain (BNB)?

• User-Friendly Interface: Gem Wallet’s intuitive design simplifies managing BNB and BEP20 tokens, offering seamless navigation for sending, receiving, staking, and swapping with ease.
• Enhanced Security: As a self-custodial wallet, Gem Wallet gives you full control over your Smart Chain assets and private keys, bolstered by open-source code and biometric authentication for robust protection.
• Continuous Innovation: Frequent updates bring advanced features and performance enhancements, ensuring Gem Wallet remains a leader in Smart Chain management and DeFi integration.

Conclusion

Smart Chain, a high-performance blockchain, supports fast, scalable, and cost-efficient decentralized applications and financial solutions. With Gem Wallet’s comprehensive support for BNB and BEP20 tokens, users can effortlessly manage their assets, participate in staking, and engage with a diverse array of Web3 applications. Gem Wallet is your reliable gateway to thriving in the Smart Chain ecosystem.