Binance Upgrades Web3 Wallet with ERC-404 Token Support and Inscriptions Marketplace
Binance, one of the world’s leading cryptocurrency exchanges, has recently announced significant enhancements to its Web3 Wallet. These upgrades include the addition of support for ERC-404 tokens, the launch of an Inscriptions Marketplace, and a $1M airdrop campaign to engage users.
Enhanced Support for ERC-404 Tokens
The Web3 Wallet now supports ERC-404 tokens, which offer a unique combination of ERC-20 and ERC-721 standards. This allows for fractional ownership of NFT collections without the need for intermediaries. This update comes after the success of Pandora, the first token launched under this standard.
Expansion of Web3 Wallet Ecosystem
Binance has expanded its Web3 Wallet ecosystem by adding 24 new decentralized applications (dApps) and integrating five additional networks including Manta, ZetaChain, ZKFair, Metis, and Scroll. These integrations provide users with more options and enhance the functionality of the wallet within the Web3 environment.
Self-Custody Wallet Option
Users now have the option to switch from semi-custody to full self-custody wallets. This emphasizes user autonomy and security, with an easy backup method using cloud services or QR codes and setting a recovery password.
Inscriptions Marketplace and Airdrop
The newly launched Inscriptions Marketplace allows users to mint and trade inscriptions, offering a platform for engaging with over 60,000 BRC-20 tokens. To celebrate the launch, Binance has initiated a $1M airdrop campaign running from February 22 to April 3, 2024, with rewards from various BRC-20 partners.
UI/UX Improvements and Inscriptions Accelerator
Additional UI/UX improvements have been made to the Inscriptions Marketplace, including a favorites feature, enhanced token details, streamlined access, and an improved search function. Binance has also introduced an Inscriptions Accelerator powered by the BTC Transaction Accelerator for faster transaction processing times.
How to Participate in the Airdrop?
To participate in the airdrop, users need to verify their Binance account, set up a Web3 Wallet, opt-in on the activity page, and complete at least one trade on a featured token during the campaign period. Winners will be determined by matching sequences in their Binance User IDs (BUIDs) with the BNB Beacon Chain’s block hash value.
Final Thoughts
Binance continues to improve its Web3 Wallet with a focus on practical and user-centric enhancements. As the digital asset landscape evolves, Binance aims to provide a more efficient and user-friendly access point to Web3 technologies.
