KMD is now available on Binance's BNB CHain, with support for Binance ecosystem apps coming soon.
Users can log in to Binance and deposit KMD coins. When users want to withdraw, they have an option to withdraw KMD to its native chain using a supported Komodo wallet or withdraw to to any wallet that supports BNB Chain (formerly known as Binance Smart Chain).
Why Add KMD To BNB Chain?
This partnership bridges the Komodo and Binance ecosystems closer together. Komodo is a blockchain project focused on leading the way for blockchain interoperability through atomic swap technology. At the same time, Binance is creating an ever-growing DeFi ecosystem that allows for cheap transactions and high scalability.
Unlike many ERC-20 token projects that have recently launched on BNB Chain solely to avoid high gas costs on the Ethereum blockchain network, Komodo’s native blockchain network already allows for extremely low fees (only 0.0001 KMD per transaction). For Komodo, the main motivating factor for adding support BNB Chain is to give users new ways to use KMD on various decentralized financial (DeFi) applications within the Binance ecosystem. Komodo is currently working to integrate KMD on decentralized exchanges like PancakeSwap and BakerySwap as well as yield farming platforms like Alpaca Finance and Goose Finance.
“BNB Chain integration is a major step forward for Komodo tech adoption. Our partnership with Binance aligns with Komodo’s vision to bridge the entire blockchain space together. KMD on BNB Chain marks the beginning of our goal to extend support for KMD across the wider space of blockchain ecosystems.” Komodo CTO Kadan Stadelmann
For Komodo’s ecosystem developers, the launch of KMD on BNB Chain makes it possible to use any of the Solidity contracts available on the Binance ecosystem to create their own applications that integrate KMD. Because Solidity is one of the most widely-used, well-documented blockchain programming languages, it’s often considered to be very developer-friendly. This makes it easier for developers - even with little to no experience - to easily create new applications. Ultimately, having KMD available on BNB Chain opens up new opportunities for creating exchanges, games, marketplaces, and many other applications.
“We are very grateful to Binance for issuing the KMD asset on BNB Chain. For Komodo, this opens the door to Binance’s ecosystem of development tools, native liquidity, and user-friendly DeFi applications. BNB Chain is growing by the day - whether looking at daily transactions, active users, or developers - and Komodo is delighted to be on board.” Komodo Business Director Charles Gonzales
Tutorial — How to Add BEP-20 KMD to a MetaMask Wallet
Step 1 - Download the MetaMask browser extension and set up your new wallet. Ethereum mainnet is the default option, but MetaMask also supports BNB Chain and other blockchains. Select the dropdown that says "Ethereum Mainnet."
Step 2- Click "Add Network."
Step 3 - Now you can add BNB Chain to the list using the following info. Then, click "Save."
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Step 4 - Now you can send BNB, KMD, or any BEP-20 token to your MetaMask wallet. Remember to only send BEP-20 KMD to your MetaMask wallet.
Step 5 - To view BEP-20 KMD tokens, you'll need to add KMD as a custom token in MetaMask. Click "Import tokens."
Step 6 - Select "Custom Token" and add the following information:
Token Contract Address: 0x2003f7ba57Ea956B05B85C60B4B2Ceea9b111256
Token Symbol: KMD
Token Decimal: 18
*Token Symbol and Token Decimal should automatically update after you add Token Contract Address.
Step 7 - That's all! Now you can view any BEP-20 KMD balance that you have sent to your MetaMask wallet.
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