Namely, the Binance Smart Chain has only 21 validating nodes in its PoSA network, compared to Ethereum, which has about 10,000 PoW mining nodes. That being said, Binance’s flagship smart contract platform for “decentralized” applications is a bit of an oxymoron because the blockchain itself is highly centralized. This means that BSC validators aren’t rewarded with newly minted BNB for securing the network, but rather solely by racking up transaction fees. Unlike Ethereum, which is still a Proof-of-Work-based protocol, BSC uses a hybrid consensus algorithm called Proof of Staked Authority (PoSA), which allows BSC to achieve significantly higher transaction throughput without sacrificing security.Īnother critical difference between the two competing blockchains is that, unlike Ethereum, whose native token ETH is inflationary, BSC’s native token BNB is deflationary (burned by Binance on a regular schedule). That’s why we emphasized “DeFi” in the title– the Binance Smart Chain is centralized to Binance as a company. Instead, it is an entirely independent blockchain that operates side-by-side with the Binance Chain and supports smart contract functionalities and compatibility with the Ethereum Virtual Machine (EVM). It’s important to note, right out the gate, that the Binance Smart Chain is not an off-chain or layer-2 protocol running on top of the Binance Chain. Binance exchange seems to charge more than the gas fees listed in the BscScan record, and if you leave those fees in the csv, Koinly then considers the fee listed on BscScan as an additional fee.The Binance Smart Chain (BSC) is a blockchain protocol built by one of the largest centralized exchanges in crypto, Binance, that operates in parallel with the Binance Chain. It’s the transfers in (and I presume, also, transfers out) where the fees need attention. Trades totally within Metamask are straightforward. This approach should still work fine for larger amounts of transactions, if you don’t mind manually reorganising columns in your csv file to fit the Koinly template, and you are sure which fees to exclude. I am trying to get a clear handle on a method for ensuring that my Koinly records are complete, before I do a lot more transactions.
I’m not doing a lot of transactions, so have been able to check each transaction carefully.
So, I’ve found I have had to manually exclude any fees for such transactions before uploading to my Metamask wallet in Koinly, otherwise the balance in Koinly is not correct for that coin. The Metamask transaction on BscScan lists a fee also, but this is in fact covered as part of the fees that Binance charged for the transaction.
Binance smart chain metamask full#
The one thing I have found, though, is that for transfers from the Binance exchange to Metamask, the full fees for the transaction are listed in the Binance wallet. However, I’ve gone back to manually downloading any Metamask transactions from BscScan and editing these to fit the Koinly template, then manually uploading into my Metamask wallet in Koinly. It was getting the balances correct, at least. This worked up to a point, but it was importing trades as two separate transactions and not listing fees. I tried using Binance Smart Chain with my Metamask address.
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