BNB Chain Expands Ecosystem with AI Partnership and Developer Program

In a series of strategic moves, BNB Chain, one of the world’s largest smart contract blockchain ecosystems, is bolstering its position in the Web3 space through key partnerships and developer initiatives.

SingularityNET Collaboration Brings AI to BNB Chain

On August 29, the SingularityNET Foundation announced a partnership with BNB Chain to develop decentralized storage solutions and AI applications on the blockchain. This collaboration aims to promote innovation in the decentralized data economy.

Key highlights of the partnership include:

• Integration of SingularityNET’s Knowledge Layer with BNB Chain’s decentralized storage system, BNB Greenfield
• Creation of a new standard for the decentralized data economy
• Integration of Artificial Super Intelligence (ASI) infrastructure into the BNB chain

Dr. Ben Goertzel, CEO of the ASI Alliance, emphasized that this partnership could address limitations in current generative AI applications. Despite the announcement, the FET token, representing the ASI alliance, experienced a 5% decline in the last 24 hours.

MVB Program: Fostering Innovation on BNB Chain

BNB Chain has opened applications for Season 8 of its Most Valuable Builder (MVB) program, aimed at supporting early-stage Web3 projects. The program, jointly run by Binance Labs and CMC Labs, offers:

• A 4-week accelerator program
• Tailored curriculum covering key topics for early-stage Web3 projects
• Access to resources worth up to $300,000
• Potential investment opportunities from Binance Labs

The application deadline for MVB Season 8 is September 18, 2024. The program has been successful in previous iterations, with Season 7 receiving hundreds of applications and resulting in investments in four standout projects.

BNB Chain’s Market Position and Recent Developments

While BNB Chain has experienced a decrease in usage in recent months, it has introduced several initiatives to enhance its capabilities and adoption:

• Development of a cross-chain bridge in collaboration with deBridge, Stargate, and Celer
• Support for ecosystem projects through the MVB program
• Increased DEX volume, showing a 24% rise over the last seven days

These efforts appear to be paying off, as BNB Chain saw the largest increase in decentralized exchange volume among the top 5 networks in the past week.

BNB/USD Technical Analysis: BNB in Consolidation Phase

Recent technical indicators suggest that Binance Coin (BNB) has entered a period of consolidation:

• Flattening of the 20-day EMA and 50-day SMA since August 26
• Downward trend in the Average True Range (ATR), currently at 24.6
• Declining Bollinger Bandwidth, indicating contracting Bollinger Bands

This consolidation phase is characterized by reduced market volatility and price movement within a defined range, potentially preceding a significant price movement in either direction.