📖BSC Glossary

Naming notes: Binance Smart Chain is now called BNB Chain, of which the chain that executes smart contracts is called BNB Smart Chain (BSC).

Background: BNB Smart Chain (BSC) is a parallel chain to BNB Beacon Chain, launched by Binance in September 2020. Due to its compatibility with the Ethereum Virtual Machine (EVM), developers can easily migrate projects from Ethereum to BSC, thereby driving the growth of the Binance ecosystem and user base.

Chain Distinction: BNB Beacon Chain (non-EVM, corresponding to BEP-2 standard) is different from BNB Smart Chain / BSC (EVM, corresponding to BEP-20). BNB Beacon Chain was officially shut down on November 19, 2024.

Quick constants

Term	Description
Mainnet chain ID	56
Testnet ID	97
Native coin / platform coin	BNB (pays Gas)
Average block time	≈ 0.75 seconds
Consensus	PoSA (Proof of Staked Authority)
Address format	0x prefix (EVM compatible)
Common block explorer	BscScan (https://bscscan.com/)

Basic concepts

Term	Description
Transaction (Tx)	An on-chain state-changing operation (transfer / contract call).
Transaction hash (Tx Hash)	The unique identifier of a transaction, used to query its status.
Nonce	The count of transactions an account has sent; an unconfirmed transaction can be replaced using the same Nonce + higher Gas.
Gas / Gas Price / Gas Limit	Execution fee / price cap; common unit is Gwei.
BNB units	1 BNB = 10^9 Gwei = 10^18 Wei.
RPC node	The entry point for interacting with the chain (HTTP/WS).
Confirmations	The number of subsequently added blocks; the more confirmations, the safer.
EOA / Contract account	Externally Owned Accounts are controlled by private keys; contract accounts are controlled by code.

Tokens and standards

Term	Description
BEP-20	BSC fungible token standard (similar to ERC-20).
BEP-721 / 1155	NFT and hybrid standards (similar to ERC-721/1155).
BEP-2 (Beacon Chain)	Token standard of BNB Beacon Chain (non-EVM), not compatible with BEP-20 and requires bridging to convert.
WBNB (Wrapped BNB)	Wraps native BNB into a BEP-20 token for easier contract interaction.
Decimals	Token precision, commonly 18.
Mint / Burn	Increase / destroy token supply.
BEP-95 (fee burn)	The network layer burns part of the Gas fees in real time, creating a deflationary mechanism for BNB (independent of token contracts).
Tokenomics	Token economic design such as tax rates, allocation, unlocks, etc.

Transactions & approvals

Term	Description
Approve / Allowance (authorization / allowance)	Allows a contract to spend your tokens on your behalf; can be revoked anytime.
Permit (EIP-2612)	Authorize with a signature, saving one on-chain approve.
Slippage	The tolerable range of price movement.
Replace transaction (Speed Up / Cancel)	Replace an unconfirmed transaction by using higher Gas and the same Nonce.
Revert	Execution fails but still consumes Gas.
Batch / Multicall	Execute multiple operations at once.

DEX and liquidity (AMM)

Term	Description
AMM	Automated market-making model (e.g., constant product), no order book required.
Liquidity pool (LP Pool)	Two assets are injected in proportion for use in trading.
LP token	Represents your share of the pool and right to fee earnings.
Router / Factory	The swap entry and the contract that creates trading pairs.
Multi-hop	Routing through multiple pools to get a better price.
Price impact	The immediate impact your order size has on the pool price; the larger the impact, the more the execution deviates from expectations.
Impermanent loss (IL)	Potential loss from market making compared to holding a single asset.

Security must-reads

Term	Description
Mnemonic / private key	The root credential for assets; never screenshot / paste / upload it.
Unlimited approval risk	Approving the maximum may be stolen; it's recommended to approve limited amounts and revoke periodically.
Max transaction / wallet limits (MaxTx / MaxWallet)	Some tokens set limits per transaction and per-address holdings; exceeding limits can cause failures or inability to sell. Always confirm current values against limits before placing an order.
Rug Pull	Withdrawing LP or minting and selling causing a crash.
Blacklist / tax rate / trading switch	Admins can change these — check contract permissions.
Upgradable proxy	Logic contracts can be swapped; require multisig + timelock.
Fake contract addresses	Only trust authoritative sources and official announcements.
MEV / sandwich	Being sandwiched due to excessive slippage.
Airdrop / dusting attack	Small unknown token transfers try to induce you to interact or approve; do not interact with or approve tokens from unknown sources.

Minimum Self-Check：

• Is the contract verified?

• Can permissions change tax / blacklist / pause / mint?

• Is the LP locked?

• Is there multisig + timelock?