A major rebranding
Binance Smart Chain, the blockchain created by Binance, the largest crypto exchange company in the world, has rebranded to "BNB Chain."
The news comes just two days after some of their competitors like Coinbase and FTX released highly successful Super Bowl commercials.
The term "shitcoin" was first used by former Bitcoin programmer Gavin Andresen, who was famously duped by Craig Wright's fake Satoshi signatures. In 2022, there is a pretty good chance that when someone says "shitcoin," they either are referring to some random token created on Binance Smart Chain.
Unfortunately for Binance, this has caused issues with consumer perception of their products. While they generally are acknowledged to have a relatively safe exchange, their blockchain is a different story.
It is nearly effortless to create a new token on BNB Chain like Safemoon, or the CxCoin by YouTuber Ice Poseidon. You don't have to be a programmer, and various social engineering tricks like fake followers make it easy for scammers to convince noob investors to buy their shady tokens.
A smart decision
Ultimately, it was a great decision for the Binance management team to rebrand their chain to BNB Chain. The stigma caused by shitcoins has wreaked havoc on the brand image of Binance, and they are doing damage control by rebranding to BNB Chain. Also, now, the coin BNB of their chain now matches the name of the chain itself. That's very good integrated marketing.