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On February 15, 2022, Binance Smart Chain officially announced its name change to BNB Chain and introduced a new term – MetaFi. Through the concept of MetaFi, the BNB Chain community aims to build a more decentralized infrastructure that powers the virtual economy in parallel with the real world. And the decentralized finance (DeFi) sector has been driven by the possibility of incorporating DeFi applications into the Metaverse.

What is MetaFi?

MetaFi is a combination of two words – Meta in Metadata and Fi in DeFi. The idea of MetaFi is a new paradigm shift that aims to implement a wide range of Blockchain functionality for traditional Web2 large-scale applications. Essentially, this concept combines all the main principles and provides the DeFi foundation for all the different pieces of the puzzle like Metaverse, GameFi, SocialFi, Web3 and NFTs that come together to form MetaFi. This will create a unified standard that improves interoperability thanks to metadata standards used across popular platforms and Blockchain.

MetaFi is defined as “an umbrella term that covers all protocols, products, and services that enable financial interoperability including combinations of fungible and non-fungible tokens. alternative (NFT_ Non Fungible Token) along with community governance like a Decentralized Autonomous Organization (DAO). MetaFi’s goal is to build and drive a new ecosystem, built on standardized metadata specifications, on digital assets that enable mass adoption in Web3 and the public domain. blockchain technology, while providing users and players with new use cases.

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