Binance Smart Chain

Binance Smart Chain support has been added to the network bridge by Wormhole

Binance Smart Chain support has been added to the token and NFT bridge platform, as revealed by the developers’ team of Wormhole on Monday. At the start of September, Wormhole introduced Ethereum and Solana bridge to the Solana community. This move is a continuation of that bridge which has been upgraded to a bidirectional connection for NFT collectibles also.

Wormhole has added Binance Smart Chain Support:  

Among ten thousand plus digital assets in existence, the Solana is holding the seventh position. Despite losing 18% in a month, SOL is 5987% up year to date. The users of Solana are attracted to the Wormhole network, which has crossed $200 million TVL (Total Value Locked). The Wormhole Network allows users to leverage Ethereum and Solana swaps and now has added Binance Smart Chain in the same fashion.

A popular DeFi Blockchain, Binance Smart Chain (BSC), connects with a number of other networks. The cross-chain technology is leveraged through the BSC Anyswap bridge. The number of transactions settled on the BSC was ten times that of Ethereum in a month. This new connection will allow the customers of Wormhole to access the BSC ecosystem. The main features which will be provided by implementing support for Binance Smart Chain are:

  • Avoid double wrapping as tokens can retain their original mint.
  • Connect creators and artists through its multi-directional highway to move NFTs and wrapped assets cross-chain between participating ecosystems.
  • Allowing for cross-chain governance, liquid staking tokens, and access to oracle data across the three chains with $172B in TVL.
Binance Smart Chain
A Parallel Binance Chain to Enable Smart Contracts.
Source: binance.org

The Wormhole Network has a TVL size of 200 million dollars which is less than Polygon Bridges and Fantom Anyswap Bridges. These bridges provide the users with the facility to swap their digital assets with another one. 

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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