The previous Binance Bridge gets a new makeover with several added features to make interchain connectivity safer and affordable. With the new improvements, the Binance-Ethereum bridging will be easier than ever seen before. The bridging protocol is set to allow listed and unlisted coins to use features like the metaverse, games, and DeFi tools on the Binance Smart Chain.
Binance Smart Chain has carved a niche for itself in DeFi, particularly with cryptocurrency exchanging. Still, the platform houses several attractive and profitable tools and projects related to the metaverse, NFT, gaming and trading. Users of other blockchain networks were also allowed to reap the benefits of these tools through the Binance Bridge. Now, this aspect gets even better with the introduction of the Binance Bridge 2.0.
The repurposed bridging protocol will now allow even more tokens than before, including some unlisted coins. The unlisted tokens will be wrapped as BTokens during bridging to experience the advantages of the BNB ecosystem. These tokens will require a new self-custody wallet in the Binance App to access the features of this network. If you do not have a self-custody wallet, Binance Bridge 2.0 will also guide you through the process of creating one for you. With a self custody wallet, users will have full control and access to their assets, including their private keys. On the other hand, the listed tokens will be directly transferred to the Binance account with no need for third-party wallets.
During the bridging, your ERC-20 coins will be wrapped to receive BEP20 tokens. Once the wrapping is done, you will be allowed to stake Ethereum or other tokens supported by Binance almost immediately. Through Binance Bridge 2.0, you can get access to all the running DeFi protocols to begin your trading activities. With this new feature, you can bypass all the time-consuming and painstaking swappings and transactions to get access to these features. As your tokens will be pegged 1:1, your BTokens can be unwrapped into the original asset anytime you want.
As reported by the blog post, the new bridge can process your transactions in just 3 seconds, costing only a few cents. The developers’ team also puts so much trust in the security infrastructure of the bridge. This aspect gets more emphasis given the recent cyber attacks on the Wormhole Bridge. The cross-chain bridge is expected to increase the interoperability of the Binance Smart Chain with other significantly different blockchain networks around the world. Now, users from any chain can use popular dApps like the PancakeSwap from the Binance ecosystem with this new support.