After launching the world’s first truly decentralized Bitcoin – Ethereum direct bridge, the Wanchain team is excited to unveil a new decentralized direct bridge connecting the Binance Smart Chain and Ethereum! With this integration complete, Binance Smart Chain joins Bitcoin, Ethereum, Wanchain, and EOSIO (XRP Ledger and Polkadot coming soon!) to the ever-growing list of public chains that make up the Wanchain ecosystem
Binance SmartChain
Officially launched last year, the Binance Smart Chain (BSC) features EVM compatibility and a proof-of-stakes authority consensus algorithm. Backed by industry giant Binance, BSC has made great strides to push DeFi beyond Ethereum’s known limits.
Under the hood: BSC integration
BSC’s cross-chain integration is enabled by Wanchain’s Universal Multichain Bridges. Fundamental to this cross-chain mechanism is Wanchain’s Storeman Group, which consists of 25 truly decentralized Storeman Nodes.
There are currently four basic scenarios relevant to this integration:
1) Original Ethereum-based tokens (e.g. UNI, LINK, etc.) to BSC
When a user initiates a cross-chain transaction to move an original Ethereum-based token to BSC, Wanchain’s Storeman Group first locks the token on Ethereum before minting a new token on BSC.
2) Mapping Ethereum-based tokens (e.g. [email protected], [email protected], etc.) to BSC
When a user initiates a cross-chain transaction to move an associated Ethereum-based token to BSC, Wanchain’s Storeman Group first burns the token on Ethereum before unlocking the original token or minting a new token on BSC, depending upon need.
3) Original BSC-based tokens for Ethereum
When a user initiates a cross-chain transaction to push an original BSC-based token to Ethereum, Wanchain’s Storeman Group first locks the token on BSC before minting a new token on Ethereum.
4) Mapping of BSC-based tokens (e.g. [email protected] etc.) to Ethereum
When a user initiates a cross-chain transaction to move a mapped BSC-based token to Ethereum, Wanchain’s Storeman Group first burns the token on BSC before unlocking the original token or minting a new token on Ethereum, depending upon need.
The innovation underlying decentralized direct bridges
The ability to reach decentralized direct Layer 1-to-Layer 1 bridges like Bitcoin – Ethereum and Binance Smart Chain – Ethereum without relying on a router is an innovation made possible by Wanchain’s Universal Multichain Bridges becomes.
Wanchain’s Universal Multichain Bridges, powered by unified decentralized collateral pools and managed by Wanchain’s Storeman nodes, support all of Wanchain’s cross-chain integrations. This design structure reduces the complexity of cross-chain transactions and makes them more convenient—all without sacrificing security. Wanchain’s universal multichain bridges are unmatched in the industry.
The door goes both ways: an integration of great importance
Although BSC supports all sorts of projects, there is no doubt that the catalyst for its rise has been DeFi. From PancakeSwap to Autofarm, BSC-native DApps continue to lead the sector’s TVL growth.
Of course, this incredible growth has attracted a lot of new projects and users to BSC. However, established projects on other public chains — and more importantly, their users — remain isolated and unable to benefit from BSC’s DeFi ecosystem. The opposite is also true. All projects and users would benefit from a secure, truly decentralized mechanism to connect with each other.
This situation is just one of thousands that underscore the vital need for blockchain interoperability. Isolated blockchains do more harm than good – and it’s always the end users who suffer.
Oh, we’re getting by with a little help from our friends
The first project to take advantage of the new decentralized BSC – Ethereum Direct Bridge is FinNexus, a DeFi platform built on Wanchain and specialized in options and financial derivatives. FinNexus uses the decentralized BSC – Ethereum Direct Bridge as part of their new liquidity mining program.
All users can currently transfer their FNX tokens between Ethereum and BSC using Wanchain’s desktop wallet or in-browser using WanBridge. The Wanchain team will gradually add bridges between BSC and other public chains, increasing the diversity of BSC assets moving through the Wanchain ecosystem.
True DeFi is interoperable – Wanchain, the Wide Area Network chain, is the world’s leading decentralized blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralized bridges connecting the world’s many siled blockchain networks. This crosschain infrastructure allows developers to build truly decentralized crosschain applications to power the future of DeFi.
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