New bridge connects Binance Smart Chain tokens and NFTs to Ethereum and Solana ๐จ This article is 3 years old...
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New bridge connects Binance Smart Chain tokens and NFTs to Ethereum and Solana
With more than $200 million in total value locked (TVL) in the protocol from its Solana and Ethereum token and NFT bridges, Wormhole V2 is expanding the network's reach to one of the most vibrant DeFi and NFT ecosystems in crypto.
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Updated: Oct. 12, 2021 at 11:32 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Wormhole, the interoperability protocol that facilitates any type of data to be passed between different networks, announced the addition of Binance Smart Chain (BSC) support to its already existing ETH <> SOL token and NFT bridge.ย
Now, with more than $200 million in total value locked (TVL) in the protocol from its Solana and Ethereum token and NFT bridges, Wormhole V2 is expanding the network’s reach to one of the most vibrant DeFi and NFT ecosystems in crypto.
The demand for cross-chain bridges for digital asset swaps and liquidity is at an all-time high, with adoption increasing as DeFi and NFT markets continue to generate revenue in the space, and TVs in the top five blockchains hit $185+ billion.ย
To meet these demands, Wormhole previously launched ETH <> SOL support for both token and NFT bridging, with over 100 NFTs locked into the protocol.
Burgeoning BSC network sees a way to Ethereum and Solana
BSC, one of the most robust DeFi ecosystems for retail users, processed ten times the amount of transactions as Ethereum last month.ย
With BSC now supported via Wormhole, projects and users in the Solana and Ethereum ecosystems now have the ability to move wrapped tokens seamlessly between all three supported chains, with more networks expected to be onboarding in the coming weeks.
“Interoperability through the Wormhole network benefits users and projects in each ecosystem by providing access to the highest value aspects of all the other supporting ecosystems,” said Hendrik Hofstadt, Director Special Projects at Jump Crypto and former co-founder of Certus One, the lead contributor to Wormhole.ย
“The addition of BSC provides access to its large base of users and applications across its DeFi and NFT ecosystems, which will add an exciting element to the Wormhole network,โ he added.
Wormhole may be the only interoperability protocol to support multi-directional NFT bridging across ETH <> BSC <> SOL NFT bridge, connecting creators and artists through its multi-directional highway to move NFTs cross-chain between the ecosystems.ย
This bridge will give the BSC networkโs 470,000 blockchain gamers the ability to create new markets for in-game assets on the native Ethereum blockchain or bring them to Solana NFT marketplaces.
Wormhole’s generic architecture facilitates the passing of any message across the chain allowing for cross-chain governance, liquid staking tokens, and access to oracle data.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.