Prominent cryptocurrency exchange, Binance has been at the top of its game right from the start. Despite enduring dainty heckles, the exchange did not stop rolling out updates or developments. In a similar case, the platform announced the launch of Binance Bridge 2.0.
Taking a leaf out of the bank’s books, Decentralized Finance [DeFi] entered the space. While DeFi isn’t as popular as crypto, it is certainly gaining momentum. Binance, with its latest initiative, could spruce up the space and introduce DeFi to mainstream audiences.
Just like its name, Binance Bridge 2.0 will quite literally act as a bridge between the platform and tokens that haven’t been listed on the exchange. Assets of the Ethereum blockchain will now find a way into the BNB Smart Chain.
Under Binance’s latest feature, users can employ their respective wrapped tokens with the BNB chain. Through this, users will be allowed to veer into DeFi, metaverse as well as blockchain games.
All of this could reportedly be done on the existing accounts of users. To avail of the latest feature, users wouldn’t have to formulate third-party wallets. Bridged Tokens [BT] listed on Binance can be found in the Funding or Spot Wallet. Unlisted BT, on the other hand, can be stored in a self custody wallet [SCW].
Binance Bridge 2.0 to revolutionize DeFi space?
This cross-chain bridge is expected to spruce up the DeFi space. In the DeFi world, Ethereum [ETH] is the most widely utilized asset. The high fees and scalability concerns with ETH, on the other hand, have prepared the door for the emergence of alternative assets. This has been detrimental to ETH since it appears to be losing its hegemony in space.
Binance bridge 2.0, however, would be offering users the ability the stake their ETH and its tokens on the BNB Smart Chain. All of this will reportedly be done without the hassle of swapping. The exchange claims to reduce the high fees and long wait times for the completion of transactions.
The blog post further read,
“Binance Bridge 2.0 will support almost all Ethereum-native tokens and give you direct access to BNB Smart Chain dApps such as the most-used dApp globally – PancakeSwap. Support for more blockchains and dApps is coming in the future.”