We looked at Binance Bridge 2.0, a new bridge that brings Ethereum-native tokens to BNB Chain. Now live with PancakeSwap! Bridge 2.0 lets you wrap non-BEP20 tokens and use them as BTokens with the BNBChain Ecosystem.
Binance.com exchange and its ecosystem are dedicated to introducing more decentralization into the world of crypto. Today’s release is another proof of this, bringing more functionality and assets to the BNB Chain ecosystem. Binance Bridge 2.0 is a simple-to-use onramp into the world of DeFi on BNB Chain.
As Binance stated in its Binance Bridge 2.0 announcement, its aim is to make this new bridge the largest multi-chain liquidity and DeFi infrastructure, allowing a seamless flow of assets in a trusted environment.
A few months ago, Binance decommissioned Binance Bridge and set on the journey to create a more secure and easier bridging environment. Binance Bridge 2.0 will start offering its services as the main bridge between Ethereum and BNB Smart Chain. It comes with a broader range of available assets. Bridge 2.0 will allow you to bridge both listed and selected unlisted tokens and wrap them as BTokens, usable with the BNB Chain ecosystem.
The biggest highlight of Bridge 2.0 is the ability to access it directly from the secure Binance.com environment, whether on a desktop or via Binance App. When you bridge any of the listed tokens, you can access them from the Spot or Funding wallet on Binance. In contrast, the unlisted tokens will require you to create a self-custody wallet (SCW). Binance exchange will lead you through the process of creating your SCW, and you will own your private keys. No one can withhold or manage your BTokens, only you.
All bridged BTokens are protected by the Zero Trust Solution and pegged to the original asset at a 1:1 rate. Another highlight is that you can unwrap your BTokens and claim back the original asset at any time or withdraw the BTokens to the BEP20 compatible wallet of your choice, such as Trust Wallet or MathWallet.
Binance Bridge 2.0 is a major step towards mass-scale DeFi adoption as it opens the doors to DeFi to millions of Binance.com users. The process of bridging will be safer and easier than ever before, inviting even less-advanced users to partake in the world of DeFi on BNB Chain. This new infrastructure could bring BNB Chain closer to its mission of bringing the first 1 billion users to crypto and increasing liquidity and opportunities in DeFi.
The first dApp available via Binance Bridge 2.0 is PancakeSwap. Still, more dApps and blockchains are planned to be added in the future.
Cross-chain bridges like this one boost interoperability between the different networks and remove the hassle and high fees associated with swapping tokens between different token formats. You can already test Binance Bridge 2.0 on Binance and try it with PancakeSwap to get access to their farms, pools, and swap functionality.