AMBCrypto Weekly

Binance Smart Chain joins Ethereum-Solana ‘bridge party’ on Wormhole


Cross-chain bridges have the potential not only to bring multiple blockchain­s to users, but also to revolution­ize NFT markets and DeFi as a whole.

The ETH<>SOL token bridge supported by Wormhole is one example, of how popular chains are now interactin­g with each other.

What’s more, another network joined the club recently: the Binance Smart Chain [BSC].

In a post, Wormhole Network – which supports the bridging of assets through Ethereum, Solana, and now BSC – gave its view of the Binance Smart Chain.

The statement noted that,

“Over the past year, BSC has seen insane amounts of growth as users from Ethereum were barred from yield farming and NFT trading opportunit­ies due to high associated gas fees.”

Cross-chain bridges come with powerful possibilit­ies for users taking part in DeFi, the exchange of tokens, or NFT trades. Furthermor­e, such bridges can put networks in competitio­n with one other. They also signal the approach of Web 3.

Wormhole’s statistics for the ETH/SOL bridge give a glimpse of how much users can accomplish, thanks to cross-chain bridges. On 1 October, the interopera­bility protocol announced that there was more than $200 million in total-value-locked [TVL].

What’s more, over 100 NFTs had already used the bridge since 22 September.

A look at the active network addresses on both Binance Smart Chain and Ethereum makes it clear why users are excited.

On 11 October, the number of active Ethereum addresses was 498,893.

By contrast, the number of active Binance Smart Chain addresses was 1,202,020. A stark difference, indeed.

Cross-chain bridges look like an exciting solution to the looming question of interopera­bility in the crypto sector. However, the ETH/SOL/BSC bridges might not be endgame. Security risks exist while transferri­ng assets between chains. Adding on to this, transactio­n fees and congestion levels can be high.

For now, however, users will be eagerly watching NFTs, tokens, and more as they enter or exit the BSC ecosystem.

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