Traditional blockchains are not flexible enough. They can’t connect with each other. For example, if you make a Bitcoin transaction, the Ethereum blockchain will not be able to record that transaction and won’t know that the transaction took place.
In order to solve this problem, Binance introduced the Binance Bridge Project.
What is the Binance Bridge Project?
The Binance Bridge Project is a cross-chain bridging service. This serves to increase the interoperability between blockchains. With this, anyone will be able to convert selected coins into a wrapped token version or pegged tokens to be used on Binance Chain and Binance Smart Chain.
Binance Bridge 2.0
Now, there’s Binance Bridge 2.0 – a new way to bridge selected unlisted tokens from Ethereum to BNB Smart Chain as BTokens. The original Binance Bridge only supported tokens that are listed on Binance.com, however with Binance Bridge 2.0, you can now bridge more tokens, even ones that are not listed on the Binance exchange. These unlisted tokens will be bridged to BNB Smart Chain as wrapped BTokens.
The best thing about this bridging is that you will be able to do cross-chain token transfers directly from your Binance account without having the need to use third-party wallets. The listed tokens will be directed to your Funding or Spot Wallet, whilst the unlisted tokens will be stored in a new self-custody wallet (SCW) within the Binance app.
Binance Bridge 2.0 is a trustable bridge as it is protected by the highest security standards of Binance, operating on BNB Smart Chain with very low fees and fast transactions.
This cross-chain bridge has remarkably improved the interoperability between blockchains and this provides users more access to explore DeFi, blockchain games, metaverses and more.
How does the Binance Bridge Project work?
By using the Binance Bridge 2.0 service, you can convert selected cryptoassets between the native blockchain and Binance Chain/ Binance Smart Chain. For example, if you transfer ETH from Ethereum to Binance Smart Chain, the Binance Bridge will carry out the cross-chain conversion of Ethereum ERC-20 to Binance BEP-2 or BEP-20.
Here are the networks that are being supported by Binance Bridge
- BEP2 – BNB Beacon Chain
- BEP20 – BNB Smart Chain (BSC)
- ERC20 – Ethereum Network
- TRC20 – TRON Network
- EOS – Enterprise Operation System Network
- BTC – Bitcoin Network
- BTC (SegWit) – Native Segwite (bech32)
All you need to do to cross-chain tokens are these simple steps:
1. Firstly, log in to your Binance account