Wormhole Adds Binance Smart Chain Support to Network Bridge – Technology Bitcoin News


During the first week of September, the Wormhole Network’s ethereum ↔ solana bridge was introduced to the Solana community and the following week, developers released a bi-directional connection for blockchain non-fungible token (NFT) collectibles. On Monday, the Wormhole dev team revealed it has added Binance Smart Chain support to the token and NFT bridge platform.

Wormhole Now Connects Solana to Binance Smart Chain

The crypto asset solana (SOL) has propelled its way to the top seventh position, in terms of market valuation, among 10,000+ digital assets in existence. Now, year-to-date, SOL has gained 5,987% but during the last 30 days, SOL is down close to 18% on October 11. Much like Ethereum, Solana’s protocol is used for decentralized finance (defi) and there’s a myriad of defi platforms built specifically for the Solana network.

One specific project leveraged by a number of SOL users is the Wormhole Network, which has recently surpassed $200 million total value locked (TVL). As discussed in a recent article by Bitcoin.com News, cross-chain bridge technology has grown exponentially in recent months.

Moreover, metrics recorded this week by Dune Analytics show TVL across a myriad of bridges has swelled to over $14 billion. The Wormhole Network allows users to leverage ethereum ↔ solana swaps at any time and now users can connect to the Binance Smart Chain in the same fashion.

Cross-Chain Use Cases Across 3 Vibrant Blockchains

Data shows that the Binance Smart Chain (BSC) is a popular defi blockchain that connects with a number of other networks. The BSC Anyswap Bridge is one connection that is utilized to leverage cross-chain technology. Last month, the BSC chain did about ten times the number of transactions settled on the Ethereum chain last month.

The connection with the Wormhole Network will allow users to access the vast BSC ecosystem, the project’s announcement sent to Bitcoin.com News details. Wormhole adds that implementing support for the BSC protocol will allow users to:

  • Avoid double wrapping as tokens are able to retain their original mint.
  • Connect creators and artists through its multi-directional highway to move NFTs and wrapped assets cross-chain between participating ecosystems.
  • Allowing for cross-chain governance, liquid staking tokens, and access to oracle data across the three chains with $172B in TVL.

While $200 million is an increase for the Wormhole Network (WN) bridge, it pales in size to the Polygon Bridges which capture $4.5 billion TVL today, and Fantom Anyswap Bridge’s $4.2 billion. In fact, bridges stemming from Avalanche, Arbitrum, Optimism, and Zksync also have larger TVLs than the WN bridge.

What do you think about the Wormhole Network implementing Binance Smart Chain support? Let us know what you think about this subject in the comments section below.

Tags in this story
$200 million, 3 Blockchains, Arbitrum, Avalanche, Binance Smart Chain, BSC, ether, Ethereum, Fantom, Optimism, Polygon Bridges, SOL, SOL Network, SOL protocol, Solana, Solana Network, Wormhole, Wormhole Network, Zksync

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *