Binance org en bridge

An Introduction to Binance Bridge

TL;DR:

The Binance Bridge Project aims to increase interoperability between different blockchains. It lets anyone convert their crypto assets into (and back from) Binance Chain and Binance Smart Chain wrapped tokens.

Why can this be useful? Well, this way, you can use your BTC, ETH, USDT, or other assets in Binance Smart Chain (BSC) DApps. Do you HODL BTC but want to harvest the latest yield farming opportunity on BSC? No worries, you can maintain exposure to your Bitcoin while still participating in DeFi on Binance Smart Chain.

Introduction

Currently, there is a bit of an issue in the crypto space. Different blockchains can’t really talk to each other. If you make a Bitcoin transaction, the Ethereum blockchain won’t be able to know that it happened. If we zoom out a little bit and look into the future, this problem will likely be solved somehow with new technology. However, a much faster solution that is already available now is wrapped coins and tokens.

What is the Binance Bridge Project?

How does the Binance Bridge Project work?

Wrapping a coin or token into a Binance Chain version is actually quite straightforward. Using the Binance Bridge service, you can convert cryptoassets between the native blockchain and Binance Chain/Binance Smart Chain. For example, if you transfer USDT from Ethereum to Binance Smart Chain, Binance Bridge will support the cross-chain conversion of Ethereum ERC-20 to Binance BEP-2 or BEP-20. It’s worth noting that these wrapped coins are backed by real coins and tokens on public addresses.

Once you’ve set the parameters, the conversion time is quite short, and it should take around a few minutes to execute a cross-chain conversion. This, of course, depends on blockchain network confirmation times. What does this mean exactly? Well, depending on the blockchain you’re trying to convert from, the process may take more during times of congestion and high activity.

As far as fees are concerned, Binance Bridge charges zero conversion fees. You’ll only need to pay network transaction fees on the blockchains that you are converting between.

Do you need a Binance account to use the Binance Bridge? No. The Binance Bridge interface is open to any address without the need to register a Binance account.

On the other hand, if you do have a Binance account, deposits and withdrawals are open for a number of BEP-2 and BEP-20 assets. This way, you don’t have to worry about wrapping the assets yourself, and you can store, trade, and transfer them like any other token.

What is “Peg-in” and “Peg-out”?

The “Peg-in” feature allows you to convert from native blockchains to Binance Chain/Binance Smart Chain tokens. Conversely, “Peg-out” means converting from Binance Chain/Binance Smart Chain tokens to native blockchain tokens.

Once a transaction is complete, Binance Bridge will lock the tokens, and the peg to Binance Smart Chain is complete. This is when you can start using your pegged tokens.

Closing thoughts

The Binance Bridge Project is an important tool for increasing cross-compatibility in the blockchain space. Anyone can peg coins and tokens to be used on Binance Chain/Binance Smart Chain. The number of tokens to be supported will increase over time, leading to better access to liquidity on Binance Smart Chain.

The Binance Bridge is just one piece of a bigger project. Binance aims to increase even more the cross-chain liquidity between different blockchains. Stay tuned for more!

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Binance Bridge V2 Release

Introduction

Introducing Binance Bridge V2, a brand new bridge service providing access to inter-blockchain liquidity for all popular blockchain networks, brings valuable assets such as BUSD, USDT, and ETH to Binance Chain ecosystems.

In the first version, the procedure of swapping tokens has two categories: Peg-In and Peg-Out. Peg-In allows users to exchange the native tokens to the equivalent of pegged tokens on Binance Chain or Binance Smart Chain. Meanwhile, the Peg-Out procedure enables users to swap the equivalent of pegged tokens on Binance Chain or Binance Smart Chain to the native tokens.

Many more networks are coming soon

User Guide

Swap Tokens to Binance Chain from a different Network

• Install your extension wallet; it can be Binance Extension Wallet or MetaMask
• Go to Binance Bridge page, and you will use V2 by default.

• Click on “Connect Wallet”

Once you finished unlocking your wallet, you can see your address at the “destination” box

Binance Bridge supports 35 popular cryptocurrencies. You can move your USDT, BUSD, or ETH across different blockchains quickly. В You can see the whole list from this API: https://api.binance.org/bridge/api/v2/tokens

• Choose “From” and “To” network types

To swap Tokens to Binance Chain from a different Network, the destination network must be Binance Chain or Binance Smart Chain. You can click on the arrow button to switch between these two networks.

• Enter Swap Amount then confirm

Please note that the fixed amount of network fee will be charged for now

• To transfer from another network to the connected wallet network, please deposit your tokens before closing.

You should initiate a single transfer; the system will only monitor the first transfer transaction.

You can also verify the swap process from the “History” board.

Swap Tokens from Binance Chain to a different Network

• Install your extension wallet; it can be Binance Extension Wallet or MetaMask
• Go to Binance Bridge page, and you will use V2 by default.

• Click on “Connect Wallet”

Once you finished unlocking your wallet, you can see your address at the “destination” box

Binance Bridge supports 35 popular cryptocurrencies. You can move your USDT, BUSD, or ETH across different blockchains quickly. В You can see the whole list from this API: https://api.binance.org/bridge/api/v2/tokens

• Choose “From” and “To” network types

To swap Tokens from Binance Chain to a different Network, the source network must be Binance Chain, Binance Smart Chain or Ethereum (with metamask)

• Enter Swap Amount then confirm

Please note that the fixed amount of network fee will be charged for now

• Submit your transaction with Extension wallet

You should initiate a single transfer; the system will only monitor the first transfer transaction.

You can also verify the swap process from the “History” board.

In Conclude

Binance Bridge is the safest, fastest, and most secure way to bring cross-chain assets to Binance Chain and Binance Smart Chain. If you have any issues, please contact customer support of Binance.com.

1. How much can I swap every day?

You can monitor your daily limit at the top of bridge page.

1. What is pegged Bitcoin on Binance Chain and Binance Smart Chain?

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Binance Bridge Now Support Buy BNB as Gas

Dear Community,

Binance Bridge adds a new feature of buy BNB as gas. When users swap their tokens to the BEP20 equivalents on Binance Smart Chain, they could choose to buy some BNB to pay for gas at the same time.

This feature is only available in v2

Why do we need this feature?

When users swap their tokens to the BEP20 equivalents on Binance Smart Chain, they also need to get some BNB to pay for gas for their future transactions.

Requirements

• The destination network has to be Binance Smart Chain
• Supported Token List: BTC, ETH, USDT, BUSD. More tokens will be supported soon.
• The total of your swap order has to be greater than 2BNB

How many BNB you can get?

There are 3 options: 0.5 BNB, 1BNB and 2 BNB

Note: The network fees are floating, you might get a different rate than you expected when your order is completed. The actual amount of token you receive can be different from the confirmation page

Links

Risk warning: Please try a small amount before swap a large amount.

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Binance Bridge V3 Release

Last January, Binance Bridge V2 was released as a brand new bridge service providing access to inter-blockchain liquidity for all popular blockchain networks. Binance Bridge brings valuable assets such as BUSD, USDT, and ETH to Binance Chain ecosystems. Today, we are excited to announce that Binance Bridge v3 is live!

With Binance Bridge, the BSC DeFi ecosystem now has access to a total of 78 popular crypto assets.

$BTCB | Bitcoin (BTC) on Ethereum & Binance Chain & Binance Smart Chain

• $BETH | Ethereum (ETH) on Ethereum & Binance Chain & Binance Smart Chain
• $BUSD on В Ethereum & Binance Chain & Binance Smart Chain
• $B-USDT | USDT on В Ethereum & Binance Chain & Binance Smart Chain
• $B-USDC |USDC on Ethereum & Binance Chain & Binance Smart Chain

The digital asset proof can be found here for reference.

This release is one step further in broadening Binance Bridge’s influence outside of BSC, thus opening up a whole new cross-chain DeFi ecosystem to the community. If you want to use pegged assets on BSC dApps, integration with Binance Bridge is the best choice for the ecosystem!

An Enhanced User Experience (UX) and User Interface (UI)

In addition to new pegged assets, one of the core improvements with Binance Bridge V3 is an improved user experience. As with any evolving cross-chain technology, there is a steep learning curve, so marrying various technologies/standards and making it as intuitive as possible for the larger public is a big challenge. A few improvements added are:

• Flexible network configuration

For MetaMask users, if your wallet has not configured Binance Smart Chain, then the site will add BSC mainnet as a custom network for you.

• Improved transaction process between BSC & Ethereum network

To avoid mistakes, more restrictions are implemented.

1. From network must be a user’s connected network. For example, if your MetaMask is on Ethereum, then you must send transactions from the Ethereum network.
2. Destination address must be your connected address. You cannot change the destination address. From now on, you can switch the network to check your balance after completing the swap.

With these improvements, UI hiccups should be cut down even further to make the cross-chain process as smooth as possible for the everyday user.

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Bridge v2

Introduction

Introducing Binance Bridge V2, a brand new bridge service providing access to inter-blockchain liquidity for all popular blockchain networks, brings valuable assets such as BUSD, USDT, and ETH to Binance Chain ecosystems.

In the first version, the procedure of swapping tokens has two categories: Peg-In and Peg-Out. Peg-In allows users to exchange the native tokens to the equivalent of pegged tokens on Binance Chain or Binance Smart Chain. Meanwhile, the Peg-Out procedure enables users to swap the equivalent of pegged tokens on Binance Chain or Binance Smart Chain to the native tokens.

Many more networks are coming soon

User Guide

Swap Tokens to Binance Chain from a different Network

• Install your extension wallet; it can be Binance Extension Wallet or MetaMask
• Go to Binance Bridge page, and you will use V2 by default.

Once you finished unlocking your wallet, you can see your address at the “destination” box

Binance Bridge supports 35 popular cryptocurrencies. You can move your USDT, BUSD, or ETH across different blockchains quickly. You can see the whole list from this API: https://api.binance.org/bridge/api/v2/tokens

• Choose “From” and “To” network types

To swap Tokens to Binance Chain from a different network, the destination network must be Binance Chain or Binance Smart Chain. You can click on the arrow button to switch between these two networks.

• Enter Swap Amount then confirm

Please note that the fixed amount of network fee will be charged for now

• To transfer from another network to the connected wallet network, please deposit your tokens before closing.

You should initiate a single transfer; the system will only monitor the first transfer transaction.

You can also verify the swap process from the “History” board.

Swap Tokens from Binance Chain to a different Network

• Install your extension wallet; it can be Binance Extension Wallet or MetaMask
• Go to Binance Bridge page, and you will use V2 by default.

Once you finished unlocking your wallet, you can see your address at the “destination” box

Binance Bridge supports 35 popular cryptocurrencies. You can move your USDT, BUSD, or ETH across different blockchains quickly. You can see the whole list from this API: https://api.binance.org/bridge/api/v2/tokens

• Choose “From” and “To” network types

To swap Tokens from Binance Chain to a different Network, the source network must be Binance Chain, Binance Smart Chain or Ethereum (with metamask)

• Enter Swap Amount then confirm

Please note that the fixed amount of network fee will be charged for now

• Submit your transaction with Extension walletYou should initiate a single transfer; the system will only monitor the first transfer transaction.

You can also verify the swap process from the “History” board.

Conclusion

Binance Bridge is the safest, fastest, and most secure way to bring cross-chain assets to Binance Chain and Binance Smart Chain. If you have any issues, please contact customer support of Binance.com.

You can monitor your daily limit at the top of bridge page.

1. What is pegged Bitcoin on Binance Chain and Binance Smart Chain?

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