- Binance sets up Binance Bridge 2.0 to merge DeFi and CeFi.
- This feature allows users to bridge in and bridge out tokens between native blockchains and the BNB chain.
- This will also support almost all ETH-native tokens.
Binance Exchange unfolded its plan to release its new feature, Binance Bridge 2.0. This feature will allow users to bridge assets from other blockchain networks to BNB Chain. It will also support almost all Ethereum-based native tokens.
In detail, users can have the digital assets of their exchange in Binance Bridge 2.0, irrespective of the native blockchain. Also, tokens not listed on Binance can be bridged to the BNB chain. However, the listed bridged tokens on Binance will be stored in Spot Wallet or Funding Wallet, whereas unlisted bridged tokens will go to the Funding Wallet only.
Significantly, the bridging system will surpass the interoperability between various blockchain networks, which paves a way for direct access to the DeFi and CeFi ecosystem.
Binance Head of Product, Mayur Kamat, remarked that Binance Bridge 2.0 helps make decentralized finance reachable for a huge mass of people. He said:
With Binance Bridge 2.0, we can make decentralized finance accessible to a larger audience worldwide while still providing the seamless user experience that centralized finance offers. We are already seeing this via the tremendous adoption of the PancakeSwap Mini-app.
To note, Binance Bridge 2.0 has a wrapping option with ERC20 tokens to get BEP20 BTokens. With this, users can immediately start staking ETH or other supported assets with Binance’s DeFi protocol.
Binance Bridge 2.0 is claimed to be a trusted bridge with high-security standards of Binance. It operates on the BNB Smart Chain and carries low fees and fast transactions of almost 3 seconds. As mentioned, this new feature will support nearly all Ethereum native tokens and give users direct access to BNB Smart Chain dApps.
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