Users can now bridge tokens and NFTs between Ethereum, Solana, and BSC ecosystem.
Wormhole Expands Bridge to Binance Smart Chain
The Wormhole network has now expanded the capabilities of its bridge to support the Binance Smart Chain (BSC) ecosystem on Oct. 11.
The inclusion of BSC to the bridge comes nearly a month after the launch of the bi-directional token and NFT bridge between Ethereum and Solana. In the brief period since the launch, the protocol has witnessed over $200 million total value locked (TVL) with over 100 NFTs that have been transacted on the bridge, as per the official Medium blog of the protocol.
“Wormhole wrapped assets retain their mint as they move between chains within the Wormhole network. This means that if you bridge an asset from Ethereum → Solana → BSC, your asset will retain the same wrapper in BSC as in Solana, rather than being “double” and “triple” wrapped as it moves between chains.” explained Brett Harrison further on the process of assets transfer through multiple chains via the official press release of the launch.
The BSC ecosystem has grown tremendously since its launch on August 31, 2020. As reported by BSC.News on Oct. 2, the BSC network processed ten times as many transactions as that of Ethereum at a tenth of the gas fees. The high gas fees on Ethereum could be attributed as one of the main drivers of various DeFi projects and investors to the blockchain network. As far as the number of transactions is concerned, BSC surpassed Ethereum back in Feb. 2021.
Wormhole is a protocol that builds bridges between chains, facilitating the fast transfer of any kind of information from one chain to another. The open-source protocol is built on the belief that the next frontier in blockchain technology is communication. The mainnet of the protocol was launched on Aug. 9 earlier this year creating a bridge between Ethereum and Solana.
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Source : solana.news