111 Interactions, 2 Today
Cross-chain bridges have the potential to not only connect users to multiple blockchains, but also to revolutionise NFT markets and DeFi in general.
The ETH<>SOL token bridge supported by Wormhole is one example, of how popular chains are now interacting with each other. What’s more, another network joined the club recently: the Binance Smart Chain [BSC].
Users can start bridging assets seamlessly across these chains, from tokens to #NFTs.
— BSCDaily (@bsc_daily) October 11, 2021
A growing club
In a post, Wormhole Network – which supports the bridging of assets through Ethereum, Solana, and now BSC – gave its view of the Binance Smart Chain.
The statement said,
“Over the past year, BSC has seen insane amounts of growth as users from Ethereum were barred from yield farming and NFT trading opportunities due to high associated gas fees.”
Cross-chain bridges provide powerful opportunities for users participating in DeFi, token exchanges, or NFT trades. Furthermore, such bridges can pit networks against one another. They also herald the arrival of Web 3.
Wormhole’s statistics for the ETH/SOL bridge show how much users can accomplish with cross-chain bridges.On 1 October, the interoperability protocol announced that there was more than $200 million in total-value-locked [TVL]. What’s more, over 100 NFTs had already used the bridge since 22 September.
Binance Smart Chain vs Ethereum
A look at the active network addresses on both Binance Smart Chain and Ethereum makes it clear why users are excited.
On 11 October, the number of active Ethereum addresses was 498,893.
By contrast, the number of active Binance Smart Chain addresses was 1,202,020. A stark difference, indeed.
But keep in mind…
Cross-chain bridges appear to be an exciting solution to the looming issue of crypto interoperability. The ETH/SOL/BSC bridges, on the other hand, may not be the endgame. There are security risks when transferring assets between chains. Furthermore, transaction fees and congestion levels can be high.
1/This is a fake @DegenApeAcademy bridged from Solana to Eth using Wormhole on @opensea. The Wormhole network cannot prevent the wrapping of fake NFTs, so each user is responsible for independently verifying an NFT’s authenticity. Here’s how you can use the origin verifier tool👇🏻 https://t.co/AczE9gDkag pic.twitter.com/SECMyv4U3U
— Wormhole (@wormholecrypto) September 25, 2021
For now, however, users will be eagerly watching NFTs, tokens, and more as they enter or exit the BSC ecosystem.