Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi

Published at: March 29, 2022

On March 29, centralized cryptocurrency exchange Binance announced the rollout of Binance Bridge 2.0. The feature enables users to bridge assets from any blockchain, including from tokens not listed on the Binance app, to the BNB Chain. Bridged tokens listed on Binance will be stored in the Funding or Spot Wallet, while unlisted bridged tokens will be transferred to the Funding Wallet only.

Users can bridge-in or bridge-out tokens between their native blockchains and BNB Chain via regular deposit and withdrawal functions. In the future, Binance also plans to create a better version of its mobile app to allow users to facilitate such conversion via a single click. Regarding the development, Mayur Kamat, head of product at Binance, 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.

Binance has also implemented a brand new automated token circulation control system in Binance Bridge 2.0. The exchange will not maintain a surplus of pegged tokens, also known as wrapped assets, except for a buffer size in hot wallets. Instead, it will print additional tokens when users withdraw pegged tokens onto the BNB Smart Chain.

The company indicated that all other circulation will be backed by the native tokens deposited by the users from the original blockchains. When users want to switch from the pegged tokens back to the original tokens, they can deposit the pegged tokens into Binance and withdraw the original tokens. Simultaneously, the excessive tokens will be swept to the cold wallet and burnt automatically.

Tags
Related Posts
What is BNB auto-burn and how does it work?
BNB and its role in the blockchain ecosystem Binance Coin (BNB) is the Binance ecosystem’s native cryptocurrency. Launched in 2017, BNB was originally presented as an ERC-20 token on the Ethereum blockchain with a total supply of 200 million. In 2019, Binance started its mainnet swap and migrated all BNB tokens to BNB Chain. Related: A beginner’s guide to the BNB Chain: The evolution of the Binance Smart Chain BNB Chain is composed of two blockchains, both powered by BNB: BNB Beacon Chain: Previously called Binance Chain, this blockchain handles BNB Chain governance functions such as voting and staking. BNB …
Adoption / July 8, 2022
KuCoin Labs Launches $100 Million Venture Capital Fund To Empower Early-Stage Metaverse Projects
KuCoin Labs, the company behind the world's sixth-largest cryptocurrency exchange by trading volume with more than 500 crypto assets listed, announced on Wednesday that it would be launching a $100 million metaverse fund for early-stage projects. The money is also available for entities that develop blockchain-based games, nonfungible tokens, and decentralized applications. In addition, Kucoin will also provide business incubation services, branding, incentives, and business partnerships for developers selected into the fund. Johnny Lyu, CEO of Kucoin, said the following in a prepared statement obtained by Cointelegraph: "KuCoin Metaverse Fund will be launched to accelerate the evolution of the Internet …
Adoption / Nov. 17, 2021
Altcoin Roundup: 3 P2E games that don't need Ethereum to make waves
The rise of blockchain-based play-to-earn (P2E) gaming was one of the leading stories in 2021 as games such as Axie Infinity exploded in popularity and players realized that they could make life-changing amounts of money while also having fun. According to data from Footprint Analytics, the Ethereum network remains the leader when it comes to the number of games launched on-chain, but persistently high fees and network congestion have pushed a growing number of players to layer-2, cross-chain, bridge-supporting networks and competing blockchains that offer lower-cost transactions costs. Here’s a look at a few non-Ethereum blockchain networks that are gaining …
Adoption / Feb. 11, 2022
UST staking goes live on Binance as Anchor reserves fall
On Wednesday, centralized cryptocurrency exchange Binance launched its new TerraUSD (UST) staking program. Although Binance did not name the underlying decentralized finance protocol responsible for the staking rewards, Do Kwon — Terra Luna's (LUNA) co-founder — attributed the origins of the high yield to Terra's flagship Anchor protocol. Anchor rate is now available to 30M+ binance users The anchor yield of web3 is living up to its name. https://t.co/awubGdRJgP — Do Kwon (@stablekwon) April 6, 2022 Terra Luna's ecosystem consists of its algorithmic stablecoin UST and governance/equilibrium token LUNA. The Anchor protocol alleges that it operate as a "crypto savings …
Adoption / April 6, 2022
Banks still show interest in digital assets and DeFi amid market chaos
The cryptocurrency sector is the Wild Wild West in comparison to traditional finance, yet a number of banks are showing interest in digital assets and decentralized finance (DeFi). This year in particular has been notable for banks exploring digital assets. Most recently, JPMorgan demonstrated how DeFi can be used to improve cross-border transactions. This came shortly after BNY Mellon — America’s oldest bank — announced the launch of its Digital Asset Custody Platform, which allows select institutional clients to hold and transfer Bitcoin (BTC) and Ether (ETH). The Clearing House, a United States banking association and payments company, stated on …
Decentralization / Nov. 18, 2022