DeFi Chain Launches Bridge to Connect with BNB Chain
2022.04.28 18:02
DeFi Chain Launches Bridge to Connect with BNB Chain
- DeFiChain unveiled a new decentralized bridge — DeFiChain Bridge.
- This bridge helps to connect with the BNB Chain of Binance.
- The bridge will allow users to swap tokens between the chains within seconds.
DeFiChain, the blockchain platform on the Bitcoin network has officially announced the launch of DeFiChain Bridge. This new feature is a completely decentralized bridge that connects DeFiChain with the BNB Chain of Binance. In detail, DeFiChain Bridge facilitates fast, secure, and low-cost transactions of liquidity between the two chains.
Additionally, the DeFiChain Bridge brings opportunities for arbitrageurs and staking optimizers as it permits users to swap tokens between the chains within seconds. Moreover, the method overcomes complexities and irregularities in cross-chain transactions. This key feature would help DeFiChain to earn new capital from the BNB Chain. Furthermore, the platform is looking forward to launching a direct bridge to Ethereum in the coming months.
Dr. Daniel Cagara, the Lead Project Owner of DeFiChain Bridge remarked:
It has never been easier to enter the DeFiChain ecosystem from the BNB Chain. Now it’s possible for the BNB Chain investors to access DeFiChain’s high rewards and decentralized stocks. That allows users to leverage the benefits of both worlds without the need for centralized exchanges and the tedious processes involved in setting up the necessary accounts and credentials.
Significantly, DFI in DeFiChain will work as the bridge token to transfer assets between the two chains. Here, users can lock native DFI on the DeFiChain and mint wrapped DFI on the BNB Chain. These wrapped DFIs can be converted to BNB or any other assets of their interest. Moreover, the users have to burn the wrapped DFI to send tokens from BNB Chain to DeFiChain and get native DFI on DeFiChain. As the entire process is decentralized, no entities can control the funds in it.
Currently, there is no wrapped BNB token on DeFiChain. This makes users unable to create a composite swap from BNB to dBNB. However, DeFiChain will make composite swaps if the DeFiChain Bridge adoptions increase. This swap will be done by allowing users to automatically convert BNB to dBNB and ETH to dETH.
More specifically, unlike other bridges, DeFiChain Bridge is designed to reduce the attack surface for potential exploits. Its cryptography depends on the Threshold Signature Scheme (TSS) of Binance, which replaces all private keys based on commands with distributed computations. That said, the libraries used here are certified and audited several times by Binance.
Continue reading on CoinQuora
