After launching the world’s first truly decentralised Bitcoin — Ethereum direct bridge, the Wanchain team is pleased to reveal a new decentralised direct bridge connecting the BINANCE Smart Chain and Ethereum! With this integration complete, the Binance Smart Chain joins Bitcoin, Ethereum, Wanchain and EOSIO (with XRP Ledger and Polkadot soon to follow! ) on the ever-growing list of public chains that form the Wanchain ecosystem
Binance Smart Chain
The Binance Smart Chain (BSC) officially launched last year, sporting EVM-compatibility and a Proof of Staked Authority consensus algorithm. Backed by industry giant Binance, BSC has made great strides in pushing DeFi beyond the familiar confines of Ethereum.
Under the hood: BSC Integration
BSC cross-chain integration is made possible by Wanchain’s Universal Multichain Bridges. Fundamental to this cross-chain mechanism is Wanchain’s Storeman Group, consisting of 25 truly decentralised Storeman Nodes.
There are currently four basic scenarios relevant to this integration:
1) Original Ethereum-based tokens (e.g., UNI, LINK, etc.) to BSC
When a user initiates a cross-chain transaction to move an original Ethereum-based token to BSC, Wanchain’s Storeman Group first locks the token on Ethereum before minting a new token on BSC.
2) Mapped Ethereum-based tokens (e.g., BTC@Ethereum, XRP@Ethereum, etc.) to BSC
When a user initiates a cross-chain transaction to move a mapped Ethereum-based token to BSC, Wanchain’s Storeman Group first burns the token on Ethereum before unlocking the original token or minting a new token on BSC, as appropriate.
3) Original BSC-based tokens to Ethereum
When a user initiates a cross-chain transaction to move an original BSC-based token to Ethereum, Wanchain’s Storeman Group first locks the token on BSC before minting a new token on Ethereum.
4) Mapped BSC-based tokens (e.g., FNX@BSC, etc.) to Ethereum
When a user initiates a cross-chain transaction to move a mapped BSC-based token to Ethereum, Wanchain’s Storeman Group first burns the token on BSC before unlocking the original token or minting a new token on Ethereum, as appropriate.
The innovation underlying decentralised direct bridges
The ability to achieve decentralised Layer 1-to-Layer 1 direct bridges, such as Bitcoin — Ethereum and Binance Smart Chain — Ethereum, without relying a router is an innovation made possible by Wanchain’s Universal Multichain Bridges.
Wanchain’s Universal Multichain Bridges, powered by unified decentralised collateral pools and maintained by Wanchain’s Storeman nodes, support all of Wanchain’s cross-chain integrations. This design structure reduces the complexity of cross-chain transactions while making them more convenient — all without sacrificing security. Wanchain’s Universal Multichain Bridges are unmatched in the industry.
The door goes both ways: an integration of great significance
Though BSC supports all sorts of different projects, there is no doubt that the catalyst to its rise has been DeFi. From PancakeSwap to Autofarm, BSC-native DApps continue to lead the sector’s TVL growth.
Naturally, this incredible growth has attracted a slew of new projects and users to BSC. However, established projects on other public chains — and more importantly, their users — remain isolated, unable to benefit from BSC’s DeFi ecosystem. The reverse is also true. All projects and users would benefit from a safe, truly decentralised mechanism to engage with one another.
This situation is just one of thousands that highlight the vital need for blockchain interoperability. Siloed blockchains harm more than they help — and it is always the end users who suffer.
Oh, we get by with a little help from our friends
The first project to take advantage of the new decentralised BSC — Ethereum direct bridge is FinNexus, DeFi platform built on Wanchain and specialized in options and financial derivatives. FinNexus is using the decentralized BSC — Ethereum direct bridge as part of their new liquidity mining program.
All users can currently transfer their FNX tokens between Ethereum and BSC using Wanchain’s Desktop Wallet or in-browser using WanBridge. The Wanchain team will gradually add bridges between BSC and other public chains, increasing the variety of BSC-assets moving through the Wanchain ecosystem.
About Wanchain
True DeFi is interoperable — Wanchain is the world’s premiere decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This cross-chain infrastructure empowers developers to build truly decentralised cross-chain applications to power the future of DeFi.
Written by
Temoujin Louie
Director of Marketing at Wanchain
