Binance launches Binance Bridge 2.0

Wednesday 30 March 2022 14:02 CET | News

Binance has launched Binance Bridge 2.0, which allows users to bridge assets from any blockchain to the BNB Chain, enabling users to access CeFi and DeFi products within the Binance app.

Binance Bridge 2.0 is the successor to the previously launched Binance Bridge. According to the official press release, Binance Bridge 2.0 has a wider token universe, a better user experience, and lower maintenance costs.

Binance users can now bridge a variety of unlisted tokens onto the BNB Smart Chain as B-Tokens. The bridged tokens that are listed on Binance will be stored in the Funding or Spot Wallet, while unlisted bridged tokens will be transferred to the Funding Wallet.

When users search for tokens that are not listed on the Binance app but are supported by Binance Bridge 2.0, users can ‘bridge in’ or ‘bridge out’ the tokens between their native blockchains and BNB Smart Chain via normal deposit and withdrawal functions.

Binance has implemented a new, automated B-Token circulation control system in Binance Bridge 2.0. Binance will not maintain a surplus of ‘pegged’ tokens except for a buffer size in hot wallets and will print additional tokens when users withdraw ‘pegged’ tokens onto BNB Smart Chain. 

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Keywords: Binance, product launch, DeFi, blockchain, Token
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3