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Binance has continued its promise of expansion for 2022 by improving and restructuring its bridge protocol. The recent restructure will make it possible for the crypto exchange to link its Binance Smart Chain network to other blockchains.
Along with the new functionality and a redesigned interface, Binance Bridge V2.0 now enables wrapping certain tokens that are not presently registered on Binance’s market as BTokens. However, BSC has seen a jump in sales volume of Non-Fungible Tokens since the start of 2022 despite a fall in the total sales of NFTs.
The Lastest Binance Bridge Version 2.0
Binance has improved and restructured its bridge protocol, making it possible to link its Binance Smart Chain to other blockchains. Formerly, the Binance Bridge could only be used with currencies that were registered on Binance.com. Along with additional functionalities and a redesigned interface, Binance Bridge V2.0 now offers several coins that are not yet listed on Binance’s exchange market. As stated by the report, bridge 2.0 enables these unregistered tokens to be added to the BSC in the form of wrapped BTokens that are pegged 1:1 to the underlying assets and may be exchanged at any moment for the actual asset.
The Upgrades
“Binance Bridge Version 2.0 adds a new method for connecting Ethereum-based tokens and chosen unlisted tokens directly to the BSC in the form of BTokens,” the statement said. For example, users may wrap existing ERC20 tokens in exchange for BEP20 BTokens and stake them using Decentralized Finance protocols operating on the BSC. Virtually all Ethereum-native currencies will be accessible on the new Binance Bridge, providing easy accessibility to Binance Smart Chain decentralized applications (dApps), including the current world leader PancakeSwap.
Also, the statement emphasizes the most significant upgrade as the possibility for customers to do so straight from their user account. Instead of using third-party wallets, customers may directly save their specified tokens in their Spot or Funding Wallets. For unpublished bridged tokens, the Binance application will have a special self wallet (SCW), which will also help new clients through the procedure. The statement also noted that the primary benefit of having one’s own self-care wallet is having unrestricted access to one’s private keys for the wallet.
Smart Chain Is Victorious
However, BSC has seen a jump in the sales volume of NFTs since the start of 2022, although it witnessed a fall in the total amount of NFTs sold in the long run. In a survey by Crypto Research, BSC has increased its NFT overall sales by nearly 1,180 percent since the end of January. At the end of January, the entire volume of sales produced was roughly $94,326, which increased by 1,109 percent to $1.14 million when February ended.
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