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Currently, there is a bit of an issue in the crypto space. Different blockchains can’t really talk to each other. If you make a Bitcoin transaction, the Ethereum blockchain won’t be able to know that it happened. If we zoom out a little bit and look into the future, this problem will likely be solved somehow with new technology. However, a much faster solution that is already available now is wrapped coins and tokens.
Wrapped tokens let you use coins and tokens native to other blockchains as tokens on a different chain, such as Binance Smart Chain. We’ve already seen how this can work with tokenised BTC on Ethereum. The Binance Bridge Project introduces this concept to Binance Chain and Binance Smart Chain.
What is the Binance Bridge Project?
The Binance Bridge Project is a cross-chain bridging service that aims to increase interoperability between different blockchains. It essentially lets anyone convert selected coins into wrapped tokens (or “pegged tokens”) to be used on Binance Chain and Binance Smart Chain. This brings digital assets such as BTC, ETH, LTC, XRP, LINK, ATOM, DOT, XTZ, ONT, and more to the Binance Chain ecosystem.
By using the Binance bridge protocol, you can access cross-chain liquidity on Binance Chain and Binance Smart Chain with just a few clicks.
How does the Binance Bridge Project work?
Wrapping a coin or token into a Binance Chain version is actually quite straightforward. Using the Binance Bridge service, you can convert cryptoassets between the native blockchain and Binance Chain/Binance Smart Chain. For example, if you transfer USDT from Ethereum to Binance Smart Chain, Binance Bridge will support the cross-chain conversion of Ethereum ERC-20 to Binance BEP-2 or BEP-20. It’s worth noting that these wrapped coins are backed by real coins and tokens on public addresses.
Currently, the Binance Bridge Project supports ERC-20 and TRC-20 cross-chain transfers. As you may already know, ERC-20 is a widely popular token standard on Ethereum. TRC-20 is a similar standard for the TRON network. and TRC-20 cross-chain transfers. As you may already know, ERC-20 is a widely popular token standard on Ethereum. TRC-20 is a similar standard for the TRON network.
Posted : 08/09/2022 9:33 pm
Binance faces community backlash and reverses decision to increase Tron network withdrawal fees On February 10, Binance announced that it would adjust the withdrawal fees for the Tron (TRX) Network in response to Proposal 83, which the community had approved the previous month.
Proposal 83 establishes a method on the Tron network for implementing dynamic energy regulation in contracts to balance energy allocation among them. As a contract’s energy use changes dynamically based on the resources it uses for execution, this will help to balance energy consumption.
The new withdrawal fee is almost double the previous amount, with an increase ranging from 160% to 1400% for each withdrawal. For instance, the withdrawal fees for USDT, USDC, and TUSD increased from 1 USD to 2.6 USD, while the fee for withdrawing BUSD rose from 0.8 USD to 2.2 USD.
Additionally, the withdrawal fee for TRX has increased from 1 TRX to 15 TRX, and for other cryptocurrencies on the Tron network such as BTTC, JST, NFT, SUN, and WIN, the withdrawal fee has increased to 40 TRX.
After Binance’s decision to increase Tron network withdrawal fees, Crypto Twitter voiced their dissatisfaction with Tron’s apparent disregard for its primary aims of removing fees and promoting ease. Consequently, in response to community feedback, Binance reversed its decision and worked with TRON to explore an alternative solution.
Justin Sun pledges to lower TRX withdrawal fees on Binance
On February 11, Justin Sun, the founder of Tron, took to Twitter to express his concern about the sudden hike in withdrawal fees on Binance. Sun reassured investors that he is actively working to lower the withdrawal costs for Tron stablecoins and tokens on the exchange, while also collaborating closely with Binance to address the issue.
Posted : 12/02/2023 5:12 pm
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