DeFiChain, the first DeFi blockchain on the Bitcoin network, has announced the launch of a bridge solution to the BNB chain. It’s called the DeFiChain Bridge, and it makes cross-chain transactions simpler and frictionless. As a fully decentralized bridge, one of its main roles is to speed up, secure and minimize the cost of transferring money between the two chains it connects. Users will be able to swap tokens between chains in seconds. Referees and stake optimizers will both benefit in the long run. In the near future, the platform intends to open a direct connection to Ethereum.
How it works
Wallets and service providers can easily integrate this functionality with the DeFiChain Bridge API, which is also available. The bridge supports massive movements of assets, giving developers access to a larger and growing user base.
In order to move assets between the two chains, DeFiChain’s DFI token will serve as a bridge token. Users can secure the native DeFi DFI they hold to create BNB-wrapped DFI, which they can then exchange for BNB or any other asset of their choosing. Burning the wrapped DFI and obtaining the native DFI on DeFiChain allows users to transfer tokens from BNB Chain to DeFiChain.
The ability to attract new capital from the BNB chain will likely be improved following the simplification of cross-chain transactions. Centralized exchanges make it difficult to move tokens from one blockchain to another, often requiring manual verification for large transactions. Traders looking for arbitrage opportunities need to act quickly when two channels have different prices.
“It has never been easier to enter the DeFiChain ecosystem from BNB Chain. It is now possible for BNB Chain investors to access the high rewards and decentralized actions of DeFiChain,” said the Dr. Daniel Cagara, main owner of the DeFiChain Bridge project.
DeFiChain, is a decentralized PoS blockchain, on a mission to bring DeFi to Bitcoin. A hard fork of the Bitcoin network, DeFiChain, was designed to enable fast, smart, and transparent DeFi services. It provides mining, staking, tokens and lending which is fully decentralized.