DeFiChain, the premier 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 fully a decentralized bridge, one of its primary roles is to speed up, secure, and minimize the cost of transferring money between the two chains it links. Users will be able to trade tokens between chains in a matter of seconds. Arbitrageurs and stake optimizers will both benefit from it 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 incorporate this functionality with the DeFiChain Bridge’s API, which is also available. The bridge supports massive asset movements, allowing developers to get access to a larger and increasing 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 DeFi native DFI they hold in order to mint BNB wrapped DFI, which they can then exchange for BNB or any other asset of their choosing. Burning the wrapped DFI and obtaining native DFI on DeFiChain allows users to transfer tokens from BNB Chain to DeFiChain.
The ability to draw new capital from the BNB Chain will likely improved following the simplification of cross-chain transactions. Centralized exchanges make it difficult to move tokens from one blockchain to another, often necessitating manual verification for large transactions. Traders that are looking for arbitrage possibilities need to act quickly when two chains have different prices.
“It has never been easier to enter the DeFiChain ecosystem from the BNB Chain. Now it’s possible for the BNB Chain investors to access DeFiChain’s high rewards and decentralized stocks,” stated Dr. Daniel Cagara, the Lead Project Owner of DeFiChain Bridge.
DeFiChain, is a decentralized PoS blockchain, on a mission to bring DeFi to Bitcoin. A hard fork of the Bitcoin network, DeFiChain, was built to enable DeFi services that are fast, intelligent, and transparent at the same time. It provides mining, staking, tokens, and loans that are fully decentralized.