BNB Chain has announced that the BNB Chain Bridge is now live, enabling it to interconnect with other blockchains.
According to the press release shared with Cryptonews, the new bridge has been launched in collaboration with cross-chain technology providers Celer, deBridge, and Stargate.
More precisely, it has integrated Celer’s channel-based cross-chain network, deBridge’s interoperability framework, and Stargate’s cross-chain liquidity solution.
The purpose of BNB Chain Bridge is to connect Binance’s blockchain platform with others, as well as to enhance cross-chain interoperability, liquidity, and user experience (UX).
These integrations will enable this goal, thus expanding BNB Chain’s scope and functionality, said the team.
Furthermore, they will increase the capital efficiency of BNB Chain-based assets. They will also enable the development of a wider range of decentralized finance (DeFi) products and services.
Additionally, the team expects the move to attract more projects to BNB Chain.
Overall, said the announcement, the collaboration aligns with BNB Chain’s “vision of supporting developers and startups to cross the chasm and mission to drive global Web3 adoption.”
You might also like Binance Accused of Freezing Palestinian Crypto Assets
Liquidity Pool to Grow Stablecoin Ecosystem
The new wallet is not all the BNB Chain announced today.
The team behind it said that it is also establishing a liquidity pool. Its purpose is to streamline transfers from other chains to the BNB Chain.
According to the team, this move is “part of a broader drive to grow a fast-growing stablecoin ecosystem on BNB Chain.”
BNB Chain Bridge will provide “ample liquidity” and “an enhanced user experience” by enabling fast asset bridging and competitive rates.
The announcement also noted that the blockchain technology continues to evolve. As such, there is an increasing need for “efficient, convenient, and cost-effective cross-chain interoperability services.”
This is what the novel bridge aims to provide, per the team.
Celer Network co-founder Mo Dong opined that BNB Chain Bridge will bring “expanded cross-chain interoperability and improved UX.”
Alex Smirnov, co-founder of deBridge, added that BNB Chain will become “part of a single unified DeFi market through real-time cross-chain transfers, guaranteed rates, and institutional liquidity.”
Meanwhile, BNB Chain is celebrating its birthday.
Don’t forget your chance to win a share of $4,000 USDT by @four_meme_ & @flapdotsh!
Check the details below and enter before Sept 2https://t.co/VAmczaAWaA
— BNB Chain (@BNBCHAIN) August 28, 2024
It is a community-driven blockchain ecosystem comprised of the governance chain called BNB Smart Chain (BSC), a scalability layer-2 opBNB, and BNB Greenfield for decentralized storage and data marketplaces.
Angus Lamps, Foundation Lead at Stargate Foundation, commented that BNB Chain “has consistently been one of the most popular ecosystems on the bridge.”
You might also like BNB Chain’s New Roadmap Prioritizes Blockchain Adoption, Web2 and AI Support
The post BNB Chain Launches Its Cross-Chain Bridge with Celer, deBridge, and Stargate appeared first on Cryptonews.
