There’s no denying that Binance Smart Chain is one of the original blockchains that promise a faster scalability this year. Despite being a new player, BSC successfully generates a large number of attention from traders and ventures. The blockchain recently announced a strategic partnership with Elrond – a blockchain platform focusing on high scalability. The two blockchains are teaming up to integrate their services to enable cross-chain interoperability. As a result, the assets issued on one blockchain can be easily transferred to another chain.
To achieve DeFi interoperability, users can either wrap BEP20 tokens on the Elrond Network as ESDT tokens or wrap eGold and other Elrond native assets as BEP20 tokens on the Binance Smart Chain.
According to Elrond CEO Beniamin Mincu, “the integration with the Binance Smart Chain is meant to significantly increase exposure, accessibility, and value flow between the networks, enabling many creative opportunities for the DeFi ecosystem.”
Running in parallel to Binance Chain, BSC opens the door for smart contracts and offers a great potential for the ICOs ventures. This dual-chain network architecture will give native support for extendibility while creating more application scenarios on dApps.
As previously updated, the initial phases of the interoperability between the Elrond Network and the Binance Smart Chain have already completed. Following the target plan on enabling the transfer of tokens, users can now swap eGold to BEP20 EGLD tokens in a direct manner using Binance Bridge.
To start swapping, you can glance at the instructions below:
- Direct to https://www.binance.org/en/bridge. Introduction video is available to walk you through this process.
- Select your preferred asset, source and destination networks, the amount of assets.
- Receive the swapped tokens in your selected wallet.