Binance smart chain launches on Wormhole network
We’re excited to announce that support for Binance Smart Chain (BSC) launches today on the Wormhole network! This means that users will be able to bridge both tokens and NFTs seamlessly between the Ethereum <> Solana <> BSC ecosystems!
The addition of the BSC community brings incredible value to the Wormhole network through its vibrant DeFi and NFT communities and focus on user experience. Over the past year, BSC has seen insane amounts of growth as users from Ethereum were barred from yield farming and NFT trading opportunities due to high associated gas fees. As an example, last month BSC saw 10 times the number of transactions done on Ethereum. BSC support on Wormhole will provide seamless access to one of the highest value communities in crypto.
As a reminder, Wormhole wrapped assets retain their mint as they move between chains within the Wormhole network. This means that if you bridge an asset from Ethereum → Solana → BSC, your asset will retain the same wrapper in BSC as in Solana, rather than being “double” and “triple” wrapped as it moves between chains. We believe this important property for cross-chain interoperability will unlock a huge amount of value across the highest value crypto communities. *Note that USDC exists natively on both ETH and SOL, so Wormhole-wrapped ETH-native USDC and Wormhole-wrapped SOL-native USDC are not fungible cross-chain.
Support for token and NFT bridging on BSC comes just a few weeks after the launch of both the initial bi-directional token bridge between ETH and SOL and subsequent support for NFTs. Since launch, we’ve seen 200M in TVL locked in the protocol with an additional 100+ NFTs that have passed over the bridge.
Additionally, there has been tremendous adoption of Wormhole assets:
- Mercurial launched Solana’s first 4Pool complete with an awesome “How to” guide
- Saber launched and support for Wormhole v2 assets — Ethereum bridged BUSD, HUSD, HBTC, DAI, USDK, FRAX and wHETH
- Orca launched and incentivized Wormhole wrapped ETH pools
We’re looking forward to sharing more exciting news in the coming days. Stay tuned!