Central cryptocurrency exchange Binance has announced the launch of Binance Bridge 2.0, which allows users to connect assets from any blockchain, including From tokens not listed on the Binance app, to BNPChain.
Conducted tokens listed on Binance will be stored in VendingWallet and SpotWallet, while unlisted tokens will be transferred to VendingWallet only, Cointelegraph reported.
Users can link or bridge tokens between the original blockchain and BNPchain via regular deposit and withdrawal functions.
In the future, Binance also plans to create a better version of its mobile app to allow users to facilitate this one-click conversion.
In terms of development, Mayor Kamat, the company's chief product officer, said: With Binance Bridge 2.0, we can make decentralized finance available to a larger audience around the world with Continuing to provide a seamless user experience provided by Central Finance. We are already seeing this with the massive adoption of the Pancake Swap Mini app.
Binance has also implemented a new system to automatically control token trading in Binance Bridge 2.0. The exchange will not hold an excess of pegged tokens, also known as encapsulated assets, except for buffer volume in hot wallets. Instead, the additional tokens will be printed when users withdraw the linked tokens to the BNPChain.
The company indicated that all other trades will be powered by tokens deposited by users from the original blockchain. When users wish to switch from tethered tokens to native tokens, they can deposit tethered tokens into Binance and withdraw the original token. At the same time, the excess tokens will be transferred to the cold wallet and burned automatically.
