Nervos Has Announced Today new cross-chain bridge with Binance Smart Chain (BSC) which is expanding its multi-chain strategy as the network’s vibrant DeFi ecosystem continues to grow.
It will now be possible to transfer BSC assets to the Nervos ecosystem. Developers and projects that have been built on BSC will be able to migrate their decentralized applications (dApps) to Nervos while maintaining their current codebases, allowing them to expand their user base and brand exposure.
Using YokaiSwap, the first decentralized exchange (DEX) to be launched on Nervos, members in the BSC ecosystem will be able to take advantage of yield farming opportunities available on the network.
Expansion of the DeFi Ecosystem
Nervos‘ DeFi expansion has advanced significantly with the completion of the Nervos x BSC bridge, as it opens up new possibilities thanks to BSC’s Total Value Locked (TVL), which is the greatest of any blockchain outside of Ethereum and represents a significant step forward.
The BSC ecosystem will also provide liquidity to decentralized applications (dApps) built on Nervos, such as YokaiSwap, a next-generation interoperable AMM decentralized exchange (DEX) built on Nervos.
As a result, developers and teams building on BSC can move their decentralized applications to Nervos, allowing them to get access to projects, tools, and resources in the rapidly expanding DeFi development network.
It took a collaborative effort between Force Bridge, a trustless cross-chain bridge that allows for seamless transactions between the Nervos eco-system and other public chains, and Godwoken, the network’s first EVM-compatible Layer 2 blockchain, to make the bridge a reality. As mentioned above, the security and scalability provided by Layer 1 of the Nervos Network make it easier to create EVM-compliant cross-chain bridges from the Nervos Network to other chains, such as the Nervos x BSC bridge.
According to Chris Khan, Senior Product Manager at Nervos, “bridges are one of the most fundamental building blocks of very effective blockchain applications.” As a result of facilitating cross-chain interoperability with BSC, we are enabling the Nervos ecosystem to transact a massive amount of value.”
The Nervos x BSC bridge will allow tokens to be exchanged between networks in a smooth and seamless manner. When it launches, the Binance ecosystem’s native tokens and stablecoins, the Binance Coin (BNB) and Binance USD (BUSD), will be available for asset transfers and cross-chain swaps, respectively, with support for more BEP-20 tokens to be added later.
Farming with YokaiSwap Yields
As part of their expanded access to dApps in the Nervos ecosystem, BSC users will be able to earn yield farming rewards worth more than 500 percent annual percentage rate (APR) on YokaiSwap, as well as other benefits. Because it is an Automated Market Maker (AMM), users can trade $CKB and any whitelisted token on the Ethereum network as well as BNB and BUSD in a quick and seamless manner. Beginning on January 15, 2022, trading pairings between BNB and CKB and BNB and YOK will be available on YokaiSwap, and yield farming opportunities will be available.
In addition to a set of protocols, the Nervos Network also includes a public blockchain ecosystem that is intended to address the most serious difficulties that blockchains such as Bitcoin and Ethereum are now experiencing.
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