Binance has released a new mechanism to integrate listed and selected unlisted Ethereum tokens into the BNB Smart Chain as BTokens. This will considerably strengthen the concept of blockchain interoperability.
Release of BTokens
On Tuesday, Binance launched BTokens, which can be used to explore ecosystems such as DeFi, GameFi, and the metaverse, among others.
Binance Bridge's earlier version only supported Binance-listed tokens and allowed wrapped tokens to be used on Binance Chain and Binance Smart Chain.
However, Binance Bridge 2.0 connects more tokens, including those not listed on the Binance exchange. Likewise, these unlisted tokens will be linked to the BNB Smart Chain as wrapped BTokens.
What’s more, BTokens are tied to the underlying asset on a 1:1 basis and can be exchanged for it at any moment. Also, in this new version, ERC20 tokens can also be wrapped and exchanged for BEP20 BTokens.
Binance also highlighted that these processes can be carried out directly from your Binance account, eliminating the need to open new wallets or accounts on third-party apps.
Furthermore, you would be able to access the listed tokens using your Spot or Funding Wallet on Binance, whereas unlisted tokens would need to be stored in a "self-custody wallet" (SCW) on the Binance App.
Everything is easily accessible because it is all on the Binance App.
The Importance of Binance Bridge 2.0
The new version of Binance Bridge operates on the BNB Smart Chain and is secured by Binance's strongest security protocols. It has cheap fees of a few cents and a transaction time of only 3 seconds.
Furthermore, you will have easy access to the world of DeFi on the BNB Smart Chain.
This bridge will also provide users with access to BNB Smart Chain dApps like PancakeSwap, as well as support for a variety of Ethereum-native tokens.