NEW YORK, January 14, 2022 /PRNewswire/ — Nervos today announced the launch of a new cross-chain bridge with Binance Smart Chain (BSC), expanding its multi-chain strategy as the network rapidly expands its booming DeFi ecosystem. Starting today, BSC assets can be moved to the Nervos ecosystem, and developers and projects built on top of BSC can use their existing codebases to start porting their decentralized applications (dApps) to Nervos, expanding their user reach and Brand can expand awareness. Users in the BSC ecosystem will also be able to take advantage of yield farming opportunities available through YokaiSwap, the first decentralized exchange (DEX) to be launched on Nervos.
Expansion of the DeFi ecosystem
The completion of the Nervos x BSC bridge marks a significant milestone in Nervos’ DeFi growth as it unlocks new options given BSC’s Total Value Locked (TVL), the largest of any blockchain outside of Ethereum. Developers and teams building on BSC can port their dApps to Nervos and gain access to projects, tools and resources available on a burgeoning network focused on DeFi development. Additionally, dApps on Nervos like YokaiSwap, a next-gen interoperable AMM decentralized exchange (DEX) built on Nervos, will gain access to liquidity through the BSC ecosystem.
The bridge is enabled by Force Bridge, a trusted cross-chain bridge that enables seamless transactions between the Nervos ecosystem and other public chains, and Godwoken, the network’s first EVM-compatible Layer 2 blockchain. Nervos’ Layer 1 provides security and scalability, allows future layers to be supported, and makes it easy to build EVM-compatible cross-chain bridges, such as B. the Nervos x BSC bridge, from the Nervos network to other chains.
“Bridges are among the most fundamental building blocks of truly impactful blockchain applications,” he said Chris Khan, Senior Product Manager at Nervos. “By enabling cross-chain interoperability with BSC, we are unlocking an immense amount of value that can now be transacted in the Nervos ecosystem.”
Seamless token transfers
The Nervos x BSC Bridge will enable the seamless transfer of tokens across the networks. At launch, Binance Coin (BNB) and Binance USD (BUSD), the native tokens and stablecoins of the Binance ecosystem respectively, will be supported for asset transfers and cross-chain swaps, with more BEP-20 tokens to be supported in the future .
Yield farming on YokaiSwap
As part of their expanded access to dApps in the Nervos ecosystem, BSC users can also incentivize over 500% Annual Rate (APR) on YokaiSwap through yield farming. As an Automated Market Maker (AMM), YokaiSwap allows users to easily and efficiently swap $CKB and all whitelisted tokens on the Ethereum network, as well as BNB and BUSD. starting January 15, 2022, BNB/CKB and BNB/YOK trading pairs are listed on YokaiSwap and are available for yield farming opportunities.
The Nervos Network is a collection of protocols and a public blockchain ecosystem that aims to solve the biggest challenges blockchains like Bitcoin and Ethereum are facing today.
The Nervos Common Knowledge Base (CKB) is the Nervos Network’s Layer 1, Proof of Work, public, permissionless blockchain protocol. It enables storage of all crypto assets with the security, immutability, and permissionless nature of Bitcoin while enabling smart contracts and Layer 2 scaling. Its unique cryptoeconomic model is designed to better align the interests of users, developers, and miners compared to first-generation blockchains.
For more information about Nervos, visit www.nervos.org.
About Binance Smart Chain
Binance Smart Chain (BSC) is a sovereign smart contract blockchain that offers Ethereum Virtual Machine (EVM) compatible programmability. Engineered for blazing fast transaction speeds and low transaction fees while adding smart contracts capabilities for dApps – BSC tops in infrastructure performance as the largest DeFi blockchain with over 100 million users. For more information on Binance Smart Chain, please visit: https://www.binance.org
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SOURCE Nervo’s network