Blockchain Bridges, Explained
BondAppetit was launched on the Binance Smart Chain a few weeks ago. This move will help expand the audience of the protocol and solve the problems of the unpredictable fee dynamics on the Ethereum network. A simplified version of the BAG token is used for operations in the BSC network — the $bBAG token. The exchange of BAG for bBAG tokens and vice versa is performed using the BurgerSwap blockchain bridge.
In this article, we will explain what blockchain bridges are, why they are needed, and how to exchange tokens using them.
What Is a Blockchain Bridge?
More than 10,000 crypto projects have been launched on the crypto market already. There are so many basic level protocols with their own blockchains that it is impossible to list them all — Bitcoin, Ethereum, Binance Smart Chain, Cardano, Solana, Polkadot, Dogecoin, etc. Each blockchain is a closed-ended ecosystem that is isolated from other blockchains by default. This balkanizes the crypto market and mimics Web 2.0 with its numerous locked up ecosystems, such as Apple, Google, Facebook, Amazon, Microsoft and those of other large companies. Blockchain bridges have been created to solve this problem.
A blockchain bridge is a gateway for transferring tokens and any other data between different blockchains. The principle of its operation is very simple — users transfer tokens to a special address in blockchain-1 and receive an equal number of tokens in blockchain-2. The token itself remains in blockchain-1 and can be converted back at any time.
There are two types of bridges:
- A centralized bridge is a common centralized web application. It is much like a black box, where only the owner knows how it works. During the exchange of tokens, the owner of the bridge gains access to the wallets, and users can only trust the central authority. Examples of such bridges are the Binance Bridge and BurgerSwap.
- A decentralized bridge is a decentralized internet protocol. In theory, anyone can launch their own node within such a bridge, and it will work like an oracle, transferring information about completed transactions from one blockchain to another. This information is sufficient to issue an equivalent number of tokens on another blockchain, and the decision whether the information is true or not is made in a decentralized fashion. In practice, in order to be included in the list of validators, it is necessary to pass a selection process. Examples of such bridges are Anyswap and Gravity.
Why BurgerSwap?
If decentralized bridges are better in theory, why did we choose BurgerSwap? Our decision was dictated by several reasons.
First, there are no bridges on the market that have been fully tested, audited, are truly decentralized, or do not require blind faith to rely on them.
Second, our main focus right now is expanding the BondAppetit community. The Binance Smart Chain is less decentralized than Ethereum, but it has a large audience and boasts low fees. This is important for the widespread distribution of BAG tokens and the overall popularization of the protocol. Binance is the largest crypto exchange on the market, and BurgerSwap is one of the key projects in their ecosystem that passed through Binance Labs. Therefore, the low decentralization of the BSC does not create risks for BondAppetit, but rather increases the level of security.
In its simplest form, the bridge diagram looks as follows:
A transaction usually takes less than one minute. Users can transfer their funds from the BSC back to Ethereum at any time. We have developed our own interface to ensure interoperability with BurgerSwap and linked it directly to the BurgerSwap contracts. For a transfer to be made, users must pay a blockchain commission (separately in the Ethereum network and separately in the BSC), as well as 0.05 BNB as a BurgerSwap commission.
How to Convert BAG to bBAG
1. Check the price of gas in ETH so that the transfer is profitable for you. You can always find the current cost of gas at https://etherscan.io/gastracker;
2. Go to https://bondappetit.io/bridge;
3. Connect the wallet to the ETH network;
4. Transfer funds from Ethereum to the BSC;
5. Switch the wallet to the BSC network;
6. Click on a button to get tokens and your tokens will be displayed on your wallet.
Should you encounter any difficulties, refer to the following set of instructions:
https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
https://academy.binance.com/en/articles/your-guide-to-burgerswap
Or ask your question in our Telegram or Discord channels (links below).
If you do not want to transfer tokens from one network to another, you can simply buy bBAG on PancakeSwap.
bBAG address: 0x1ad0132d8b5ef3cebda1a9692f36ac30be871b6b
We have also prepared a comparison table between the Ethereum network and the Binance Smart Chain, which will allow users to quickly get used to both ecosystems.
Links
Website: https://bondappetit.io/
Whitepaper: https://bondappetit.io/whitepaper
Litepaper: https://bondappetit.io/static/media/bondappetit_litepaper.pdf
Developer docs: https://bondappetit.io/docs/
News channel (EN): https://t.me/BondAppetit
Community chat (EN): https://t.me/BondAppetitEn
News channel (RU): https://t.me/BondAppetitRuNews
Community chat (RU): https://t.me/BondAppetitRu
Twitter: https://twitter.com/DeFiBonds
