Fuse Launches Two-Way Bridge to Binance Smart Chain To Boost Interoperability with the Wider Blockchain Ecosystem
The new bridge is available via an existing UI on FuseSwap which also connects to Ethereum. Minimum transfer amounts and fees apply.
Interoperability and focussing on a multi-chain future have long been an important element of Fuse’s development strategy. We believe that no single blockchain will dominate the crypto ecosystem to process all or the bulk of transactions. It is for this reason that, in addition to our existing two-way bridge to Ethereum, we have been working on integrations with other platforms. Today we are excited to launch a two-way bridge to Binance Smart Chain.
Why Binance Smart Chain?
Binance Smart Chain (BSC) is an obvious candidate for the next blockchain integration after Ethereum. Just like Fuse Network, BSC is an EVM-compatible blockchain, which means that all of the tokens and smart contracts that BSC supports can also run on top of Fuse.
BSC has recently experienced dramatic growth both in terms of on-chain activity and its ecosystem, especially in the exciting area of decentralized finance (DeFi). BSC’s native asset BNB has recently seen its market capitalization firmly establish itself in the top 3, according to Coingecko. The largest decentralized exchange on Binance Smart Chain — Pancake Swap — is now the second-largest DEX in the crypto space behind Uniswap.
Beyond BSC’s growing importance in DeFi, it also boasts a direct integration with leading exchange, Binance, and much lower transaction fees than on Ethereum. The integration with BSC will make it easier to bring popular crypto assets to Fuse Network. Currently, users wishing to bridge assets from Ethereum to Fuse face high transaction fees, making only large bridge transfers practical.
How the Fuse Network — BSC Bridge Works
As with our first bridge to Ethereum, the Fuse Network — BSC bridge is a two-way integration operating as an integral part of Fuse’s native AMM-based DEX, FuseSwap. Users wishing to bridge a token simply select it from a drop down menu and execute a transaction before receiving the native chain’s version of the token on the other side.
The first token that will be bridgeable between Fuse Network and BSC will be wrapped Ether (WETH). A minimum amount of 20 USD can be sent in one transaction and a fee of 0.05% applies.
Other ERC20 assets are being tested for bridging including the native FUSE token. This functionality will be made available to users very soon. Among other things, this upgrade will enable the Fuse community to take advantage of popular decentralized exchanges (DEXes) on BSC for trading.
BSC Compatible Token Migration
Users wishing to transfer WETH from Fuse Network to Binance will first need to migrate their WETH to the new version of the token on Fuse. Details of this can be found in the tutorial.
The Fuse Network — BSC bridge is accessible via FuseSwap’s user interface using the Metamask extension to connect to Fuse and BSC. Detailed instructions on how to use the bridge in both directions can be found in our bridging tutorial.
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