Ethereum and BSC Blockchains — The Best of Both Worlds With pNetwork
According to DeFi Prime, the DeFi world is dominated by Ethereum (72%) and Binance Smart Chain (12%) as the two largest and prominent blockchains in the ecosystem nowadays.
While they coexist in the same space, their slightly different focuses and goals equip them with diverging sets of characteristics — governing, technical, and functional.
On the one hand, the Ethereum blockchain aims to offer a decentralized world of computing. On the other hand, BSC wants to increase the speed of dApps, lower transaction fees, and enable dApp scalability, which gives a massive impulse to the entire DeFi ecosystem.
At the same time, these differences are exactly what makes them complementary ecosystems enabling the mainstream acceptance of blockchain in general. And pNetwork’s aim to interconnect blockchains and grant them unlimited usability is right at the heart of it.
Let’s continue exploring how these two significant blockchains complement each other, as well as how pNetwork and pTokens bridge them.
BSC Was Born From Ethereum
The Binance Smart Chain (BSC) is the second layer of the Binance chain that was initially built on top of the Ethereum blockchain, which has a new capacity — to deploy smart contracts in a brand new blockchain that has lower transaction fees and faster velocity to execute them.
As scaling solutions to expand Ethereum’s capacity are under development, Binance decided to kickstart the Binance Smart Chain in April 2019.
The chart above illustrates the difference between ETH and BSC prices and fees, giving leverage to the BSC conception.
Now that you know how and why BSC was created, let’s discover how pNetwork unites ETH and BSC networks.
How pNetwork Brings Ethereum and BSC Together
pNetwork is focused on bridging the gap between individual blockchains, thus enabling the entire blockchain platform to function in an all-encompassing manner. By connecting the Ethereum blockchain and BSC, pNetwork allows users to access both ecosystems without effectively ever leaving one or the other.
As an issue deeply plaguing the blockchain world and blocking the platform’s much-needed swift growth, pNetwork-powered bridges might just be the solution both the Ethereum blockchain and BSC need to achieve mass user adoption.
Establishing a direct link between different blockchains via pTokens, a secure foundation is laid for cross-chain composability. Its purpose is to break down the walls between the chains and allow for easy movement of both users and crypto liquidity, thus powering their systems without friction.
Best of all, this means that various blockchains would be able to fully complement each other, as user intent and activity wouldn’t suffer because of the limitations of each blockchain.
This makes pNetwork the industry-first solution providing a secure, bidirectional connection between Ethereum blockchain and BSC dApps, among others.
pNetwork: Standing on the Shoulders of DeFi Giants
ETH-Based Assets on BSC
The first cross-chain connection that pNetwork released was between Bitcoin and the Ethereum network since one of the raison d’etre of pTokens is to interconnect blockchains and help them benefit one from the other.
Expanding its range of cross-chain connections, pNetwork released on March 19, 2021, the cross-chain connection between Ethereum and Binance Smart Chain (BSC) (see Twitter announcement). This crucial milestone enables BSC users to access a variety of Ethereum-based assets while remaining on their blockchain of choice.
By becoming pTokens on BSC, Ethereum-based assets can be supported for trading, lending, and collateralization like any other BEP20 token inside any BSC DeFi project like Venus and PancakeSwap. pTokens have entered a USD $2.6 billion market cap niche that will continue to grow exponentially in the short and mid-term.
Ethereum-Based NFTs on BSC
With the expansion of the NFT market, pNetwork has also recognized the users’ need to not only buy and store this type of digital assets but also move them from one blockchain to another.
Hence, the pNetwork NFT portal that allows the movement of Ethereum-based NFT artwork to the Binance Smart Chain.
To showcase this possibility, at the moment, users can transfer Rarebit Bunnies’ and Chain Guardians’ NFTs within the dApp — as part of the collaboration to showcase the feature.
BSC-Based Assets on Ethereum
pTokens dApp users holding OCP also have access to BSC-based assets on Ethereum via our cross-chain bridge, thus enabling them to expand the pool of DeFi opportunities.
Want to get into the best BSC-ETH DeFi projects, but you don’t know how? Peg in your crypto in pNetwork (BSC and ETH blockchain) and start getting rewards now!
___
🦜 Want to join our flock? Connect with us on Twitter and join the conversation in our pNetwork Telegram and Discord.
💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.
💌 Excited about pBTC? Sign up for our newsletter and be the first to know which blockchain pTokens will make their home in next.
