NEW YORK, Jan. 14, 2022 /PRNewswire/ — Nervos today announced the launch of a new cross-chain bridge with Binance Smart Chain (BSC), growing its multi-chain strategy as the network rapidly expands its booming DeFi ecosystem. Starting today, BSC assets can be moved across to the Nervos ecosystem, and developers and projects building on BSC will be able to use their existing codebases to begin porting their decentralized applications (dApps) to Nervos, enabling them to grow their user reach and brand 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 launch on Nervos.
Expanding 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), which is the biggest 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 in a burgeoning network focused on DeFi development. Additionally, dApps on Nervos such as YokaiSwap, a next-generation interoperable AMM decentralized exchange (DEX) built on Nervos, will gain access to liquidity through the BSC ecosystem.
The bridge is made possible through Force Bridge, a trustless cross-chain bridge that allows for seamless transactions between the Nervos ecosystem and other public chains, and Godwoken, the first EVM-compatible Layer 2 blockchain on the network. Nervos’ Layer 1 provides security and scalability, allowing support for future layers and making it easier to build EVM-compatible cross-chains bridges, such as 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,” said Chris Khan, Senior Product Manager at Nervos. “By enabling cross-chain interoperability with BSC, we’re unlocking an immense amount of value that can now be transacted in the Nervos ecosystem.”
Seamless Token Transfers
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 token and stablecoin of the Binance ecosystem respectively, will be supported for asset transfers and cross-chain swaps, with support for more BEP-20 tokens to come in the future.
Yield Farming on YokaiSwap
As part of their expanded access to dApps in the Nervos ecosystem, BSC users will also be able to receive over 500% annual percentage rate (APR) incentives on YokaiSwap through yield farming. As an Automated Market Maker (AMM), YokaiSwap enables users to easily and efficiently swap $CKB and any whitelisted token on the Ethereum network, as well as BNB and BUSD. Starting January 15, 2022, BNB/CKB and BNB/YOK trading pairs will be listed on YokaiSwap and available for yield farming opportunities.
The Nervos Network is a collection of protocols and public blockchain ecosystem aiming to solve the biggest challenges facing blockchains like Bitcoin and Ethereum today.
The Nervos Common Knowledge Base (CKB) is the layer 1, proof of work, public, permissionless blockchain protocol of the Nervos Network. It allows any crypto-asset to be stored with the security, immutability, and the permissionless nature of Bitcoin while enabling smart contracts and layer 2 scaling. Its unique crypto-economic model is designed to better align the interests of users, developers, and miners as compared to first-generation blockchains.
For more information on Nervos, visit www.nervos.org.
About Binance Smart Chain
Binance Smart Chain (BSC) is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed for lightning transaction speeds and low transaction fees while adding Smart Contracts functionality for dApps – BSC tops in infrastructure performance as the biggest DeFi blockchain with 100M+ users. For more information on Binance Smart Chain, please visit: https://www.binance.org
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SOURCE Nervos Network