Binance Bridge listing adds interoperability between Ethereum-based DUSK and Binance Smart Chain DUSK, opening up more ways for the Dusk community to access the BSC DeFi ecosystem.
Last week we announced our integration with Binance Smart Chain for large-scale DeFi adoption.
⚡️ Today’s announcement builds on the already existing swap method through the Binance Exchange and adds a convenient avenue for people looking to convert tokens in a more direct manner.
Enabling DUSK as a swap method on Binance Bridge means that Ethereum-based DUSK can now be directly transferred to Binance Smart Chain. The bridge facilitates transfers both ways.
What is a Blockchain Bridge? A blockchain bridge provides a connection that allows for the transfer of tokens or data between two different blockchain ecosystems.
💡 A Binance Bridge Example:
Requirements: MetaMask or Binance Chain Wallet.
Bob has DUSK ERC-20 tokens and wishes to use Binance Smart Chain. He heads-over to the Binance Bridge website, selects ‘DUSK’ under assets, selects ‘Ethereum Network’ in the from-field, and the ‘Binance Smart Chain’ in the to field. He then connects with MetaMask or Binance Chain Wallet and completes the transaction by following the instructions provided
The Binance Bridge allows for DUSK to be swapped for a version compatible with Binance Smart Chain (BSC) ecosystems, effectively providing access to inter-blockchain liquidity. The Binance Smart Chain is a sovereign smart contract blockchain designed specifically for DeFi applications and ecosystems.
“We want to position DUSK at the intersection where DeFi meets privacy-preserving technology. For example, to prevent front-running and combat other pressing problems. Latching on to Binance Smart Chain allows our community to experience DeFi, without incurring the excessive gas costs, and grants immediate access to the myriad of ecosystems on BSC. Enhancing utility for DUSK and creating awareness for Dusk Network with DeFi enthusiasts.” - Emanuele Francioni, Tech Lead at Dusk Network.
Relevant links
- DUSK BEP20 Token Contract - https://bscscan.com/token/0xb2bd0749dbe21f623d9baba856d3b0f0e1bfec9c
- Binance Bridge - https://www.binance.org/en/bridge
- Binance Bridge user guide - https://docs.binance.org/smart-chain/guides/bridge-v2.html
- Binance Smart Chain Extension Wallet - https://docs.binance.org/smart-chain/wallet/binance.html
- Using MetaMask For Binance Smart Chain - https://docs.binance.org/smart-chain/wallet/metamask.html
About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible DApps.
About Dusk Network
Dusk Network is the privacy blockchain for financial applications. Dusk Network envisions a financial industry that provides equal opportunity for any organization to secure capital, trade assets and access a full spectrum of financial services. Companies use the Dusk Network blockchain to issue tokens, trade and collaborate via smart contracts. Dusk Network recently became a shareholder of the Dutch Stock Exchange NPEX and the fintech scaleup is based in Amsterdam.