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Wormhole, the interoperability protocol that connects different blockchain networks, has revealed it has added Binance Smart Chain support to its already existing Ethereum-Solana token and NFT bridge.
Wormhole Adds Binance Smart Chain Support
On Monday, the Wormhole announced that it has added Binance Smart Chain support to the token and NFT bridge platform. The Wormhole bridge will now give Binance Smart Chain (BSC) network’s 470,000 blockchain gamers the ability to create new markets for in-game assets on the native Ethereum blockchain or bring them to Solana NFT marketplaces.
Currently, one of the biggest challenges faced by the blockchain network includes cross-chain compatibility. While some are looking to build virtual machines within the different networks to ensure interoperability, others like Wormhole are building protocols to bring about a common protocol for the different networks to communicate.
Hendrik Hofstadt, the lead contributor to Wormhole, said:
"Interoperability through the Wormhole network benefits users and projects in each ecosystem by providing access to the highest value aspects of all the other supported ecosystems. The addition of BSC provides access to its large base of users and applications across its DeFi and NFT ecosystems, which will add an exciting element to the Wormhole network."
Cross-chain bridge technology has grown exponentially in recent months. In fact, data from this week shows that the TVL across a myriad of bridges has swelled to over $14 billion.
Binance Smart Chain Gains Popularity
Binance Smart Chain (BSC) is a popular defi blockchain that connects with a number of other networks. Last month, the BSC chain did about ten times the number of transactions settled on the Ethereum chain last month. The latest connection with the Wormhole Network will enable users to access the vast BSC ecosystem.
While $200 million is an increase for the Wormhole Network (WN) bridge, it still pales in size to the Polygon Bridges, which capture $4.5 billion TVL, and Fantom Anyswap Bridge’s $4.2 billion. In fact, bridges stemming from Avalanche, Arbitrum, Optimism, and Zksync also have larger TVLs than the WN bridge.