BNB Chain (BNB/USD) is now live on Biconomy’s cross-chain bridge Hyphen, enabling users to make transfers to the Ethereum Mainnet (ETH/USD) more quickly and efficiently, Invezz learned from a press release.
Users on both chains will be able to access a far greater number of decentralized applications (dApps) simply and without friction by increasing interoperability between them.
Cross-chain transfers remain challenging
The siloed character of the different chains makes current user experience time-consuming and awkward. Hyphen is working to create and unify a seamless multi-chain world. The bridge enables fast and affordable transfers, directly addressing the issues of weak network effects and low composability experienced on native bridges.
Ahmed Al-Balaghi, co-founder of Biconony, commented:
It is clear the future of web3 is multichain and will be necessary to onboard the next billion users. For this to become a reality Layer 1s, side chains and other scaling solutions need to be integrated. This removes friction for the end-user and makes interacting with crypto a more seamless experience. Hyphen provides this fast, seamless bridge that provides the infrastructure needed to ensure a collaborative and connected web3.
BNB on Hyphen is further growth of multi-chain future
BNB will be joining Polygon (MATIC/USD), Ethereum and other chains that run on Hyphen seamlessly. Currently, the cross-chain bridge has almost 20,000 unique users. This number is anticipated to increase once BNB is added. Hyphen has channeled just under $130 million in total between chains to date.
Fast transfers are not the only benefit
Other benefits of the integration include fees for liquidity providers and BICO rewards for adding liquidity to the BNB pools, which are BNB – ETH, BNB – BICO, BNB – USDC and BNB – USDT. Each of these has a cap. Once the limit is reached, new users won’t be able to make contributions, guaranteeing equal participation across Biconomy’s pools.
Biconomy’s cross-chain bridging technology is a key component of its ongoing mission to speed up web3 adoption by minimizing the friction between end users and blockchain-based applications.