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How to Use the Secret Binance Smart Chain Bridge - Bitcoin & Crypto Guide - Altcoin Buzz

Blockchain

www.altcoinbuzz.io 19 June 2021 11:46, UTC
  
Reading time: ~5 m

The Secret Network has recently launched its bridge to Binance Smart Chain. BEP-20 token holders can now use this bridge to convert their tokens into Secret tokens. These tokens will support the privacy feature like any other Secret tokens and can be used across Secret Network’s DeFi ecosystem, such as SecretSwap or the yield farm. Users can use the bridge to withdraw their tokens into Binance Smart Chain.

The Binance Smart Chain Bridge is the second Secret Bridge to launch on the Secret Network mainnet after the Ethereum bridge. Users can use this bridge to create a Secret version of their BEP-20 tokens.

The platform is currently supporting the following BEP-20 tokens: $ETH, $USDT, $BNB, $ADA, $XRP, $DOGE, $DOT, $USDC, $BCH, $LTC, $LINK, $BUSD, $TRX, $CAKE, $BAKE, $XVS, $LINA, $FINE, and $BUNNY.

The network is also planning to announce new $SEFI pools that will offer more yield opportunities to BSC users in the Secret DeFi ecosystem.

In this article, we will explain how you can use the Secret Binance Smart Chain Bridge to convert your BEP-20 tokens into Secret tokens.

You can also read our previous guides on Secret Network: Deciphering the Secrets of Secret Network, SecretSwap: How to Privately Swap Secret Tokens, and Wrapped SCRT: An ERC-20 Token of the Secret Network.

Table of Contents

Usage Guide

As the name implies, to use the Secret Binance Smart Chain Bridge, we will work with two networks, i.e., Secret Network and Binance Smart Chain. Hence, the users are required to connect with their respective wallets to access the network. We will use the MetaMask wallet for Binance Smart Chain and the Keplr wallet for Secret Network. Also, to pay for the network charges, you are required to have some BNB in the MetaMask wallet and an SCRT token in the Keplr wallet.

We will start with setting up our wallets.

Set up MetaMask

Connect your MetaMask wallet and set the network to Binance Smart Chain. We also have some BNB tokens in our MetaMask wallet.

Set up Keplr Wallet

To access the Secret Network, connect your Keplr wallet. Set the network to Secret Network. We have some SCRT tokens in our wallet to pay for the transaction fee.

You can read our guide on how to install and set up the Keplr wallet if you are using it for the first time.

Secret Binance Smart Chain Bridge

To use the Secret bridge, go to this link. The Secret bridge is currently available for both Ethereum and Binance Smart Chain. Select Binance Smart Chain from the dropdown.

Users are now required to connect their Keplr and MetaMask wallets to work with the bridge.

Once the wallets are connected, you can see your token balance that is available in both of your wallets.

Since we want to convert a BEP-20 token into a corresponding Secret token, the conversion process will be from Binance Smart Chain to Secret Network. We will press the conversion icon when we need to do the conversion from Secret Network to Binance Smart Chain.

Select the desired token from the Token field that you wish to convert into a Secret token. The Token field contains the list of all the BEP-20 tokens currently supported by the bridge network.

Now, enter the Keplr wallet address in the Destination Secret Address field where you wish to receive the corresponding newly minted Secret token. You can enter the same Keplr wallet address that you are currently using to connect with the bridge network.

Click on Approve. This will trigger a MetaMask transaction. For this transaction, your BNB tokens will be used to pay the gas fee.

Now click on Bridge to Secret Network and confirm the transaction. Once the assets are sent to the BSC deposit contract, the bridge’s multisig operators will mint secretBNB/secretBEP20 to your Secret address.

Add Viewing Key

The Secret tokens are privately encrypted. To view the token balance in the Keplr wallet, users are required to create a viewing key.

To create a viewing key, click on the magnifying glass icon (highlighted in the screenshot) appearing against the secret token. This will trigger a transaction in your Keplr wallet that you need to confirm.

You can now see your newly minted Secret tokens in your Keplr wallet.

Secret Network (SNIP-20) to Binance Smart Chain (BEP-20)

Users can use the bridge to perform the same activity in reverse to convert their Secret tokens into BEP-20 tokens.

Click on the conversion icon to change the network conversion process.

Now enter the amount of Secret token that you wish to convert into the corresponding BEP-20 token. Also, enter the MetaMask wallet address in the destination BNB Address where you wish to deposit the unlocked BNB. You can also use your connected MetaMask wallet address in the destination BNB Address field.

Click on Bridge to Binance Smart Chain. A transaction will be triggered in the Keplr wallet to burn the Secret tokens.

Once the assets are sent to the BSC contract, the bridge’s multisig operators will unlock BNB/BEP-20 to the desired BNB address in your MetaMask.

Conclusion

We have followed Secret Network since it was launched. The platform is constantly working on providing privacy to its network users at a low transaction cost. The Binance Smart Chain Bridge will now allow BEP-20 token holders to enjoy the advantage of Secret Network’s privacy features and its DeFi opportunities. This will increase its user base and strengthen the project. However, we have noticed that the bridge transactions are still taking too much time to confirm.

Resources:  Secret Network

Read More: How To Stake Binance Coin (BNB) 


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