Binance Bridge 2022: The Completely Explanation And Step By Step Guide


07 May 2022

The Binance bridge project’s objective is to improve interoperability across various blockchains. It enables anybody to exchange their crypto assets into Binance Chain and Binance Smart Chain wrapped tokens (and vice versa).

How is this useful? Thus, you may spend your BTC, ETH, USDT, or other assets in Binance Smart Chain (BSC) decentralized applications (DApps). Do you HODL BTC but want to participate in BSC’s newest yield farming opportunity? No worries, you may still participate in DeFi on Binance Smart Chain while maintaining exposure to your Bitcoin.

In this article, bePAY will explain to you what is Binance bridge for? And how does it work, as well as a complete step-by-step guide on how to use Binance bridge? Let’s explore now!

What Is Binance Bridge For?

What is the Binance bridge for? Binance bridge functions as a cross-chaining bridge for ERC-20 and TRC-20-compliant crypto tokens, but with interoperability as its primary objective, it also assists in bridging several blockchain networks.

One of the most significant benefits for a non-binance native user is that he or she is also qualified to utilize the Binance bridge tool since the project has left it available to anybody interested in transacting through cross-chain transactions.

Native tokens may be turned into wrapped or pegged tokens, which are cloned versions of them that are readily swappable and exchangeable during the trading process.


What is the Binance bridge for?

How Does Binance Bridge Work?

Wrapping a currency or token in a Binance Chain version is a rather simple process. You may convert crypto assets between the original blockchain and the Binance Chain/Binance Smart Chain the Binance bridge service. For instance, if you move USDT from Ethereum to Binance Smart Chain, the Binance bridge would facilitate the translation of Ethereum ERC-20 to Binance BEP-2 or BEP-20. It’s worth emphasizing that these wrapped coins are backed by genuine coins and tokens stored at public addresses.

At the moment, the Binance bridge Project offers cross-chain ERC-20 and TRC-20 transfers. As you may be aware, ERC-20 is the most extensively used token standard on Ethereum. TRC-20 is a TRON-specific standard.

As a side note, BEP-2 is a Binance Chain token standard, while BEP-20 is a Binance Smart Chain token standard. Both chains use BNB as their native currency. If you’re interested in learning more about how these parallel blockchains operate, we recommend reading An Introduction to Binance Smart Chain (BSC).

Once the settings are specified, the conversion time is relatively brief, and a cross-chain conversion should take no more than a few minutes. This, of course, is contingent upon the confirmation timings of the blockchain network. What does this mean? To be sure, depending on the blockchain from which you’re converting, the procedure may take longer during periods of heavy activity and congestion.


How does the Binance bridge work?

Binance bridge charges no converting costs. You’ll only be responsible for network transaction fees on the blockchains between which you’re converting.

Is a Binance account required to utilize the Binance bridge? No. The Binance bridge interface is available to anybody, regardless of whether they have a Binance account.

If you do have a Binance account, however, deposits and withdrawals are available for a variety of BEP-2 and BEP-20 assets. This eliminates the need to wrap the assets yourself and allows them to be stored, traded, and transferred just like any other token.

>> Learn more about what is a wrapped token? 

The Upgrading To Binance Bridge V2

Binance just introduced Bridge 2.0 to address the aforementioned weaknesses and update the product. Binance bridge 2.0 enables users to convert any token (listed or not) from Ethereum to the BNB Chain in the form of BTokens.

Following that, you may use the wrapped token to explore the BNB Chain environment and engage in DeFi activities, games, and the Metaverse. As a result, the Binance bridge is no longer permission-restricted; anybody may use it and pick the cryptocurrency they want to bridge.

Users may either connect directly to the Binance App’s wallet or utilize another form of self-governing wallet (decentralized wallet). If utilized in the Binance App, the mentioned tokens will be kept in either the Spot or Funding wallets, while the unlisted tokens will be held only in the Funding wallet. Additionally, you may utilize a self-managed wallet to hold tokens not listed on Binance.


BSC bridge v2

Binance said in this release that it has introduced an automated token circulation management mechanism in Binance bridge 2.0. The goal of this is to keep a tight rein on the number of tokens produced and to guarantee that the number of wrapped tokens is not excessive.

Binance bridge’s security is assured by the Binance exchange, which has just announced that it would handle virtually all Ethereum-based tokens, linking them to BNB Chain dapps with lightning-fast transaction speeds. It takes just a few seconds. Additional blockchains will be supported in the not-too-distant future.

How To Use Binance Bridge V2 Step By Step?

To utilize Binance bridge 2.0, just follow these steps:

Step 1: Download and install the wallet, which is now the Binance Extension wallet or the Metamask wallet.

Step 2: Go to the Binance bridge page and pick v2.


BSC Bridge v2 display

Step 3: Choose “Connect Wallet”, then choose a wallet according to your requirements, input the password, and connect the wallet.


Connecting wallet

You may verify the wallet address in the destination area once you’ve linked the wallet.

Step 4: Choose your assets. We’ll use USDT as an example here.


Choosing asset to exchange on Binance bridge

Step 5: Choose the network where you want to deposit the asset. In this case, we’ll transfer USDT from Ethereum to Binance Chain. You may also return to another network after leaving Binance Chain.


Choosing network on Binance bridge

Step 6: Enter the number of tokens to be converted and then confirm the transaction. This step will need the payment of a network charge.


Add some assets would you like to exchange

Step 7: Once the transaction has been completed, you may review all previous transactions in the History area.


Transaction complete on Binance bridge

For a real example: How do you bridge from BNB to ETH?

There is a raised question about how do you bridge from BNB to ETH?, for those who like to make the reversion of changing network basically, follow the above steps until step 3

Choose BNB “from” and Ethereum network “to”

Now keep processing to finish the progress

FAQs About Binance Bridge

Is Binance Bridge Safe?

While a Binance fraud is very implausible, there is still debate over whether Binance produces more wrapped tokens than customers’ deposits. The deposit and withdrawal metrics are difficult to monitor, which is still a weakness of a centralized bridge. Furthermore, at the moment, you can only utilize the Binance bridge with tokens that are listed on Binance.


FAQs about Binance bridge

What Exactly Is A Network Fee?

Depending on the network, a set network price will be paid. The quantity varies according to the blockchain.

How Can I Verify The Status Of A Transaction On The Blockchain?

On the detail page, the corresponding transaction ID will be presented. You may see the transaction on the blockchain by clicking the link.

Closing Thoughts

The Binance bridge is critical for advancing interoperability in the blockchain ecosystem. Anyone may associate currencies and tokens with the Binance Chain. The number of supported tokens will grow over time, resulting in improved liquidity on the Binance chain.

The Binance bridge is a component of a much larger project. Binance’s goal is to expand cross-chain liquidity across multiple blockchains even further. Keep an eye out for more!

If you are new to the crypto world, hit it up to discover other topics about blockchain technology and cryptocurrency.