As part of our continued expansion of the Nervos Network, we are excited to announce that we will be bridging to Binance Smart Chain (BSC) with the use of the Force Bridge. This linking of the Nervos Network to BSC opens up a new realm of possibilities, especially in the DeFi space.
This new cross-chain bridge is part of our multi-chain strategy and interoperability journey that we hope will contribute greatly to our booming DeFi ecosystem. With the launch of the bridge, BSC assets will be able to be transferred to the Nervos Ecosystem.
But, developers and projects building on BSC will be able to use their existing codebases to begin porting their dApps to Nervos, enabling them to grow their user reach and brand awareness. Users in the BSC ecosystem will also be able to take advantage of yield farming opportunities available through YokaiSwap, the first decentralized exchange (DEX) to launch on Nervos.
The next big DeFi Ecosystem
At Nervos, we have been pursuing the creation of a multi-chain ecosystem with the creation of our interoperability tools, such as the Force Bridge and Godwoken. These tools have great application in the DeFi space, with a next-generation interoperable AMM decentralized exchange YokaiSwap running on Nervos, and a new bridge to BSC, the usability of DeFi on Nervos is greatly increasing.
BSC has become a powerful and highly usable chain in the current blockchain ecosystem. With the highest TVL outside of Ethereum, and over two million daily active users and a high of 14.7 million daily blockchain transactions, BSC is a welcome addition for Nervos users, and the bridge also offers huge possibilities for BSC fans.
Developers will also appreciate the bridge as these teams can port their dApps to Nervos and gain access to projects, tools, and resources available in a burgeoning network focused on DeFi development.
Additionally, YokaiSwap also will gain access to liquidity through the BSC ecosystem.
The power of the Force Bridge
Having bridged to Ethereum, and plans to expand to other ecosystems and dapps, like Cardano and MELD, as well as Cosmos and Kava, the Force Bridge is proving to be a powerful tool in our multi-chain pursuit.
The Force Bridge, a trustless cross-chain bridge that allows for seamless transactions between the Nervos ecosystem and other public chains, and Godwoken, the first EVM-compatible Layer 2 blockchain on the network. Nervos’ Layer 1 provides security and scalability, allowing support for future layers and making it easier to build EVM-compatible cross-chains bridges, such as the Nervos x BSC bridge, from the Nervos Network to other chains.
The deployment of the Force Bridge is unlike other bridges which requires token wrapping to move assets across. Rather, along the Nervos x BSC bridge, there will be seamless token transfer across the network with Binance Coin (BNB) and Binance USD (BUSD), being supported for asset transfers and cross-chain swaps at the start, with support for more BEP-20 tokens to come in the future.
Making the most of Yokai
As YokaiSwap has grown rapidly on Nervos, the bridge to BSC should also allow BSC users to be able to receive over 500% annual percentage rate (APR) incentives on YokaiSwap through yield farming.
As an AMM, YokaiSwap enables users to easily and efficiently swap $CKB and any whitelisted token on the Ethereum network, as well as BNB and BUSD.
Starting January 15, 2022, BNB/CKB and BNB/YOK trading pairs will be listed on YokaiSwap and available for yield farming opportunities.
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