APYSwap Introduces First-Ever BSC-Solana Bridge

One major issue facing blooming blockchains is bridging to existing chains for user support. APYSwap has delivered a bridge for Solana users to the popular Binance Smart Chain (BSC).

By
Ifeanyi Egede
on
May 10, 2021
Category:
Breaking News

APYSwap Bridges Solana and Binance Smart Chain

The first-ever Binance Smart Chain to Solana bridge has been introduced by APYSwap. This bridge will enhance interoperability and hasten transaction speed. With the recent inclusion of the Solana bridge to the list of supported blockchains on APYSwap’s bridge infrastructure, a token exchange is now possible between Huobi Eco Chain, Solana, Binance Smart Chain, and Ethereum.

Source

Why Bridge?

Apart from adding non-EVM-based blockchains like Solana, APYSwap's modular bridges make it easy to add new blockchains when necessary. Cross-chain interoperability is necessary for the growth of Decentralized Finance (DeFi) into an ecosystem with multi-level adoption and makes profound changes to the traditional centralized finance.

The APYSwap bridge is modularly designed after the newly introduced Wormhole bridge. Apart from making it possible to add new blockchains fast and reliably, it's more transparent than the competition since their oracle Consensys is on-chain. Oracles can specialize within a system, choose a blockchain of operation without necessarily monitoring all blockchain information at once. APYSwap bridge is EVM-compatible and uses layer 2 protocols which makes it possible for APYSwap to implement cross-chain support for Binance Smart Chain, HECO and Ethereum.


About APYSwap

Source: APYSwap Collaborators

APYSwap bridges various DeFi projects to create new levels of adoption. On May 6, APYSwap launched the liquidity pools for its token, $APY, and announced the completion of Uniswap V3. APYSwap plans to launch this new bridge later this month and launch the final version three months later.

Some of the features of this modular bridge include:

  • On-chain oracle that ensures transparency.
  • Addition or removal of blockchains via molarity
  • Easy user access with the app and a cool user-interface
  • Incentivized farming on the marketplace

On April 30, 2021, APYSwap announced its partnership with TidalDefi, an insurance protocol for Defi projects. Tidal will be providing decentralized asset insurance for $APYS and the assets locked in there. On the same day, APYSwap completed their NFT promo and unlocked the vault for participants to withdraw their funds.

About the Binance Smart Chain

Source

The Binance Smart Chain is a blockchain that allows the creation of decentralized apps and offers fast trading performance through the Binance DEX. Binance recently announced the first-ever BSC Hackathon which will be held in Vietnam. Registration for this Hackathon closes May 15, 2021. Developers, builders, creators, and students can build their ideas on Binance Smart Chain and be among the winners of the $20,000 prize pool.


About Solana

Source

Solana is a fast, secure, censorship-resistant blockchain that helps crypto apps to scale. The Solana ecosystem continues to attract hundreds of thousands of unique users since it has solved the problem of elastic scaling of censorship resistance without shredding. In the past 7 days, Raydium's $RAY, their first IDO, $MEDIA, and $ROPE were the top three most holding tokens in the Solana ecosystem.


Closing Thoughts

The growth of the DeFi space will slow down considerably without cross-chain composability. But with the APYSwap bridge, various DeFi projects across the BSC and Solana can be linked together and create new levels of user adoption. The bridge will bring more investors into the Solana ecosystem, and improve collaboration between the two networks.


Tags:
No items found.
Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile crypto writer and researcher on fintech, the blockchain and emerging technologies. He has several published works online and in the print media. He loves reading, research, traveling, meeting people and football. When he is not writing, he spends time with his lovely wife and kids.