Binance Smart Chain is a fully decentralized application, the main goal of fast trading while being able to handle a large number of transactions. Like in Ehereum we pay ETH for the gas fee, in Binance Smart Chain we use BNB for the gas fee.
Binance Smart Chain is a decentralized blockchain that delivers programmability and smart contracts to the Binance Chain.
Binance Smart Chain-Ethereum bridge
Ethereum-Binance Smart Chain bridge is developed by Binance and used for transfer/bridge pegged assets cross-chain, i.e. transfer assets in or out of Binance smart chain. Binance bridge service providing access to inter-blockchain liquidity for Binance Chain.
Peg-In Procedure:-
Peg-In Procedure allows users to swap their crypto assets to the equivalent of pegged tokens on Binance Smart Chain. The following steps are taken:
- The user first needs to create a swap request to on Binance Bridge Service.
- Bridge Provider allocates a deposit address to the user.
- The user needs to deposit the agreed amount of tokens to this address. If the equivalent amount of token is not sent before the deadline, the tokens are refundable.
- Binance Bridge Provider takes notice of the upcoming token transfer from the user and sends the equivalent pegged amount of tokens to the receiver’s address.
- Binance Bridge Provider will lock the pegged user's tokens.
- The user can see all the changes of his token balance of these pegged tokens.
Peg-Out Procedure:-
Peg-Out Procedure allows users to swap their crypto assets to the equivalent of pegged tokens on Binance Smart Chain. The following steps are taken:
- The user first needs to create a swap request to on Binance Bridge Service.
- Bridge Provider allocates a deposit address to the user.
- The user needs to deposit the agreed amount of tokens to this address. If the equivalent amount of token is not sent before the deadline, the tokens are refundable.
- Binance Bridge Provider takes notice of the upcoming token transfer from the user and sends the equivalent pegged amount of tokens to the receiver’s address.
- Binance Bridge Provider will lock the pegged user's tokens.
- The user can see all the changes of his token balance of these pegged tokens.
Gas Fee for Transactions
When any users swap their tokens from Binance Smart Chain-Etherum bridge then they need to pay some amount of gas fee to create a transaction on Binance Smart Chain. so users must have some BNB in their wallets for the gas fees.
September 8, 2024 at 02:22 am
Your comment is awaiting moderation.