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The integration of CeFi and DeFi through Binance Bridge 2.0

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DeFi drives the development of cutting-edge Web3 use cases such as Nonfungible Tokens (NFTs), gaming, and the Metaverse. With the Binance Bridge 2.0, DeFi can be brought to a wider audience worldwide while maintaining the same smooth user experience as CeFi.

Most of the “DeFi” ecosystem relies on centralized services for convenience, which allows us to understand where the traditional world of centralized banking and the new world of decentralized money might intersect for everyone’s benefit.

With its first bridge, Binance has made it possible to bridge assets listed on Binance.com with other blockchains. To integrate CeFi and DeFi, the Binance Bridge 2.0 comes to the rescue by allowing you to wrap ERC20 tokens into BEP20 BTokens and start staking your Ethereum or other supported assets with DeFi protocols instantly of the BNB Smart Chain.

Binance has also implemented a whole new automatic token circulation control system. Aside from a buffer size in hot wallets, the exchange does not hold a surplus of tied tokens known as wrapped assets. If users withdraw paired tokens to the BNB Smart Chain instead, more tokens will be printed.

The Binance Bridge 2.0 is a trusted bridge that operates on the BNB Smart Chain with transaction fees as low as pennies and transaction speeds as low as three seconds. It is protected by Binance’s highest security standards and works on the BNB Smart Chain.

Almost all Ethereum-based coins are supported via the Binance Bridge 2.0, which allows direct access to BNB Smart Chain DApps. This cross-chain bridge improves interoperability between multiple blockchains and gives you direct access to the DeFi world of the BNB Smart Chain.

Related: What are DApps? A Beginner’s Guide to Decentralized Applications

https://cointelegraph.com/explained/the-integration-of-cefi-and-defi-through-binance-bridge-20 The integration of CeFi and DeFi through Binance Bridge 2.0

Fry Electronics Team

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