BNB Chain is now live on Hyphen, Biconomy’s cross-chain bridge, allowing users to send faster, more capital efficient transfers to the Ethereum mainnet. By increasing interoperability between BNB Chain and Ethereum, users on either chain will be able to access a far greater number of decentralized applications (dApps) simply and without friction.
“It is clear the future of web3 is multichain and will be necessary to onboard the next billion users. For this to become a reality Layer 1s, side chains and other scaling solutions need to be integrated. This removes friction for the end-user and makes interacting with crypto a more seamless experience. Hyphen provides this fast, seamless bridge that provides the infrastructure needed to ensure a collaborative and connected web3,” says Ahmed Al-Balaghi, co-founder of Biconony.
Cross-chain transfers continue to be a challenge in Web3. The siloed nature of the different chains means current user experience is awkward and time consuming. Hyphen is the missing cross-chain superhighway network that is working to unify and create a seamless multi-chain world. It directly addresses the issue of low composability and weaker network effects experienced on native bridges. It enables transfers across chains that are faster and more cost-effective therefore making the experience for both users and developers easier.
The inclusion of BNB on Hyphen is a further growth of this multi-chain future. It will be joining other chains including Polygon, Ethereum and Avalanche that have successfully been added to Hyphen.
Currently, Hyphen has a unique user count of 19,261 a number expected to increase with the addition of BNB. To date it has channeled a total volume of $126,048,331 between chains.
Transfers are not the only benefit this integration will provide. In addition, liquidity providers will be able to earn fees and BICO rewards for adding liquidity to the BNB pools. The pools include BNB – BICO, BNB – ETH, BNB – USDC and BNB – USDT.
Each pool has a cap and once this is reached new users won’t be able to contribute, ensuring a more even contribution across Biconomy’s pools.
Biconomy’s cross-chain bridging technology is a critical component of its ongoing mission to accelerate web3 adoption by reducing the friction between blockchain-based applications and end-users.
