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Binance launches bridge to move AXS and SLP between Ethereum and BSC




The AXS and SLP tokens, tied to the popular game Axie Infinity, gained support from the bridge (bridge, in Spanish) offered by Binance to move assets between the Ethereum and Binance Smart Chain (BSC) networks.

Binance Bridge is a platform cross-chain that connects different blockchains and it allows you to move assets between them, creating “linked” versions on non-native networks. The service is also compatible with Binance Chain, the private network of the exchange.

With the news, announced today In the morning, Axie Infinity users will be able to freely move AXS and SLP between the different networks, converting assets through the web page, which connects to the MetaMask wallet in the browser.

Source: Twitter

The main benefit of the bridge is the ability to use AXS and SLP on the BSC network, which offers much lower fees than Ethereum.




At the end of the article, even with the market cooling, Ethereum charged roughly $ 7 for an ERC20 token transfer, or $ 22 for a swap in a exchange decentralized, values ​​almost seven times higher than in Binance Smart Chain.

The cost reduction is especially advantageous for those who trade AXS and SLP tokens on the secondary market, as the exchanges P2P are cheaper through BSC. What’s more, the user who wants to take custody of their tokens gets an additional incentive to transfer the assets to MetaMask.

Binance Bridge supports AXS and SLP

Bridge between BSC and Ronin

The news was enthusiastically received by the Axie Infinity community, who are looking more closely at the possibility of launching a direct bridge between Binance Smart Chain and Ronin, the sidechain of Ethereum used on the gaming platform.

Today, any asset that enters or leaves the Axie Infinity platform must first pass through the Ronin-Ethereum bridge, upon payment of high fees. For the moment, this channel is the fourth most expensive in the Ethereum network, only surpassed by Uniswap, Tether and OpenSea.

The expectation of gamers, therefore, is that, in the near future, a direct bridge between Binance Smart Chain and Ronin eliminate the use of Ethereum and allows you to easily move assets in and out of the game for fees of around $ 1.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at your own risk.




TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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