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Wormhole adds Binance Smartchain Support to Network Bridge

Wormhole Adds Binance Smart Chain Support to Network Bridge

In the first week in September, the Wormhole Network’s Ethereum – Solana bridge was presented to the Solana community. The following week, developers announced a bidirectional connection for non-fungible blockchain token (NFT). The Wormhole team announced on Monday that Binance Smart Chain support has been added to the token/NFT bridge platform.

Wormhole Connects Solana and Binance Smart Chain

The crypto asset solana (SOL) has propelled its way to the top seventh position, in terms of market valuation, among 10,000+ digital assets in existence. Now, year-to-date, SOL has gained 5,987% but during the last 30 days, SOL is down close to 18% on October 11. Similar to Ethereum, Solana’s protocol can be used for decentralized financing (defi). There are many defi platforms specifically built for the Solana network.

1/ We’re excited to announce support for @BinanceChain on the Wormhole network! Starting today, users will be able to seamlessly bridge both tokens and NFTs across the ETH, SOL, and BSC ecosystems!

— Wormhole (@wormholecrypto) October 11, 2021

One specific project leveraged by a number of SOL users is the Wormhole Network, which has recently surpassed $200 million total value locked (TVL). As discussed in a recent article by Bitcoin.com News, cross-chain bridge technology has grown exponentially in recent months.

Moreover, metrics recorded this week by Dune Analytics show TVL across a myriad of bridges has swelled to over $14 billion. Users can leverage ethereum – solana swaps anytime they want. Now, users can also connect to the Binance Smart Chain the same way.

Cross-Chain Use Cases Across 3 Vibrant Blockchains

Data shows that the Binance Smart Chain (BSC) is a popular defi blockchain that connects with a number of other networks. One connection that can be used to leverage cross-chain tech is the BSC Anyswap Bridge. Last month, the BSC chain did about ten times the number of transactions settled on the Ethereum chain last month.

The Wormhole Network connection will allow users access to the vast BSC ecosystem. Details of the announcement were sent to Bitcoin.com News. Wormhole also stated that users will be able to access the vast BSC ecosystem by connecting with Wormhole Network.

  • Avoid double wrapping as tokens are able to retain their original mint.
  • Connect creators and artists through its multi-directional highway to move NFTs and wrapped assets cross-chain between participating ecosystems.
  • Allowing for cross-chain governance, liquid staking tokens, and access to oracle data across the three chains with $172B in TVL.

While $200 million is an increase for the Wormhole Network (WN) bridge, it pales in size to the Polygon Bridges which capture $4.5 billion TVL today, and Fantom Anyswap Bridge’s $4.2 billion. Bridges that stem from Avalanche and Arbitrum, Optimism and Zksync have TVLs larger than the WN bridge.

What do you think about the Wormhole Network implementing Binance Smart Chain support? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.

“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.

Cardano Is A Shitcoin, Says Hayes

Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.

Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.

During the same interview, Hayes even expressed interest in the memecoin “dogwifhat” calling it the “best dog money of this bull cycle.

“I love Rare Pepe’s… I think we’re going to see a resurgence of NFT trading volumes,” he added.

The writer’s unique callout of Cardano ruffled some feathers online – especially with the network’s founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.

“Cause your coin is a piece of shit man,” Hayes replied. “Just buy some ETH and chill.”

What Makes Cardano Unique?

Much like Ethereum, Cardano is a smart contract platform for developing decentralized applications. It also popularized as one of the first well-developed proof-of-stake cryptocurrencies, which use crypto rather than energy to secure its network.

However, many popular blockchains today now use the same mechanism, with Ethereum undergoing a massive upgrade in 2022 to adopt proof of stake. In terms of both market size and DeFi TVL, Cardano is still outsized by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).

On Tuesday, Hayes published a list of the world’s most popular Dapps, and asked which of them had originated or grown most popular on the Cardano blockchain.

“From my very limited knowledge, it looks like none of them do,” he said. “That’s why ADA is dog shit.”

On Bitcoin, however, Hayes remains a bull, expecting strong money printing from the Federal Reserve to drive the asset’s price up soon.

“When printing money happens and you debase the value of time and human labor, we rejoice and say great, fuck you, we’re gonna take Bitcoin to a million,” he told Coin Bureau.

Late last year, Hayes predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.

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