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Hello Binance, meet Sovryn.
We have been busy building a bridge between Binance and Sovryn, to enable the transfer of ETH Binance pegged tokens from the Binance Smart Chain (BSC) mainnet to the Sovryn ecosystem. Today we open the gate between the world’s largest cryptocurrency exchange and Sovryn, the future world’s largest decentralized financial ecosystem.
Tokens now transferable from BSC to Sovryn include DAI, USDC, BUSDT and BUSD. The stablecoins DAI, USDC, BUSDT and BUSD brought across to Sovryn will be aggregated into XUSD.
In addition we have released the upgrade to our ETH bridge which now permits the transfer of DAI, USDC and USDT. Stablecoins brought across the Ethereum bridge will be aggregated together with stablecoins brought over from the Binance bridge into XUSD.
The Binance bridge is a well orchestrated system of smart contracts on the BSC and RSK mainnets, as well as an additional layer of 5 off-chain federators operating every minute of every day. When a transfer through the bridge occurs, a consensus of at least 3 out of the 5 federators is needed for the transaction to approve. This process takes about 20-30 minutes. Bridge fees wallets and bridge smart contracts owners are multisig wallets (3 out of 5) on each mainnet.
It is well known that operating on the Ethereum ecosystem can be cost prohibitive due to high gas fees. This is one of the great advantages of our upgraded ETH bridge. Now you can bring stablecoins over to Sovryn and access DeFi for a fraction of the cost of other protocols. Our bridge is optimised so that transactions crossing over are a consistent value per token, rather than a global percentage. This will prevent exponential fee increase in the case of exponential usage. Once you’re over the bridge, fees are a fraction of what they are with Ethereum DeFi protocols so you can stack harder.
The Binance bridge and upgraded ETH bridge a major step forward for Sovryn as we run towards the inevitable widespread mass utilization and adoption of the Sovryn protocol.
Stay tuned for more announcements and stay Sovryn!