IOTA Launches on Binance Smart Chain
- The BSC integration will grow IOTA’s liquidity across multiple chains.
- IOTA tokens will be wrapped through the Binance Bridge and launched as IOTA BEP20 on BSC.
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IOTA now has a wrapped version of its native token, available for use on the Binance Smart Chain. According to an announcement published on 29 March, this integration is the first step in growing the IOTA’s liquidity across multiple chains.
The IOTA/Binance Bridge will enable users to send IOTA to the swapping service to exchange the tokens for Binance IOTA. The bridge will work both ways and will be the primary portal for IOTA token holders to enter the Binance Chain ecosystem.
Tokens swapped through the bridge will appear as IOTA BEP20 tokens in the Binance Wallet connected to the service, enabling users to trade, swap, and stake their tokens.
The IOTA team are hinting that IOTA living on the BSC chain will predate announcements of other assets being available on the IOTA network. No details have been given yet on specific tokens, and whether this Binance Smart Chain integration is part of a larger agreement of moving Binance-only tokens to IOTA.
- The BNB Chain will be made up of two parts, the BNB Beacon Chain and BNB Smart Chain, and will have the goal of pushing the BNB ecosystem even further.
- Binance also introduced a new concept, MetaFi, that is meant to become an “all-encompassing ecosystem” that enables interoperability between projects and blockchains.
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- The attacker used a deposit option in the QBridge smart contract to create a “huge amount of xETH collateral”, which he used to borrow BNB on the Binance Smart Chain.
- The Qubit team has contacted the attacker, and offered him the maximum reward it could give if he returns the stolen funds.
- Binance’s investments comes only two months after WOO Network closed a $30 million Series A funding round.
- WOO Network not only provides liquidity to the Binance Smart Chain, but also to the 1inch, ParaSwap, Dodo, and DYDX networks.