On Monday, October 11th, the Wormhole development team announced that the token and NFT bridge platform now supports Binance Smart Chain. Solana‘s Wormhole Network launched its Ethereum-Solana bridge in early September, followed by a bidirectional link for NFT collectibles the following week.
A lot of SOL users have benefited from the Wormhole Network, which recently exceeded $200 million in total value locked (TVL). According to the Wormhole team’s press release, “We’re thrilled to announce the Wormhole network’s support for @BinanceChain! Starting today, users will be able to bridge tokens and non-fungible tokens across the ETH, SOL, and BSC ecosystems!”
The project’s release published to Bitcoin News explains how the link to the Wormhole Network would enable users to access the enormous BSC ecosystem. Wormhole says that by adopting the BSC protocol, users will be able to prevent duplicate wrapping, since tokens would maintain their original mint, connect creators and artists via its multi-directional bridge, which enables the cross-chain movement of NFTs and wrapped assets across collaborating ecosystems, permitting cross-chain governance, liquid staking tokens, and access to oracle data across the three chains with a combined value of $172 billion in TVL.
Dune Analytics data released this week indicates that TVL across several of the bridges has risen to more than $14 billion. The Wormhole Network enables users to utilize Ethereum-Solana swaps at any moment, and users may now connect in the same manner to the Binance Smart Chain. While the $200 million increase is significant for the Wormhole Network (WN) bridge, it pales compared to the Polygon Bridges, which now receive $4.5 billion TVL, and the Fantom Anyswap Bridge, which captures $4.2 billion.