The emerging variety of applications in the domain of DeFi can be quite confusing at times. For starters, many DeFi applications are coming up with new approaches to defining their functionalities. As the DeFi ecosystem continues growing, users will need solutions that work seamlessly with other solutions. The search for a BSC to Fantom Bridge would show why bridges are an essential part of the continuously evolving crypto ecosystem.
However, it is also important to learn about the blockchain networks you want to bridge before identifying the suitable choice of bridge between them. The following discussion serves as a comprehensive introduction to the Binance Smart Chain and Fantom blockchain. Subsequently, learners could also figure out the best method for bridging tokens from BSC to Fantom.
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What is Binance Smart Chain?
The obvious answer regarding the identity of Binance Smart Chain or BSC points to how it serves as a comprehensive smart contract platform featuring functionalities like Ethereum and other dApps blockchains. You can get a better understanding of the Binance Smart Chain Bridge by reflecting on the basic highlights of the Binance Smart Chain. The Binance Smart Chain is a parallel blockchain that evolved as a solution for scalability issues.
Binance launched the Binance Smart Chain or BSC as a second blockchain rather than upgrading the Binance Chain, which presented many difficulties. Why? Binance claims that the introduction of smart contract functionality on the Binance Chain could affect the speed and efficiency of the network. Smart contracts have been responsible for affecting the performance of blockchain networks owing to issues of network congestion. Binance Smart Chain helped Binance gain an early advantage in the DeFi and NFT landscape.
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How Was BSC Created?
The quest for information on BSC to FTM Bridge would also require clarity regarding the creation of BSC. Interestingly, Binance utilized the open-source code of Ethereum to create its own smart contract chain. Binance created a hard fork of the Go Ethereum or Geth client for developing the Binance Smart Chain.
At the same time, Binance also introduced a few modifications for differentiating BSC from Ethereum. For example, Binance Smart Chain relies on the Proof of Staked Authority of (PoSA) consensus algorithm rather than the Proof of Work consensus. As a result, it can facilitate cost-effective transactions alongside reduced block confirmation times.
The Binance Smart Chain or BSC features certain similarities to the Binance Chain. For example, the Binance Chain and Binance Smart Chain are owned and operated by Binance, although with limited intervention in the case of Binance Smart Chain. In addition, both the Binance Chain and Binance Smart Chain support faster block times. The two blockchain networks require considerably lower fees for transaction processing. The differences between the Binance Chain and Binance Smart Chain also reflect the difference in consensus mechanisms alongside functionality.
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What is Fantom?
The next prominent concern in identifying the ideal solution to Bridge Binance Smart Chain to Fantom would focus on the definition of Fantom itself. It is a high-performance layer 1 blockchain protocol with EVM compatibility developed for achieving higher scalability and security. The main network of Fantom, i.e., Fantom Opera has been developed on the foundations of Lachesis, a new and unique consensus mechanism.
With the help of the Lachesis consensus mechanism, Fantom could easily serve as a leaderless smart contract platform for creating and interacting with dApps and DeFi solutions. Lachesis also plays a vital role in enabling faster transactions on the Fantom blockchain along with better transaction finality. Interestingly, Lachesis can achieve the desired advantages while maintaining an open-source, decentralized, and permissionless nature.
How Was Fantom Created?
One of the essential pointers for understanding the use of a Fantom Bridge would refer to the foundations underlying Fantom. The majority of decentralized applications have to opt for compromises in one of the factors between decentralization, security, and scalability. For example, some blockchain networks can focus on security and decentralization while sacrificing scalability. Similarly, the combination of decentralization and scalability could introduce vulnerabilities in security.
The Fantom layer 1 blockchain evolved as a prominent solution to such issues with the Lachesis consensus mechanism. As a matter of fact, the Fantom blockchain has been created with Lachesis at its core. The Lachesis consensus mechanism allows operations with digital assets at higher speeds in comparison to the conventional methods. The consensus mechanism of Fantom also offers a significant advantage with asynchronous leaderless BFT consensus for better security. Without any concept of ‘Masternodes’ or delegation, the consensus mechanism behind Fantom ensures the best value advantages for them.
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Methods for Bridging Tokens from BSC to Fantom
The search for a BSC Fantom Bridge can help you come across many plausible options. You can choose the desired alternative from multiple platforms for bridging tokens between the two networks. The popularity of both networks also guarantees their listing on the majority of bridging protocols. However, you must be careful in choosing an alternative to Binance Smart Chain Bridge for moving assets to Fantom.
Some of the important factors in the selection of a protocol for bridging tokens to Fantom from Binance Smart Chain include the details of networks and crypto wallets they support, the fees, and related transaction speed. Based on these factors, you can compare the top bridging platforms and pick one suited to your requirements.
The top choices of a BSC to Fantom Bridge would include the Synapse protocol, AnySwap Bridge, or the Multichain Bridge. All of these bridging platforms offer the distinct advantage of usability by enabling the bridging of assets within a few simple steps. Let us explore the methods for using these bridges for transferring assets from BSC to Fantom.
The AnySwap Bridge offers an exclusive solution for bridging from BSC to Fantom. You can employ it with the help of the following steps.
- Connect an EVM-compatible crypto wallet, such as Metamask, to FTM. The wallet must guarantee a seamless multichain experience.
- Users have to add the Fantom Opera mainnet in the Metamask crypto wallet. You can enter the details of the Fantom Opera network manually in the “Network” section of the wallet.
- You need to fund your wallet with FTM tokens for using a BSC to FTM Bridge like AnySwap. Users can acquire FTM tokens in their wallets through centralized exchanges or by claiming airdrops and rewards.
- Once you have the FTM gas fees ready, you can prepare for bridging tokens to FTM from Binance Smart Chain. However, you must ensure that you are connected with the BSC network by using your Metamask crypto wallet.
- Now, you can access the AnySwap Bridge and choose the BSC mainnet option in the ‘From’ section of the protocol. You must also specify the asset you want to bridge from BSC in the ‘From’ section of AnySwap bridge.
- Select the Fantom Opera Mainnet in the ‘To’ section of the protocol and click on ‘Swap’ to bridge the networks. You can verify whether the assets have been bridged by using the Fantom Block Explorer.
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Another popular example of Fantom Bridge would be the Multichain Bridge, which focused on offering a comprehensive one-stop bridging solution. Here are some of the steps you can follow for bridging tokens from BSC to Fantom with Multichain.
- Visit the website of Multichain and connect your Metamask crypto wallet. You have to configure the Metamask for other networks, such as Binance Smart Chain, before bridging assets.
- Multichain Bridge helps users in the arbitrary transfer of assets between two chains. Contract approval is an important requirement for all tokens interacting with a contract. Following the contract approval, users can opt for direct swapping between the networks of choice in subsequent stages.
- Once contract approval is done, you can select the assets and amount you want to Bridge Binance Smart Chain to Fantom blockchain. You must also specify the network details before clicking on ‘Swap’ for the bridging process.
One of the fastest solutions for bridging tokens from BSC to Fantom would refer to the Synapse protocol. The Synapse protocol stands out as a favorable choice owing to lower fees and slippage alongside faster transactions. All you need to do is connect your web3 wallets, such as Metamask, to the Synapse protocol, and you are ready to use the bridging process. You can use Synapse protocol as a promising alternative to Binance Smart Chain Bridge for its ease of use and simplicity. Here are the simple steps you can follow for bridging between Binance and Fantom through the Synapse protocol.
- Access the Synapse protocol through the official website and connect your desired crypto wallet, such as Metamask.
- Choose Binance Smart Chain and Fantom blockchain as the two networks you want to bridge assets with.
- Enter the amount and type of assets you want to bridge between the two networks of your choice.
- Confirm the details of the transaction and click on “Approve” when you are ready for the bridging.
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The detailed explanation for Binance Smart Chain and Fantom blockchain basics serves as a plausible idea about bridging assets between them. Both platforms offer smart contract programmability alongside ensuring powerful features for developers and users. The constant expansion of the DeFi ecosystem calls for more interoperability among existing and emerging solutions.
Therefore, a BSC to FTM Bridge can work wonders in facilitating interoperability among DeFi platforms. Imagine the improvements in efficiency when crypto tokens designed on BSC could work seamlessly on the Fantom blockchain. Wouldn’t it be great if Binance Smart Chain could capitalize on the benefits of Lachesis consensus?
Based on the value advantages of token bridges, it is quite important to look for alternatives that can guarantee the reliable transfer of assets between BSC and Fantom. Learn more about blockchain bridges and how they work, and pick the best choice for your needs.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!