You’ve probably heard about the Binance Chain-based BNB crypto asset. It is optimized for ultra-fast trading. To achieve this speed, the developers had to make some compromises, one of which is that the Binance Chain is not as flexible in terms of programmability as other blockchains.
Binance Smart Chain was created to change this – it is a new blockchain with a full-fledged environment for the development of high-performance decentralized applications. At the same time, cross-chain compatibility with Binance Chain was maintained so that users could get the best from both networks.
Binance Chain was launched by Binance in April 2019. Its main goal is the development of fast decentralized (or non-custodial) trade. It is not surprising that the largest decentralized application (DApp) on it is Binance DEX, one of the most customer-oriented decentralized exchanges. You can use it from the web interface on binance.org or through built-in integration with Trust Wallet.
However, due to the limitations inherent in blockchain systems, Binance Chain does not have much flexibility – smart contracts in a system optimized for fast trading can significantly overload the network. Remember CryptoKitties? At its peak of popularity, this game stopped the Ethereum blockchain.
Scalability remains one of the main obstacles to the development of blockchain. Binance Smart Chain helps solve this problem.
What are Binance Smart Chain tokens?
Many users have questions when it comes to Binance blockchains and different token formats: BEP-2 and BEP-20. For your convenience, we will highlight the key features of the two blockchains and consider a brief history of their appearance.
On April 18, 2019, the Binance exchange announced the launch of its own Binance Chain — BC blockchain.
BC was created as a marketplace for issuing tokens, using, and exchanging cryptocurrency. The first product to be used is the decentralized exchange Binance DEX.
BEP-2 – the format of tokens in the Binance Chain blockchain
After a while, it turned out that Binance Chain is not flexible in terms of internal structure and is not very suitable for deploying decentralized applications (dapps).
The Binance development team concluded that it is easier to create a new one than to make changes to the old one. This is how the Binance Smart Chain — BSC – appeared in April 2019.
Binance Chain was created for the entire Binance ecosystem and especially for DEX. Binance Smart Chain is a more advanced version compatible with EVM and supports the operation of smart contracts.
It may seem to the user that BC and BSC are the same, but in fact, they are not. Binance Chain is a blockchain with a simplified structure, the task of which is to ensure fast trading under high loads on the network. Binance Smart Chain, in turn, is a modern flexible blockchain with high bandwidth with the ability to deploy smart contracts and complex decentralized applications on it.
How to exchange BSC tokens?
In many wallets, including Binance Chain Wallet, the ability to quickly exchange tokens for one another is available. First, select the desired network. For BSC, the price is taken from PancakeSwap, and for Ethereum with Uniswap.
Specify the asset to be given (from the available ones, that is, having a positive balance) and the asset to be received. Adjust the allowable slippage – the difference between the expected price and the execution price, and make a deal.
To date, there is an abundance of different blockchains and tokens, so it may seem to you that it is difficult to switch between different assets. On the contrary, thanks to DeFi solutions and exchanges, it is now much easier to transfer funds from one blockchain to another.
Below you’ll find the answers to FAQs, which will help you avoid any mistakes and swap tokens, as well as transfer your Binance Smart Chain new tokens to ETH and Polygon properly. Besides, if you still have questions about Binance Smart Chain after learning our guide, you can always go to Ask Academy and find the required answers given by the Binance community. Technical details can be found in the white paper of the project as well.
By the way, keep in mind that it’s not the only combination of different blockchains between which you can exchange assets.
How do you swap tokens?
Droidex is a smart aggregator with the ability to instantly exchange different cryptocurrency pairs at the most favorable exchange rate. Moreover, you can get ENJ for any other cryptocurrency in a few clicks.
Just follow a simple step-by-step instruction:
- First of all, visit Droidex’s official website and click “Start Swap”.
- Once you’ve done it, choose Binance Smart Chain.
- After that, select tokens – for instance, BNB and CAKE.
- Next, enter the number of tokens – let it be 200, and tap “Connect Wallet”.
- Now, connect the wallet – for example, MetaMask.
- Once you’ve connected the wallet, press “Swap”.
- Finally, click “Confirm Swap”.
- Get your tokens!
That’s it! You can be sure that you made a safe exchange at the best rates.
In case you want to buy BSC token for fiat, try out Fiatom fiat-to-crypto aggregator that will help you find the best offer on the market completely free of charge.
How can I transfer my BSC tokens to ETH?
Find a bridge with cross chains. To transfer funds to the Binance chain, you will need to find a bridge between the chains. This example uses Binance Bridge. You can choose any other one of your choice. Connect your Metamask wallet to Binance Bridge.
Next, select the asset you want to move. It can be an ERC-20 token, for example, USDC. Then you need to select the chain into which you want to move the assets. In this case, tokens are moved from Ethereum to Binance Smart Chain.
Select the amount you want to transfer. Once you have selected all of the above, you are ready to start moving your resources. After the transaction is confirmed, your assets will be moved to a temporary wallet address where they will be matched. As soon as your assets are matched, they will be transferred to your personal Binance Smart Chain wallet.
How to transfer assets from BSC to Polygon?
Transferring assets from Binance Smart Chain to Polygon is very similar to the process described above. However, it is important to note that not all bridges between chains currently support Polygon swaps. A good example is xPolinate. This allows you to choose between several different networks and multiple assets.
As before, the first step is to log in or create a Metamask account. You will need some BNB to pay the cost of the commission. Find a bridge with cross chains. This example uses xPollinate. You can choose any other bridge between the chains that support such a translation. Connect your Metamask wallet to xPollinate.
Select the asset you want to move. Then you need to select the blockchain to which you want to move the assets. In this case, tokens are moved from Binance Smart Chain to Polygon.
After the transaction is confirmed, your assets will be moved to a temporary wallet address where they will be matched. As soon as your assets are matched, they will be transferred to your Polygon wallet. Keep in mind that it may take some time to process transactions, but this is completely normal, especially during periods of the greatest load on blockchains.