Thanks to solutions using TOKI’s TEE (Trusted Execution Environment), cryptocurrency users will be able to seamlessly move value between Ethereum (ETH) and BNB Smart Chain (BSC), two leading smart contract environments.
Ethereum (ETH) Now Has a Perfect Bridge to BNB Smart Chain (BSC): Details
The inter-blockchain communication (IBC) protocol achieves another achievement outside of Cosmos (ATOM). It will be used by the TOKI protocol to connect BSC with Ethereum (ETH), according to the official statement on the Cosmos portal.
To make cross-chain communication between two leading programmable blockchains secure and resource-efficient, TOKI combined LCP (Light Client Proxy) middleware and a TEE (Trusted Execution Environment), its two main technical developments.
To allow developers to work with a wide range of thin clients, TOKI contributors will add an interface for WebAssembly clients. This will unlock new opportunities for traders and investors familiar with both chains:
The cross-chain bridge will perform the following use cases: Cross-chain swap: Swap tokens on PancakeSwap using your Ethereum tokens. Cross-Chain Lending: Deposit your Ethereum tokens to borrow stablecoins on BSC, such as through the Venus Protocol.
Additionally, the TOKI solution will support transfers of Pragmat Coin, a new stablecoin jointly developed by Binance Japan and Mitsubishi, immediately upon its launch.
As U.Today previously reported, in April 2023, Polkadot (DOT) and Kusama (KSM) received their first cross-chain bridging connection enabled by Composable Finance.
Ethereum L2 to join IBC cross-chain ecosystem in 2024
In the coming months, aligned with the goals of Cosmos’ IBC 2024 roadmap, TOKI will launch a testnet for the solution as well as a native liquidity layer. These instruments will make the interaction between Ethereum (ETH) and BNB Smart Chain (BSC) “one-click,” the developers added.
Additionally, TOKI contributors will expand support for the Cosmos SDK, Avalanche, and Polygon app chains, as well as the next generation of Ethereum L2s such as Arbitrum.
ATOM, a core cryptocurrency of the Cosmos ecosystem, is trading at $7.15 on Friday, September 29, 2023. Its capitalization added almost 0.8% in the last 24 hours.
