What is Wormhole Bridge?

On October 11, 2021, the Wormhole network increased the functionality of its bridge to enable the Binance Smart Chain (BSC) ecosystem. This means that users can connect the Solana, BSC, and Ethereum ecosystems using tokens and NFTs.

When moving between chains in the Wormhole network, assets wrapped in wormholes keep their mint. The asset won't be "double" and "triple" wrapped when it moves between chains if you bridge an asset from Ethereum to Solana to BSC since it will keep the same wrapper there as it did in Solana. This explains the procedure for transferring assets through several chains.

What is Wormhole Bridge?

Wormhole is a general message-passing protocol that links high-value blockchains. Applications use the messaging layer to promote ecosystem interoperability. Developers can use the protocol, which is protected by 19 guardians, to transport any kind of data across chains, including tokens, NFTs, oracle data, governance decisions, and more. Currently, Ethereum, Solana, Binance Smart Chain, Polygon, Avalanche, and Oasis are all linked to the Wormhole Token Bridge.  On August 9, 2021, the protocol's mainnet became live, building a connection between Ethereum and Solana. Almost a month after the bidirectional token and NFT bridge between Ethereum and Solana launched, BSC was added to the bridge.

Market Standing of Wormhole Bridge

As DeFi and NFT markets continue to generate income in the area and TVLs in the top five blockchains reach $185+ billion, there is a record-high demand for cross-chain bridges for digital asset swaps and liquidity. Adoption is also on the rise. Wormhole already introduced ETH > SOL support for token and NFT bridging, with over 100 NFTs locked into the protocol, to satisfy these demands. According to the protocol's official Medium blog, in the short time since the addition of BSC, the protocol has seen over $200 million in total value locked (TVL) with more than 100 NFTs that have been traded on the bridge.

How can Wormhole Bridge be used?

Users will be able to access the huge BSC ecosystem through a connection to the Wormhole Network. Wormhole continues by saying that enabling the BSC protocol will permit users to:

• Avoid double wrapping so that the original mint marks can remain on the tokens.
• By connecting creators and artists to its multidirectional highway, participant ecosystems can move wrapped assets and NFTs between them.
• Enabling $172 billion in TVL to enable cross-chain governance, liquid staking tokens, and access to oracle data across the three chains.

Competitors of Wormhole BSC

Only a few of the cross-chain bridges that are now available are Wormhole, Binance Bridge, and Celer cBridge, etc. A large number of solutions are available on the Binance Bridge to link an increasing number of cryptocurrencies. This initiative is linked to the blockchain project Binance Smart Chain. The Celer State Guardian Network is used by the Celer cBridge to provide liquidity between several blockchains.

Conclusion

Wormhole may be the only interoperability protocol that provides multi-directional NFT bridging across the ETH > BSC > SOL NFT bridge, tying together artists and creators to move NFTs cross-chain across the ecosystems. The 470,000 blockchain players on the BSC network will be able to use this bridge to either transport in-game assets to Solana NFT marketplaces or establish new markets for them on the original Ethereum blockchain.