Nervos is making moves to rapidly expand its DeFi ecosystem, as the network recently announced the launch of Force Bridge to Binance Smart Chain (BSC).
Following the completion of the bridge connecting the two blockchain networks, Kevin Wang, co-founder of Nervos revealed what’s next on the list for growing the interoperability of the ecosystem.
The completion of the bridge marks a big milestone in Nervos’ DeFi expansion, unlocking new possibilities given BSC’s Total Value Locked (TVL)–the biggest of any blockchain outside of Ethereum.
The bridge is enabled through a Force Bridge–allowing seamless transfer of tokens across the networks.
— Nervos (@NervosNetwork) January 13, 2022
With the completion of the cross-chain bridge, dapps such as YokaiSwap, the first decentralized exchange (DEX) built on Nervos, will gain access to liquidity through the BSC ecosystem.
It also means devs building on BSC can port their dapps to Nervos and gain access to projects, tools, and resources available in a “burgeoning network focused on DeFi development.”
Cross-chain bridge between Nervos and Cardano
“The bridge to Binance Smart Chain is an exciting development as we build out our DeFi ecosystem, but it’s only one of many bridges to come,” Kevin Wang, co-founder of Nervos told CryptoSlate.
“We’ve been working closely with IOHK, the developers of Cardano, on UTXO research and a cross-chain bridge between our networks is in development. The bridge, currently in testnet, will enable users to use $CKB and $ADA interchangeably, as well as create their own tokens across both blockchains. We’re planning to deploy the Nervos x Cardano bridge in the near future,” he revealed.
Cross-chain bridges, powered by Nervos’ trustless ForceBridge, play an important role in the network’s multi-chain strategy.
“We want to bridge to all of the top ecosystems and enable blockchain interoperability,” Said Wang, adding that he doesn’t believe blockchain is a “winner take all” space.
“We can work together for the betterment of the technology and the future of the industry. Our bridge with Cardano is just one example of that ethos put into action,” he concluded.
Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.