Thanks to solutions using TEE (Trusted Execution Environment) by TOKI, 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 seamless bridge to BNB Smart Chain (BSC): Details
Inter-Blockchain Communication (IBC) protocol scores another accomplishment outside Cosmos (ATOM). It will be used by TOKI protocol for connecting BSC with Ethereum (ETH), the official statement on Cosmos portal says.
In order 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 major technical developments.
To allow developers to work with a wide range of light clients, TOKI contributors are going to add an interface for WebAssembly clients. This will unlock new opportunities for traders and investors familiar with both chains:
The cross-chain bridge will realize 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.
Also, the TOKI solution will support transfers of Pragmat Coin, a new stablecoin codeveloped by Binance Japan and Mitsubishi, immediately upon its launch.
As covered by U.Today previously, in April 2023, Polkadot (DOT) and Kusama (KSM) received their first cross-chain bridge connection enabled by Composable Finance.
Ethereum L2s to join IBC cross-chain ecosystem in 2024
In the coming months, aligned with the goals of the IBC 2024 roadmap by Cosmos, TOKI will launch a testnet for the solution as well as a native liquidity layer. These instruments will make interaction between Ethereum (ETH) and BNB Smart Chain (BSC) "one click," the developers added.
Also, TOKI contributors are going to extend support to Cosmos SDK appchains, Avalanche and Polygon, as well as the next generation of Ethereum's L2s, such as Arbitrum.
ATOM, a core cryptocurrency of the Cosmos ecosystem, is trading at $7.15 on Friday, Sept. 29, 2023. Its capitalization added almost 0.8% in the last 24 hours.