DeFiChain, a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications, has announced the official launch of the BNB bridge. Dubbed the DeFiChain Bridge, the platform is now accessible from BNB and vice versa. Indeed, multi-chain is the future of blockchain technology. Worth noting, that DeFiChain is on a mission to enable decentralized finance (DeFi) on the oldest blockchain network, Bitcoin.
Remember, the DeFi ecosystem has led the crypto market until recently Play-to-earn came into being. With the Bitcoin ecosystem guaranteeing security from its miners and node operators, then DeFiChain can focus on onboarding more DeFi applications. Lately, most layer 1 blockchains have set aside some funds for developers who have ready Dapps with real IP users, usually an average of 10k users.
“It has never been easier to enter the DeFiChain ecosystem from the BNB Chain. Now it’s possible for the BNB Chain investors to access DeFiChain’s high rewards and decentralized stocks. That allows users to leverage the benefits of both worlds without the need for centralized exchanges and the tedious processes involved in setting up the necessary accounts and credentials” said Dr. Daniel Cagara, the Lead Project Owner of DeFiChain Bridge.
The DeFiChain Bridge is key and needs utmost security to avoid the customer’s fund from disappearing. Remember the Ronin attack that has left most crypto users in awe. The Ronin attacker compromised a multi-contract bridge and siphoned $600M worth of crypto. Up to date, the cash has not been recovered and the attacker has since transferred the cash to another address.
“To keep user funds secure, the DeFiChain Bridge is designed to do just one thing, unlike most other bridges that try to be the “Jack of All Trades.” Its simple design dramatically reduces the attack surface for potential exploits. The bridge’s cryptography relies on BNB Chain’s Threshold Signature Scheme (TSS), which replaces all private key-related commands with distributed computations. The libraries used have therefore been certified and audited several times by BNB itself,” the company noted in a press release.