Binance is officially launching the Panama project, which aims to help Binance Smart Chain and Binance Chain in providing one-click, cross-chain bridging services. Panama will offer a convenient way to transfer digital assets from different blockchains to Binance Smart Chain and Binance Chain.
Introduction to Panama
Panama is a bridge service that provides access to inter-blockchain liquidity for decentralized applications on Binance Chain and Binance Smart Chain. This brings valuable digital assets such as BUSD, USDT, and ETH to the Binance Chain ecosystem.
Advantages of Panama
- Crypto assets can be converted between the native blockchain and Binance Chain/Binance Smart Chain. For example, if USDT is transferred from Ethereum to Binance Smart Chain, Panama will support the cross-chain conversion of Ethereum ERC-20 and TRON TRC-20 assets.
- The conversion time is short, and it may take only 2-3 minutes to execute a cross-chain conversion of crypto assets.
- Panama charges zero conversion fees, and users only need to pay network fees on the blockchains that are used.
- You can use Panama without the need to register a Binance account.
Panama will support more digital assets soon.
- The code of BTC on Binance Chain and Binance Smart Chain is BTCB.
- For more information about Panama, please refer to: Panama tutorial.
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