Popular cryptocurrency exchange, Binance has been enjoying its position as not only a trusted marketplace for CeFi but has also made a name for itself in the decentralized world by unveiling several products to attract the DeFi crowd, a space that has been dominated by Ethereum.
In the latest development, Binance Smart Chain-based decentralized exchange [DEX], PancakeSwap announced its integration with Panama bridge on the 12th of October. With this development, users will be able to swap ERC20 and TRC20 tokens to BEP20 tokens on PancakeSwap.
The official announcement by the food-themed DeFi platform read,
We've integrated @Binance_DEX's "Panama" bridge.
— PancakeSwap 🥞 #BSC (@PancakeSwap) October 12, 2020
Binance had previously rolled out the Panama project on the 30th of September to help Binance Smart Chain and Binance Chain with more efficient, cross-chain bridging services, as it continued to work towards catering diversified audience. The latest news comes a day after the Binance Chain Panama service announced the addition of pegged tokens like Chainlink [LINK], Bitcoin Cash [BCH], Ontology [ONT], Litecoin [LTC], and Cosmos [ATOM].
The Panama project is essentially a small part of the Malta-based exchange’s bigger Token Canal Project. With Panama, Binance aims to utilize the bridging services of Binance Smart Chain [BSC] for cross-chain asset circulation and to “realize a connected blockchain world”.
Decentralized pools such as PancakeSwap on the Binance Smart Chain have continued to see an increase in traffic and volume, which in turn, has propelled intensified activity on BSC. According to a recent update, the total distinct addresses as of the 11th of October on BSC stood at 124,511, more than 6,200 increase since the previous day. One of the crucial catalyzing agents for this was the facilitation of cross-chain circulation of different network assets by the Panama project.
The rising popularity of Panama can be attributed to the liquidity that it brings for BSC Dapps and value assets such as BTC, BCH, and ETH to the BSC community. The cross-chain transfer takes only 2-3 minutes and faster transfer time gives an edge over Ethereum. Meanwhile, there is no transaction fee and the users are only required to pay the network fees.