Binance Bridge

Bridge

Binance Bridge is a cross-chain bridge that lets anyone transfer assets between the BNB Chain and other blockchains.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
What is Binance Bridge?
What we like
The Binance Bridge provides the go-to method for users on different blockchains to move their assets to and from the Binance ecosystem.
What we like less
The bridge has not been audited, is less censorship-resistant, and requires more trust assumptions as it relies on Binance to custody user assets.
What it means for you
Offers you a simple way to participate in the BNB Chain ecosystem and explore DeFi, blockchain games, and more.

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Information
Exploit/Hacks
Unknown
Info
Key Metrics
Risk Assessment
Watch Out
Protocol Code Quality
  • Code not reviewed by any experienced auditors
  • Public team promotes accountability
  • One unmitigated protocol hack since launch
Protocol Maturity
  • Core protocol launched in 2022; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 1% by total value locked reduces risk
  • Core contracts can be upgraded with just an EOA wallet
  • No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
  • No governance token and/or contracts are fully immutable
Protocol Design
  • No death spiral concerns
  • Externally verified bridge system that is reliant on an external set of validators who don`t have to post any collateral; users essentially have to put their trust in the reputation that all validators will act honestly
  • Bridge messages are validated by an external third-party that usually comprises a limited multisig
Things to know about Binance Bridge

What is Binance?

Binance is the world's largest exchange by trading volume on spot and futures markets. The company was founded in 2017 by Changpeng Zhao (CEO) and has quickly grown to one of the most popular crypto exchanges outside the US. In its effort to decentralize the company, Binance released its own native blockchain, BNB Chain (fork of Ethereum), to provide users with cheap transaction fees to participate in DeFi, NFTs, and more. BNB Chain uses a Byzantine Fault Tolerance (BFT) consensus algorithm and uses a multisig scheme to further protect user funds.

How Binance bridge works

The Binance Bridge lets anyone convert their crypto assets into wrapped tokens (or pegged tokens) to be used on the BNB Chain. The wrapped tokens on BNB Chain are backed by real assets locked in the Binance Bridge contract. There are zero fees and conversion takes around a few minutes to execute a cross-chain transfer. Users are only required to pay network transaction fees on the source and destination chains. The bridge locks the native assets and returns to the user BTokens that are pegged on a 1:1 basis to the underlying asset and compatible on the BNB Chain. BTokens can be redeemed at any time back for the native asset.

Risks of using the Binance bridge

The main risk of using Binance Bridge is that the user is trusting a centralized entity, Binance, to custody their assets. Since the bridge interface is natively built into its centralized exchange, users are required to go through KYC procedures as well. In the event, Binance or other regulatory authorities flag an account, the user's asset could be frozen and inaccessible.

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