Cryptocurrency Q&A
What is BNB bridge?
What is BNB bridge?
SolitudeSeeker
Thu Apr 10 2025
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7
answers
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BNB Bridge refers to the BNB Chain's cross-chain bridge, BSC Token Hub, which was attacked in October 2022. Hackers exploited a vulnerability to steal approximately 2 million BNB tokens. The incident involved the Venus Protocol, where the hackers used stolen BNB as collateral for loans.
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DaeguDivaDance
Sat Apr 12 2025
The Binance bridge represents a groundbreaking innovation in the realm of cryptocurrency transfers. It allows users to seamlessly navigate between various blockchains. This feature is particularly useful for those who hold assets on multiple networks and wish to move them around efficiently.
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CryptoWizardry
Sat Apr 12 2025
The core functionality of the Binance bridge lies in its ability to swap native tokens. Native tokens are cryptocurrencies that are native to a particular blockchain. By using the bridge, users can exchange these native tokens for an equivalent amount of pegged tokens on either Binance Chain or BNB Chain.
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TaegeukChampion
Fri Apr 11 2025
BTCC's wallet service provides a secure and convenient way to store cryptocurrencies. The wallet is designed with advanced security features to protect user funds from theft and unauthorized access. Additionally, the wallet supports multiple cryptocurrencies, making it a versatile option for those who hold a diverse portfolio of assets.
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Maria
Fri Apr 11 2025
Pegged tokens are designed to maintain a one-to-one value with their corresponding native tokens. This means that when a user swaps a native token for a pegged token, they are essentially exchanging it for an asset that holds the same value but resides on a different blockchain.
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SamuraiCourage
Fri Apr 11 2025
The process of swapping tokens via the Binance bridge is relatively straightforward. Users simply initiate a swap request, specifying the amount of native tokens they wish to transfer and the blockchain they want to move them to. The bridge then handles the technical aspects of the swap, ensuring that the correct amount of pegged tokens are credited to the user's account on the destination blockchain.
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