Every crypto investor and trader is familiar with Ethereum and Binance Smart Chain. Both blockchains remain very popular in the crypto world and maintain a great reputation as some of the best token creation standards.
The notoriety of Ethereum’s ERC20 standard and Binance Smart Chain’s (BSC) BEP20 standard are enhanced by the many advantages and utility both have over other options across the industry.
While Ethereum has critics due to its costly and, at times, slow nature, the ERC20 standard still remains a dominant pathway for token creation and the first choice for many developers due to its longevity. Others prefer BEP20 due to its compatibility with BEP2 and ERC20 platforms backed by BNB. Developers also often turn to the BEP20 standard as tokens from other blockchains can be pegged to BEP20 tokens.
Many crypto enthusiasts remain interested in swapping tokens to take advantage of different chains. For example, BSC offers a range of projects and technology not available on the Ethereum network.
Understanding PhoenixDAO’s Bridge dApp
Swapping through bridge dApps ensures a decentralized and secure process without having to rely on centralized platforms, waiting for transactions to clear, or having to pay large fees to middlemen.
PhoenixDAO’s Bridge dApp creates a seamless experience for users interested in swapping between ERC20 and BEP20. PhoenixDAO is a digital identity-based protocol and product suite designed to fuel the digital economy through authentication, payments, and linked identity.
Users can connect their wallet to the dApp, see PHNX (PhoenixDAO’s native coin) volume on each blockchain, and approve swaps with a single click. The ability for users to trade and swap on both the Ethereum and Binance Smart Chain network boosts PHNX liquidity, helps lower transaction costs, and fosters an environment welcoming new PHNX investors who might only transact with one chain over the other.
According to the PhoenixDAO team, the platform’s bridge dApp is part of a plan to continue to open up crypto farming opportunities for investors who prefer Binance Smart Chain’s environment.
Increasing Transaction Output
Team members also noted in a Medium post how a bridge with the Binance Smart Chain network will increase transaction output ability and smart contract deployment, meaning “users can expect our ecosystem to become cheaper and faster.”
The bridge dApp is one of many in the PhoenixDAO suite. Others include a staking dApp allowing users to stake PHNX and earn interest. An Eventbrite-style events dApp allows for a transparent event management process while creating a marketplace for tickets to be bought and sold on. Tickets can be verified via Phoenix’s Identity protocol and follow users around no matter where they go.
Investors and traders interested in taking advantage of PhoenixDAO’s bridge dApp to swap between ERC20 and BEP20 can visit PhoenixDAO’s website to connect to the dApp and begin swapping tokens.