You can make use of the Binance Smart Chain-Ethereum bridge built by Binance to bridge pegged assets cross-chain, i.e. transfer crypto assets in and out of Binance Smart Chain.
In this example, I will show you how to transfer crypto assets from Ethereum to Binance Smart Chain (BSC) or vice versa.
Binance Bridge was originally conceived as Panama Bridge to bridge assets into and out of the Binance Smart Chain (BSC) – a fast (3-second finality), Ethereum Virtual Machine-compatible, proof-of-stake network.
Binance Bridge supports 35 cryptocurrencies such as USDT, USDC and ETH.
Instead of transacting with high network fees on Ethereum, users can transact on the BSC, then peg assets back to the Ethereum network when needed.
Pegging assets in and out of the Binance Smart Chain
Head over to the Bridge and connect your Metamask wallet using the button on the top right (in the future, WalletConnect Web3 extension will be supported too).
Once connected, select the asset to transfer into BSC and the direction of transfer.
Enter the amount to transfer and the destination wallet address and click Next to verify your transaction. You will be given a deposit address.
You will be charged a network fee for this service.
That’s it! The bridge will process your transfer once it receives your deposit. You can verify the status of the transfer on the blockchain.