Fiscus.fyi bridge between the Ethereum blockchain and the Binance Smart Chain.
Breaking barriers by bridging the divide between what is popular and what is efficient.
Decentralized finance and the development thereof mainly on the Ethereum network has led to an explosion of a new and exciting infrastructure that will have a significant impact on the global financial system. Defi has without a doubt, hit bumps in the development road. The question facing projects and users alike is whether it is feasible or even profitable on a highly congested network, such as Ethereum is today. Leaving strong ideas and potential candidates for those ideas in the dust until ETH 2.0 comes to fruition. With indications pointing to a multi-year upgrade, it is not surprising that many have abandoned their concept or moved to other less expensive, thus more efficient chains, such as the Binance Smart Chain(BSC).
In the light of this trend Fiscus.fyi has created the ultimate “layer two” solution that acts as not only a layer two solution but as an efficient mechanism to off-load stress from one smart chain to another at a fraction of the development cost. Fiscus.fyi has created a bridge that can seamlessly move entire projects from one chain to another at the click of a button. This will most likely be a paradigm shift in the Defi world and support the network as a whole leading to more options, more efficiency and thus a much stronger use case for Defi since it will be able to compete with more efficient centralized variants.
Use case
Project X has been thinking about launching on BSC for a while now that will give it access to Binance Chain and a potential listing on Binance Dex. However, time and development costs have stifled that launch, and competitors using Project X’s contracts have forked their contracts and started building on BSC, making it even less appealing. In this case project X can easily move their project to BSC as a clone utilizing the cheaper gas fees and liquidity pool from BC, giving them an edge over Ethereum only projects. The same can be said for BSC to Ethereum although the motif might be different operationally.
We believe that this functionality will have a net positive effect on both chains over time as it spread out transactions to multiple chains instead of relying on a single chain. This acts as an immediate stress relief to the Ethereum blockchain.
Using the Fiscus.fyi Bridge
- Install your extension wallet such as MetaMask.
- You will need to add the BSC to your Metamask please follow the instructions as set out in this article:
- Go to Fiscus.fyi Bridge page.
- Click on “Connect Wallet”.
- Once you finished unlocking your wallet, you can see your address in the “destination” box.
- Choose “From” network types. Currently, the Ethereum network and Binance Smart Chain are supported.
- Enter the swap amount then click confirm.
- Note that there is a fixed amount of 0.01 ETH and 0.01 BNB.
- You can also verify the swap process in the “History” tab of your wallet.
Looking into the future
The use of the Fiscus.fyi bridge for cross-blockchain transactions has validity in various fields not just that of ERC20 but a use case can be made for Non Fungible tokens too. The Fiscus.fyi bridge in the future would allow for NFT owners to easily access markets built on other chains. This is particularly useful since minting a duplicate NFT is not an option.
The bridge between BSC and Ethereum is just the first of many. Expanding onto multiple chains in the near future will further lessen the stress on the Ethereum blockchain and allow projects hindered by the high gas fees to continue building world-class decentralized infrastructure.
