pNetwork has announced a new collaboration with Binance to connect the Binance Smart Chain (BSC) to Ethereum
pNetwork is a cross-chain platform that allows assets and non-fungible tokens (NFTs) to move freely between blockchains, and this collaboration will bring NFTs to the Binance Smart Chain. In fact, BSC will support both Ethereum-based NFTs and ERC-20 tokens that are 1:1 anchored to the underlying native versions of major cryptocurrencies, making them transparently transferable from one blockchain to another.
pNetwork powers many cross-chain connections in the crypto industry, enabling for example the tokenization and transfer of major cryptocurrencies within the DeFi ecosystem. BSC, on the other hand, is a smart-contract blockchain compatible with the Ethereum Virtual Machine (EVM), creating a fast and cost-effective environment for developing high-performance decentralized applications. These dApps on BSC will extend their usability and accessibility to cryptocurrencies supported by pNetwork, such as BTC, LTC, DOGE, and many ERC-20 tokens, as well as opening up to the burgeoning NFT ecosystem. The goal is to support the growth and development of dApps such as lending platforms, games, decentralized exchanges and more. The first application of the new collaboration will go live in February, and will be implemented to enable the frictionless transfer of Ethereum-based NFTs on the Binance Smart Chain.
In the past, we have already reviewed the famous pNetwork, a fast-growing DeFi project with a respectable total value locked. pNetwork is famous for bringing Bitcoin to Ethereum via its pBTC token. With pBTC it is possible to get 1 Bitcoin on the Ethereum network in exchange for a traditional Bitcoin, without paying any fee. The fee will be paid later, i.e. when you want to send back your pBTC to get your bitcoin back. Something similar to what wBTC, renBTC and other similar projects do. But the project does not stop at bitcoin, as it has recently created many other tokenized tokens such as DOGE, LTC, Pteria and so on. It is also worth mentioning that the pNetwork actively collaborates with EOS and has recently brought Bitcoin to EOS as well, achieving really great results (at the moment pBTC on EOS has the highest TVL of the whole pNetwork).
Referring back to the collaboration between pNetwork and Binance Smart Chain, it is worth noting that 2020 was the year when NFTs took off but that 2021 will definitely be their year. Many projects are moving towards these non-fungible tokens and there are already well-established markets such as Rarible and OpenSea. It’s enough to visit the two sites to see that volumes are now quite high and we can see single NFTs selling for more than half a million dollars. Influencers have also started to launch NFT projects, one of them is EllioTrades, the world’s most famous crypto YouTuber. Ellio has in fact already announced SuperFarm, a project dedicated entirely to NFTs which should offer many more options than the competitors mentioned above (OpenSea and Rarible) as it will be possible not only to sell NFTs but also to create NFTs with one click and store or sell them. To find out more just click this link and read our review of SuperFarm.
Whereas for more information about pNetwork you can read this other article, published on DeFi.cx a few months ago. Finally, we would like to remind you that behind the pNetwork is the famous PNT token, a DeFi token which still has a low market cap but which could skyrocket.