- Reports say that Binance just closed Binance Bridge down.
- Expectedly, it was shut down last November 25, 2021, at 8 AM UTC.
- However, a new project is rising as an alternative to Binance Bridge – FibSwap.
Binance just closed its cross-chain bridge down last November 25, 2021, at 8 AM UTC.
For those who are not familiar with Binance Bridge, it is a method to move crypto assets between different chains. This is quite significant, as interoperability between chains is crucial in the crypto space. More so, the closing of the bridge will restrict the to-and-from movement of cross-chain assets; hence, making it difficult for traders to swap tokens. The repercussions of this action by Binance Smart Chain have caused a lot of strain on the industry and will have resulted in an increase in the fragmentation of the crypto ecosystem.
Potential Problems That May Arise From This Shutdown
With Binance shutting their bridge down, this will impose many restrictions on people who hold assets on-chain. People will likely have more incentive to hold their assets on a centralized exchange, due to the fact that there are more barriers being put in place. The problem with this is that there is a trend of token holders that are moving on decentralized exchanges, because of the lack of trust they have towards centralized exchanges.
However, history only tells us that when a door closes, a window opens. The crypto space is an ever-evolving space and everyday new projects are offering more robust and optimized services making older platforms somehow obsolete.
While the biggest crypto company in the world is closing a door, there is another project that has opened a window. FibSwap, a multi-chain, decentralized exchange has emerged as a viable replacement to Binance Bridge with its robust set of features — including the ability to swap tokens from one chain to another with the click of a button. It is infinitely faster, quicker, and simpler to use too.
FibSwap — The Disruptive DEX
FibSwap DEX employs what is called the IMBS Protocol — an “interoperable multichain bridge system”, powered by FibSwap Smart Algorithm that creates a bridge between two chains for seamless swapping of cross-chain assets. The USP of the project includes the lowest gas fees on the market and its unique lowest fee swap aggregator.
The project offers a variety of features, including:
- $FIBO – $FIBO is a utility token that helps lower gas fees across all chains and gives its holders the exact transaction costs.
- Ease of Use – Swapping tokens on FibSwap is made simpler, and users can swap their tokens as easily on the cross-chain as on a single chain DEX like Uniswap and PancakeSwap.
- 10 Second Swap – Swapping an ERC-20 token to a BE-P20 token can be done in 10 seconds.
- A Trusted DEX – A safe and secure place to trade crypto assets in a decentralized environment.
All these factors and features allow FibSwap to present a robust alternative to Binance Bridge with its extremely fast and low-cost swapping of tokens.