Binance Bridge Closes Down, Is FibSwap A New Viable Replacement? -Breaking
- According to reports, Binance has just shut down Binance Bridge.
- It was expectedly shut down at 8 AM UTC on November 25, 2021.
- However, a new project is rising as an alternative to Binance Bridge – FibSwap.
Binance has just shut down its cross-chain bridge last November 25th, 2021 at 8 AM UTC.
Binance Bridge is an alternative method for moving crypto assets across different chains. Interoperability among chains is critical in the cryptocurrency space. This is a significant fact. The closing of this bridge will limit the movement between cross-chain assets. This makes it more difficult for traders and token swappers to exchange them. Binance Smart Chain’s actions have put a strain on the sector and led to a greater fragmentation in the crypto ecosystem.
The Shutdown May Cause Potential Problems
Binance will shut down their bridge, which will place many restrictions on those who have assets on-chain. Due to increased barriers, people will be more inclined to keep their assets on a central exchange. Problem is, there’s a tendency for token holders to move on decentralized platforms because they lack trust with centralized exchanges.
But history has proven that doors close and windows open. Cryptospace is constantly evolving and every day new projects provide more secure and optimized services, making old platforms almost obsolete.
The biggest cryptocurrency company is shutting down, but there’s another one. 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. You can use it infinitely quicker and more efficiently.
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. This project’s USP is the lowest available gas fee and the unique Swap Aggregator that charges the lowest fees.
There are many features offered by the project, such as:
- $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 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.
FibSwap is a solid alternative to Binance Bridge due to its fast, low-cost token swapping.
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