The Loom PlasmaChain and Loom Wallet are now compatible with Binance Chain, allowing users to freely convert BEP2 tokens into ERC-20 tokens and bringing smart contract functionality to Binance.
The announcement was made on Loom’s Medium blog page.
PlasmaChain is a universal layer-two hub that bridges Loom’s Delegated Proof-of-Stake (DPoS) sidechains to the Ethereum mainnet and other major blockchains such as EOS and Tron.
In effect, Loom is a layer-two solution that is swiftly turning into a “multichain network” that has operability with other blockchains. Binance is the latest addition to this list.
Previously, Binance’s token – BNB – was an ERC-20 token on the Ethereum network. After the launch of Binance Chain, the ERC-20 BNB token was converted into native BEP2 BNB tokens on the main network through its exchange platform.
Loom has decided to add Binance Chain to its growing list of interoperable blockchains because it wants to empower developers to easily build and deploy their decentralised applications (dApps) at scale with as little effort as possible.
“Plus, dApp developers no longer need to worry about choosing between an ERC-20 or BEP2 standard – because now their tokens can be both,” the announcement reads.
“The functionality we are building out on Loom will allow developers to easily build cross-chain tokens that exist on both networks.”
This means users will be able to send their BEP2 tokens from PlasmaChain and have them converted into ERC-20 tokens. They can then withdraw the tokens to the Ethereum mainnet and vice versa.
Binance Chain – by design – cannot deal with smart contracts. However, with the operability provided by Loom, smart contract functionality will be possible.
Interested in reading more about Loom’s PlasmaChain? Discover more about the Loom PlasmaChain with our guide.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.