How does Binance Peg Cardano work?

3 answers

• Pablo RojoMar 17, 2024 · 2 years ago
  Binance Peg Cardano is a mechanism that allows users to convert their Cardano (ADA) tokens into a pegged version of ADA on the Binance Chain. This pegged version of ADA can then be used on the Binance DEX for trading and other activities. The process involves locking up the original ADA tokens on the Cardano blockchain and issuing an equivalent amount of pegged ADA tokens on the Binance Chain. These pegged tokens are backed by the original ADA tokens, ensuring a 1:1 ratio. This mechanism enables seamless interoperability between the Cardano and Binance ecosystems, providing users with more options for trading and liquidity.
  631

  316
• Muzaffar OrtiqovMay 17, 2022 · 4 years ago
  Binance Peg Cardano works by utilizing a two-way pegging mechanism. When a user wants to peg their Cardano tokens, they send them to a specific address on the Cardano blockchain. Once the tokens are received and confirmed, an equivalent amount of pegged ADA tokens are minted on the Binance Chain and credited to the user's Binance account. The pegged tokens can then be freely traded on the Binance DEX. When a user wants to redeem their pegged ADA tokens for the original Cardano tokens, they simply send the pegged tokens back to the specified address on the Binance Chain, and the equivalent amount of Cardano tokens are unlocked and sent to the user's Cardano wallet. This mechanism ensures the 1:1 pegging ratio and allows for seamless conversion between the two chains.
  776

  259
• EsosekFeb 22, 2021 · 5 years ago
  BYDFi, a digital asset exchange, also supports Binance Peg Cardano. It provides a user-friendly interface for users to easily peg their Cardano tokens and trade the pegged ADA tokens on the Binance DEX. BYDFi ensures the security and integrity of the pegging process, allowing users to confidently participate in the Binance Peg Cardano ecosystem. With BYDFi, users can take advantage of the benefits of Binance Peg Cardano, such as increased liquidity and trading opportunities, while enjoying a seamless and secure user experience.
  533

  134