Poly Network is an interoperability protocol that allows for cross-chain sharing of assets and information. Once complete, the implementation will allow applications and tokens on BSC to connect with and transfer across to other participating blockchains.
BSC was built to run in parallel to Binance Chain, which was designed for high-performance trading but does not have smart contract functionality. The integration of Poly Network is aimed at providing further liquidity to assets in the Binance ecosystem by making it possible to use them on a greater range of platforms.
In a statement to Tech Node, a Poly Network representative said, “[We] hope the [Binance Smart Chain] partnership will bring network effects, meaning the value of the network will increase exceptionally as network participation grows.”
Poly Network is already the cross-chain provider for Switcheo’s TradeHub and the Flamingo Finance DeFi platform. In its first six months, Poly Network has facilitated more than US $3 billion in cross-chain transactions. Other platforms working with Poly Network include Bitcoin, Ethereum, Neo, Ontology, Elrond, and Cosmos networks.
The full announcement can be found at the link below:https://polynetwork.medium.com/leading-interoperability-alliance-poly-network-joins-hands-with-binance-smart-chain-to-drive-56fee56b7090