[App v4.4.2] Incognito - Binance Smart Chain bridge

We are excited to launch Incognito - Binance Smart Chain (BSC) bridge. If you are on Incognito app v4.4.2, you would be able to shield and unshield BEP20 tokens with very affordable fees. In case you are on an older version, please go to App Store (iOS devices) or Google Play (Android devices) to get the update.

As mentioned in the proposal, you may need a wallet to interact with BSC so please look into the very good tutorial to install (if needed), configure, and connect your wallet to BSC.

Also, you may need to convert public coins (say ETH, BTC, etc) to Binance-peg coins (e.g wrapped ETH, BTCB, etc) prior to shielding or convert the Binance-peg coins back to public coins after unshielding. To do those, you may have a look at the Binance bridge user guide. For those who are in Binance services’ restricted regions like US residents, you can work around it by using Trust Wallet or Binance Chain Wallet (extension, tutorial, academy, Youtube tutorial).

Just like the recent feature launches, the following video will walk you through steps to shield and unshield BEP20 tokens.

At this point, you are able to understand how to shield & unshield BEP20 tokens with Incognito - BSC bridge. The only thing left you need to notice is the fees. This is an unshielding transaction done on mainnet, it costs only $0.27 so a shielding transaction should be even cheaper.

Any feedback would be appreciated, please share your thoughts in the comment below or create a ticket for our support team in case you encounter any issue. Thanks.

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This is a big deal and a great improvement. This is so awesome and you all work very fast :grinning:

Can protocols integrate with the binance bridge? I’m just wondering if bridge could be integrated so that I could withdraw my ERC20 tokens via BSC. Or maybe inside the app we could bridge ERC20/BEP20 like Trust Wallet does according to your post. (I’ll have to try Trust Wallet’s integration because I haven’t used it myself).

Still this is a nice step forward and I appreciate all of your efforts :grin:

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Huge leap forward for shielding! Great work guys! Now we just need to get silicon so I can buy a node!

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Hey @marko, sorry for the late response.

Currently, we’re figuring out more use-cases for shielding BSC tokens (just like what you said). There are two things we’ve been working on for a few weeks now:

  • Having ERC20/BEP20 pairs on the pDEX with very low slippage, in case you don’t know yet, we’re working on a new protocol to solve problems of the current pDEX, one of those is about capital inefficiency of the original AMM curve. I believe there will be a demand for exchanging an ERC20 token with its counterpart in BEP20 with low slippage. The ETA for the new pDEX is in 2 months, please stay tuned.

  • Having an application for shielded BEP20 tokens, we’re working on bridging to a BSC lending platform, people will be able to lend or borrow crypto-asset anonymously via the Incognito - BSC bridge, this is a pilot application to see there is a demand for anonymous lending or not before considering building this kind of application natively on Incognito chain.

Additionally, a proposal for explaining the new pDEX protocol will be published today (sorry it delays a bit since we changed the design significantly), please help share your thoughts with us if you’re interested in it. Thanks again.

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Having a very low slippage ERC20/BEP20 pair on pDEX is a good solution as long as there is sufficient liquidity. I’ll stay tuned for the developments and maybe I can provide liquidity on at least one pair. Great ideas! Thanks for your work!

Thank you for this update!

In the Shielding screen of the app there appears to be 2 types of BNB: One for the “regular” BNB and another one for the new BSC. Is there a way to move over the BNB we had already shielded in the app before the BSC bridge was built, into the BSC version?

Trust wallet has a bridge

1 Like

Got it. So I’ll unshield & send my “old” (BEP2) BNB from Incognito to my Trust Wallet, and then convert them into BSC BNB (BEP20) there.

Thanks!

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