NYM token is now live on Binance Smart Chain

The Nym core team has been working with the Binance team and are pleased to announce that the NYM token is now live on Binance Smart Chain (BSC)!

With a new bridge, Nym is now plugged into the Binance ecosystem, allowing NYM token holders to bridge their tokens from the Nyx chain to BSC and engage with the many other tokens and dApps.

Next in the pipeline is to make the NymVPN app available for use across the Binance ecosystem by enabling BEP-20 payments for app subscriptions.

Does this all sound like gibberish to you? Scroll down for a quick explainer of tokens, blockchains, and bridges and why they matter.

Bridge to and from BSC

If you hold native NYM tokens, you can now bridge to the Binance Smart Chain and back using the Nym Binance Bridge.

Requirements to bridge NYM to Binance Smart Chain

• Hold native NYM tokens
• Have wallet browser extensions for each blockchain (e.g., Keplr and Metamask, or any other Cosmos and EVM compatible wallets)

Here is a step-by-step guide on how to use the Nym Binance Bridge:

1. Go to the Nym Binance Bridge

2. Connect your two wallets. (Cosmos is for your native NYM tokens, and EVM is for BSC). Note: You might be notified to add the Nyx chain to your Keplr if not already added.

3. Select whether to swap to or from BSC.

4. Input how many tokens you want to bridge over. Note: total gas fees are approximately 7 NYMs, so make sure you have a spare 7 NYM in your wallet!

5. Insert the recipient address. If you are just bridging to yourself, simply click self and the field will autofill your connected wallet address.

6. Confirm the transaction and your wallet will pop up requesting you to sign. Sign the transaction and wait a brief moment for it to complete!

And voila! You can now use your NYM (BEP-20) tokens in the Binance ecosystem or stake them in the Nym ecosystem.

The live NYM BEP-20 contract can be viewed here.

What is a bridge?

The NYM token “lives” on the Nyx blockchain where the total supply of 1Bn NYM tokens was minted. But there are many other blockchains out there with exciting ecosystems of tokens, dApps, and communities to engage with.

A crypto bridge essentially connects two different blockchains, allowing crypto assets – or even data or smart contract instructions – to move between them. Since most blockchains are built independently with their own rules and tokens, they normally can’t “talk” to each other directly. A bridge solves this by acting as a translator or gateway.

With the new Nym Binance bridge, NYM tokens can now be transferred back and forth between the native Nyx chain and BSC.

What’s next for NYM on Binance?

Binance is one of the largest blockchains, and promises to be a significant trading platform for the NYM token. This is the first significant step in increasing NYM liquidity in global crypto markets. But NYM is more than a token: it’s what powers the network of node operators running the world’s most private network. And NymVPN is your portal.

NymVPN subscriptions will soon be available to purchase directly from BSC, opening the app up to an entirely new market.

Haven’t yet tried out NymVPN?