What is the Panama Project?
Binance Panama Service is rebranded with a new name: Binance Bridge. https://twitter.com/Binance_DEX/status/1321281307003924481
Panama is a bridge service that provides access to inter-blockchain liquidity for decentralized applications on Binance Chain and Binance Smart Chain. The bridge allows crypto assets to be converted between the native blockchain and Binance Chain/Binance Smart Chain.
The conversion will take less than 2-3 minutes, with zero conversion fees. You only need to pay the network fees when sending a token to the bridge and fees for moving the converted asset to the destination address.
Panama will support more digital assets soon.
Learn more here: https://www.binance.org/en/bridge
How to Peg-Out Assets (V1)
Peg-out refers to the transfer of assets from the Binance Smart Chain (BSC) to Ethereum and other blockchains.
Install Binance Chain Wallet Extension
You can follow this guide in order to get the extension configured on your computer: How to Setup Binance Chain Extension with Trust Wallet
Access Panama Site
Using your browser, go to this site: https://www.binance.org/en/bridge. Tap on Connect Wallet to link the Binance Chain Extension Wallet.
Click on Peg-out and choose the asset that you would like to convert. For this guide, we will choose BUSD.
Set the Amount and Destination
Input the Amount that will be converted and indicate the Destination address. Click on Next to proceed.
Double check the transaction before clicking on Confirm .
Submit the Transaction
The funds that are on the Binance Chain Extension wallet will be used. Once you are ready, click on Submit transaction via wallet.
A Binance Chain Wallet window will popup. Scroll down to see the Confirm button.
Click on Confirm to submit the transaction.
Wait for Confirmation
The tokens on the Binance Chain Wallet will be sent out, the conversion might take a few minutes.
A confirmation window will show the progress and you will see two checks once it is done.
The BUSD has been successfully sent out.
If you have used the same Recovery Phrase from your Trust Wallet app, you can confirm the transfer. As shown on the screenshots, the BUSD BEP20 was sent out and received as BUSD ERC20.
How to Peg-Out Assets (V2)
The interface has been slightly updated and it has become more simplified.
After selecting an asset you are trying to Peg-Out, click on the Arrow to change the Source.
You are now transferring assets from Binance Smart Chain to another network.
Tap on the down arrow for the Asset on the “To” field to select the destination network.
Put the amount and the destination address then hit Next.