The NYM utility token is now on BNB Chain

NYM token is now integrated into BNB wallets by default

Author: Nym

November 29, 20224 mins read

NYM token is now integrated into BNB wallets by default

We are pleased to announce that Nym has made a bridge to the BNB Chain thanks to Celer! The NYM utility token is now available as a BEP-20 token. What does this mean? It means that real $NYM can be used on BNB Chain, opening a pathway to privacy for the BNB ecosystem while keeping users SAFU from the many scams involving fake $NYM on BNB Chain. From now on, 0xDD2612c292431aaa727fE24d1a8AfBE4928Bbc55 is the only valid NYM token address on BNB Chain!

Originally initiated by Binance and now a community-driven, permissionless and decentralised ecosystem, BNB Chain is the world’s largest smart-contract blockchain in terms of transaction volume and daily active users as of October 2022.

The NYM token is the utility token of the Nym mixnet — a powerful privacy system that protects network layer communications from traffic analysis, metadata and IP surveillance. By using the mixnet, your communications will be protected from apps and wallets that are gathering your IP addresses as well as observers watching the whole network.

Holders of NYM (ERC-20) tokens can use cBridge to bridge their NYM tokens from Ethereum to the BNB chain and back. This means that native NYM (Cosmos) tokens are now accessible for the BNB ecosystem if two bridges are used (cbridge and GravityBridge), enabling people to bond and run mixnodes, delegate stake in the mixnet and contribute to operating the privacy system.

How does the bridge work?

cBridge uses a lock-and-mint model, creating a mapped version of the NYM token on the BNB Chain.

When a person transfers the token from Ethereum to BNB chain, the $NYM (ERC20) will be locked on Ethereum and an equal number of $NYM (BEP20) will be minted in a 1:1 pegged ratio and sent to you on the BNB Chain, maintaining stable supply across chains.

Conversely, when a person transfers from the BNB chain back to Ethereum, the $NYM (BEP20) will be burned on the BNB chain and an equal number of $NYM (ERC20) will be sent back to you on Ethereum.

You will have to pay a bridge fee which consists of a ‘base fee’ and ‘protocol fee’. The ‘base fee’ covers the gas fee on the destination chain, in the form of the $NYM in that chain’s format. The ‘protocol fee’ is paid as incentives to the cBridge LPs, validators and stakers, ranging from 0–0.5% of total transfer amount. Overall, the bridge is very cheap and fast!

How to use the bridge

Go to (https://cbridge.celer.network/1/56/NYM) and connect to Metamask Ethereum Mainnet
Choose NYM token from the token list
Input the amount of NYM tokens you wish to bridge to BNB Chain

4. After inputting the amount of NYM tokens, you can see the exact fees that you will be charged underneath and the estimated time of arrival.

5. After the transaction has been submitted on chain, the top right will show if the transaction is pending or completed. You can also find the transaction details on etherscan or bsccan.

6. The switch from Ethereum Mainnet to BNB Chain on Metamask. If you have not already added BNB Chain, use the configuration information below: Mainnet (this is probably the one you are looking for)

Network Name: BNB Chain
New RPC URL: (https://bsc-dataseed.binance.org/)
ChainID: 56
Symbol: BNB
Block Explorer URL: (https://bscscan.com)

7. Import BEP20 version of NYM token in your Metamask wallet: 0xDD2612c292431aaa727fE24d1a8AfBE4928Bbc55, then you should be able to see the amount of NYM tokens appear your wallet.

NOTE: 0xDD2612c292431aaa727fE24d1a8AfBE4928Bbc55 is the only valid NYM token address on BNB Chain, beware of scams!

We are always looking for new community members to run nodes and create privacy-enhanced applications on top of Nym. Join our community to participate and keep up to date:

Essential links

The Nym architecture