1

This is confusing me a lot. Basically if you have a metamask wallet and have some BNB there, and you use PancakeSwap for example, even if you convert the BNB into ETH or BTC, it won't be the real counterparts but rather the Binance pegged versions.

So that means converting BNB into ETH, you will get B-ETH that lives on BSC that's pegged to a real ETH. If you use Uniswap, it doesn't support BSC, right?

Then the only true way to convert these Binance pegged tokens into real tokens on Ethereum network is to use the Binance bridge?

Is there any other way to do this? Seems extremely limiting and confusing because the Swap platforms all use the same logos and it makes you think you are getting a real ETH, and tranferring this to a wallet like Exodus that doesn't support this type of ETH, will make these stuck in that address no?

3 Answers 3

2

I think the main "problem" here is that BSC is derived from Ethereum - they use the same EVM code (Ethereum Virtual Machine) in the background. Therefore they also have the same underlying native currency - Ether.

What BSC (and many other similar chains) have done is that they simply rename Ethers to be BNB. It behaves exactly in the same way but is just named differently.

Furthermore, all tooling is mostly compatible between these two chains. If a tool (such as Metamask) has been designed to utilize Ethereum chain with Ethers, the same tool can be used to manage BSC by just changing the address Metamask connects to. But then the problem is that Metamask assumes the native currency is still Ethers, and possibly displays everything in Ethers (even if it should be BNB). Note that Metamask is just one example here, lots of other similar tooling.

So, for some tools, there may not be any difference between the chains and they are unable to distinguish between the assets. They only know that they, for example, receive "56 of the native asset" and display to the user that they receive "56 Ethers", without even knowing that the underlying chain is not Ethereum mainnet.

Anyway, to get back to the topic, the only way for you to move between the chains is through a bridge of some sort. So one side freezes your stored asset and another side release the other asset. Also, if you mix up BNB and Ethers, the assets will probably not get stuck since the logic to use them is exactly the same - but I really can't promise that.

1
  • I see what you mean. In the case of Exodus, it won't show BSC ETH in its ETH wallet, it only shows actual ETH. I tried this, it still shows 0. But using bscscan it shows it's not 0. I think Metamask can show this.
    – Joan Venge
    Jun 10, 2021 at 11:55
1

Is there any other way to do this?

No

Seems extremely limiting and confusing because the Swap platforms all use the same logos and it makes you think you are getting a real ETH, and tranferring this to a wallet like Exodus that doesn't support this type of ETH, will make these stuck in that address no?

Yes.

You answered to your own question.

You can always import a private key from unsupported wallets to multichain wallets like MetaMask.

0

so ended getting stuck with binance pegged ethereum bep20 using trust wallet and couldn't find out how to convert it to regular ETH many gave the option to use binance bridge but that doesn't work in the US so I found out a different solution that works on any pegged coin converting back to original coin so you can trade/withdraw to bank or whatever also works on other wallet like metamask, the instructions are on this youtube video it's a bit long, but just pays attention watch whole thing closely and follow every step exactly I had to watch it multiple time to figure it out but it does work https://www.youtube.com/watch?v=8elk26ePqM0 name of video Moving funds from Binance Smart Chain (BEP20) to Binance Chain (BEP2) (Without Binance.US or Bridge) best of luck hope this helps

1
  • Hi erickmil! Welcome to Ethereum Stackexchange! Link only answers are discouraged. It is better to include the main ideas in the answer and use the link just to expand the details.
    – Ismael
    Oct 28, 2021 at 5:07

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.