User Guide

Introduction

img Introducing Panama Swap, a bridge service providing access to inter-blockchain liquidity for Binance Chain, Binance Smart Chain decentralized applications, and bring valuable assets to Binance Chain ecosystems.

Peg-In Procedure

Peg-in procedure allows users to swap the native tokens to the equivalent of pegged tokens on Binance Chain or Binance Smart Chain. The following steps are taken:

  1. The user creates a Swap Request to Panama Service Provider
  2. Panama Service Provider allocates a deposit address
  3. The user has to deposit the agreed amount of native tokens to this address. If the equivalent is not sent before the deadline, the native tokens are refundable.
  4. Panama Service Provider will take notice of the upcoming transfer and send the equivalent pegged tokens to the receiver’s address
  5. The user can see the change of his balance of these pegged tokens.
  6. Panama Service Provider will lock the original tokens. img

Peg-Out Procedure

Peg-out procedure allows users to swap the equivalent of pegged tokens on Binance Chain or Binance Smart Chain to the native tokens. The following steps are taken:

  1. The user creates a Swap Request to Panama Service Provider

  2. Panama Service Provider allocates a deposit address

  3. The user has to deposit the agreed amount of pegged tokens to this address. If the equivalent is not sent before the deadline, the pegged tokens are refundable.

  4. Panama Service Provider will take notice of the upcoming transfer and send the equivalent native tokens to the receiver’s address

  5. The user can see the change in his balance of these native tokens.

  6. Panama Service Provider will lock the pegged tokens. img

Supported Assets

Current list:

Many more assets are coming soon ~

Peg-in User Guide

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  • Unlock your Binance Extension wallet to choose your destination address

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  • Enter Swap Info

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  • Wait for the deposit to finish

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  • Transaction Result

Successful

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Failed

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Peg-out User Guide

  • Install Binance Extension Wallet
  • Go to swap page, click on the “Peg-out” tabClick on “Connect Wallet” img

  • Unlock your Binance Extension wallet to choose your source address. Please note that you can only exchange your assets on Binance Smart Chain to their equivalents. Make sure that you have switched to Binance Smart Chain network.

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  • Enter Swap Info

Please make sure that:

  • The address is the one you control in the destinatioin blockchain.
  • The amount is above the minimium requirement

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  • Confirm the swap amount.

Please note that the fixed amount of network fee will be charged for now. The actual amount you will receive is shown in the box.

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  • You will have to transfer the exact amount of BEP20 tokens to an allocated address.

Please complete your deposit before the close time in a single transfer transaction.

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  • Binance Chain Extension wallet will pop up a window for your approval.

Please double-confirm the destination address and amount.

To pay for the deposit transfer, you have to have enough BNB to pay for the network fee.

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  • Wait for the network to confirm the transaction

As Binance Smart Chain's average block time is about 3s, you should see the confirmation very soon.

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  • Wait for Panama Bridge Service to transfer native tokens to your address

Please note that this process can take some time according to different blockchains.

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  • Double-check the balance of your destination address after the transaction is confirmed on the blockchain

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In Conclusion

Recently, Binance.com announced Project Token Canal, which is a new initiative, similar to many existing ‘wrapped coins’ in the crypto community. As the largest crypto token vault and exchange, Binance.com will issue and bind more token assets on Binance Chain and Binance Smart Chain, and guarantee the conversion from and to the original tokens with credibility and infrastructure.

Project Token Canal is a great option for users of Binance.com, while Panama Swap is the powerful alternative for non-Binance.com users and more. These two channels will work together to provide more liquidity to Binance Chain ecosystem. Peg-out feature will be available soon.

Reminder

Warning

Please try a small amount before swap a large amount.

  • If your deposit transaction is sent shortly before the closing deadline, there is a great chance that the transaction will not be confirmed before closing time.
  • The deposit address will be allocated for every swap, please don’t reuse it in the future.
  • If your deposit was already closed, please don’t transfer any tokens.
  • If your deposit transaction value is not enough, you cannot complete your deposit with multiple transactions. Please wait for this swap to expire, and start a new one

FAQ

  • Missing withdraws?

You can always track the status of their swaps at this page

For pending once, please wait a bit longer to wait for this swap to complete.

For failed ones, please contact the customer support team for further info.

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  • How do I check the transaction status on the blockchain?

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The related transaction ID will be displayed at the detail page. You can click the link and see the transaction on the blockchain.

  • Withdrawal to a Wrong Address when Peg-in?

Please pay attention to network type.

The address of Binance Chain and Binance Smart Chain has different formats. In case of any kind of failure, please contact the customer support.

  • What’s the fee structure for Panama Swap?

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A fixed network fee will be charged according to different networks. The amount differs within different blockchains.

  • Can I reuse the deposit address?

The deposit address will be allocated for every swap, please don’t reuse it in the future.

  • Can I complete my deposit with multiple transfers?

You cannot complete your deposit with multiple transactions. Only your first deposit transaction is counted. Please wait for this swap to expire, and start a new one