Excited to announce our Mainnet will be hosted on BSC! Here’s how to bridge your TOTM
In a move which is set to greatly expand the functionality, interoperability, and accessibility of our non-punitive, staking based predictions platform, we’re very excited to announce that our open Beta will be hosted on the Binance Smart Chain!
After its launch in September 2020, Binance Smart Chain (BSC) has seen a meteoric rise in popularity and adoption, quickly becoming one of the most prominent blockchains for Decentralized Finance (DeFi) and Decentralized Application (DApp) development. Here are some of the reasons why:
- Speed: one of the fastest blockchain transaction times
- Fees: among the lowest fee structures. Increasingly high gas fees on chains such as Eth have made some DeFi protocols unusable
- Security: it uses Proof of Staked Authority (PoSA) as a consensus algorithm
- Rewards: unlike other blockchains, validators are rewarded with transaction fees for securing the network
- Acceptability: many developers love building DeFi apps on the protocol
How to bridge your TOTM from ETH to BSC
TotemFi is a multi-chain token, existing both as an ERC20 token on the Ethereum network, and a BEP20 token on the BSC network. Thanks to our friends at DuckDAO, users are able to seamlessly convert their TOTM across the two networks via the DuckBRIDGE. Here’s how it works:
- Firstly, users will need to make their way over to https://duckbridge.io/, where you’ll see the below webpage:
- Under the “token” section, select TOTM from the dropdown box:
- In the “Chain” section, if you want to move your tokens from Eth to Bsc, have Eth in the left hand box and BSC in the right hand box, and vice versa:
- Finally, simply enter the wallet address you’d like the BSC tokens to go to, and the amount of tokens you’d like to transfer over
- N.B: you’ll need to have BSC enabled on Metamask in order for this to work. Please see here for how to configure your Metamask: https://totemfi.medium.com/how-to-buy-totm-on-pancakeswap-77a2fd6e7ed6
For a full walkthrough on how to use the DuckBRIDGE, please see this great video our friends at New Kids on the Blockchain made:
Congratulations! You’re now able to move TOTM form Eth to Bsc, and Vice versa!
Also, we’re very happy to announce that the DuckDAO team, in anticipation of our Mainnet launch, have set the additional fee for using the DuckBRIDGE to 0% versus the previous 3%. This is to support the TOTM community and ensure a smooth transition over the bridge to use the highly anticipated prediction market platform.
Thanks very much for reading — we can’t wait to see you all on the TotemFi prediction platform on August 17th!