In a move which is set to greatly expand the functionality, interoperability, and accessibility of the $TOTM token, we’re very excited to announce that we’ll be moving across to the Binance Smart Chain (BSC)! This means our users will be able to benefit from operating across both BSC and ETH networks.
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.
We’d like to thank our incubator DuckDAO — the top decentralised incubator in the crypto space — for facilitating this transition. DuckDAO recently launched their DuckBRIDGE to unlock a new avenue of growth and greatness for their incubated projects and their community of users.
TotemFi’s migration to the BSC opens up a large number of exciting opportunities for expansion and consolidation within the DeFi space, including the possibility to list our $TOTM token on Binance Smart Chain-based DEXs, which are exponentially increasing in popularity.
To enable the $TOTM token to be traded on BSC DEXs such as PancakeSwap, holders will simply need to convert it on the DuckBRIDGE platform, and then transfer it to a BSC wallet (MetaMask can be easily adapted to this). This will allow for much greater scalability of the token, as well as a host of additional benefits.
Benefits of BSC:
- Speed: one of the fastest blockchain transaction times
- Fees: among the lowest fee structures. Extortionate gas fees are set to become a thing of the past with BSC!
- Security: it uses Proof of Staked Authority (PoSA) as a consensus algorithm
- Validators: 21 validators stake BNB the native Binance ecosystem token
- Rewards: unlike other blockchains, validators are rewarded with transaction fees for securing the network
- Acceptability: many developers love building DeFi apps on the protocol
$TOTM’s ERC-20 token is directly translatable to the BSC’s BEP-20, meaning the transition should encounter minimal friction. Our token has already been deployed to the BSC testnet, and deployment to the mainnet is booked for Monday, 19th April. The DuckBRIDGE is also fully permissionless, meaning users will be able to freely switch between the Ethereum and Binance Smart Chain networks.
We’re also integrating this migration into our dApp development, and when it’s live it will be operable across both BSC and ETH chains. This migration is just one of the exciting developments we’ve got in store for our project; with even more big plans for expansion on the horizon, the future looks incredibly bright for TotemFi and the $TOTM token!
It’s important to note that this BSC migration will not affect token vesting schedules or any other aspect of our tokenomics; it simply means our users will be able to benefit from both blockchains!
Thanks for reading,
About Binance Smart Chain
Binance Chain was launched by Binance in April 2019. Its primary focus is to facilitate fast, decentralized (or non-custodial) trading. Perhaps unsurprisingly, the biggest decentralized application (or DApp) on it is Binance DEX, one of the friendliest decentralized exchanges out there. You can use it via a web interface at binance.org or through its native integration with Trust Wallet.
DuckDAO is one of crypto’s leading decentralized incubators. Their community is led by crypto pioneers who have supported over a hundred projects in the last four years. With a huge community of investors, their experience with fundraising and marketing along with their expertise in crafting token metrics have made DuckDAO the leader in the crypto fundraising sector.
TotemFi’s decentralised app (dApp) launches in early 2021, sign up to our mailing list now at www.totemfi.com for news, exclusives and further incentives.
Please do get in touch with any ideas or feedback as we will always be looking to work with the community to better the project.
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