Binance Smart Chain here we come
In the coming weeks we are excited to announce that we will be launching our limit order app on Binance Smart Chain (BSC). However this does not mean that we won’t continue to exist on the Ethereum blockchain as well. This is a progression of our app and expansion to additional blockchains.
BSC offers many advantages that will benefit users on the UniTrade app. A big one is the transaction costs are much lower than Ethereum and by design those fee’s will stay low as more users continue to make the switch to Binance Smart Chain. Another one is the transaction speed is much faster. Both of these features work out great for a decentralized trading application like UniTrade — making the expansion to BSC an easy decision for us.
When will this be live?
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The past few weeks we have been doing a major overhaul of our current app, https://unitrade.app/ to seamlessly integrate with both Ethereum and Binance depending on what web3 client you are connected to. In addition we have already deployed a modified UniTrade limit order contract on BSC which we have been testing with Pancake swap.
Currently there isn’t an exact launch date but I can confidently say that we are at least 50% complete with the integration. It’s most likely to take an additional 3–4 weeks to finish up. More updates will be posted as we hit milestones for this progression of UniTrade — as well as invites to a beta testing group soon.
Which trading pairs will be available?
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Currently on Ethereum blockchain we are integrated with Uniswap, which has a majority of the top ERC20 pairs. For BSC we will be integrating with Pancake swap, https://exchange.pancakeswap.finance/ , which has a similar utility as Uniswap. You can view trading pairs on their website, all which will be available on UniTrade.
Binance Smart Chain has similar functionality for creating tradable tokens as Ethereum. The transition between the two chains is fairly straightforward if you are familiar with trading ERC20 tokens.
How will fee’s be distributed?
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There are a couple solutions we have been exploring. We could potentially transfer back all the fee’s generated on the BSC version back to the Ethereum blockchain and award stakers ETH. This is a bit more centralized as we would have to make these transfers each week. The other option would be to expand the TRADE token on the Binance Smart Chain and award stakers separately from the Ethereum blockchain solution. Both are viable options we are exploring.
More coming soon! 🦄🚀
