The EIFI Token launches on Binance Smart Chain (BSC)
EIFI Finance Community members have been asking to use the EIFI token on BSC’s vibrant DeFi ecosystem. Now the token will be entering a new world of trading platforms, lending platforms, and other decentralized use cases.
Last year, the DeFi world exploded around Ethereum but soon found users craving a lower-fee alternative. In September of 2020, BSC was launched, founded around a high throughput, low fee Ethereum-compatible chain. Binance decided to keep much of the code base of Ethereum, partly to make it easy for developers and users to quickly adopt the Layer Two technology.
The ecosystem grew quickly around platforms such as Pancake Swap and Ellipsis Finance, and now is rivaling other top networks such as Ethereum and Polygon in metrics such as on-chain transactions and Total Value Locked (TVL). That makes it attractive to developers, especially considering the large number of users that can access the network via Binance’s centralized exchange.
That’s Great, But What Took So Long?
Many community members have expressed their desire to use the EIFI token in BSC’s growing DeFi ecosystem. However, decentralized ecosystems are rife with risk and uncertainty. Many of the third-party bridges have custodial risk, not to mention a fee for users or projects that want to transfer tokens. To mitigate this, EIFI Finance built their own smart contract bridge on BSC. The smart contract can be viewed here: Link
EIFI tokens process can be reversed by burning the EIFI tokens to unlock the BSC Network. In this way, the circulating and total supply numbers are not affected. Currently, only the team is able to access the bridge, but with more development, the bridge will be given a frontend and more features will be added, allowing anyone to transfer EIFI between BSC trustless environments. Do not attempt to use the bridge until this time, or your funds may be lost.
So How Can Users Bridge Their Assets?
EIFI Finance is a decentralized platform, will allow users to deposit or withdraw tokens on BSC (BEP-20 standard) beginning on July 16th at 14:00 (UTC +8). To jumpstart liquidity on BSC, BNB has bridged 1m from the Dex exchange custodial wallet (the circulating supply has not increased as part of this transaction).
What Will This Lead To?
Once on BSC, there’s a number of exciting platforms that the EIFI token can integrate with. Over the next few weeks, we will explore these partnerships including adding support for our own EIFI EIFI/BUSD pool (See below for more details on that).
For EIFI Finance, this is another step towards becoming a platform that unifies many of the fragmented CeFi systems in the digital asset space. EIFI will continue to add support for more assets and more networks, driving more users to make EIFI their home for trading assets with deep liquidity and zero fees.
Summary-
Eifi Finance offers users a large variety of assets on EIFI Finance AMM Dex platform. EIFI Finance will be ready to support users by giving access to their deep liquidity pools with EIFI tokens. By supporting EIFI tokens and providing EIFI users with more liquidity and a better trading experience with its AMM Dex Platform, EIFI Finance can in turn acquire more flow from trading activities on EIFI AMM Dex to benefit our own users and ecosystem, in a reciprocal relationship of liquidity. The two entities will continue to work together to improve the trading environment on both EIFI AMM DEX and the Binance smart chain network.
EIFI Finance Official Channels:
Twitter: https://twitter.com/EifiFinance
Facebook: https://www.facebook.com/Eifi.finance
Medium: https://eififinance.medium.com/
Telegram Group: https://t.me/Etheryieldfarming
Telegram Channel: https://t.me/etheryieldfarmingofficial
