Ann #49: Major steps towards a decentralised future!

Hi

Putting our best efforts forward we brought you all Bitdroplet and the amount of love received made it a true success thereafter. Bitdroplet was the first bitcoin SIP of its kind globally and in a very short span of time, we crossed 100s of thousands of goals with our users benefitting from over 15 crores in positive portfolio returns over time. Crypto has its roots in decentralisation and staying true to the pioneering innovative spirit we now bring the decentralised SIP version of it for you all.

Why a decentralised version?

A decentralised version gives you control over your funds. You no longer need to trust any intermediary for your funds. And it would keep operating irrespective of whatever happens — server outages, database failures or any other issues that might occur. As long as the binance smart chain / ethereum network is operating, it shall continue to work. One of the secular themes of this particular decade is that a lot of the centralised things including social networks like Twitter to be decentralised and made on top of crypto. We are taking the next steps towards decentralisation after having launched a launchpad with ascent and creating bns.finance we present you decentralised SIP. The decentralised SIP would be on multiple chains. Binance smart chain, ethereum and other more chains. We are starting with the binance smart chain to offer users the benefit of low fees and faster transactions.

How does it work ?

Tutorial:

1. Install metamask app or extension from https://metamask.io/
2. Log in and take a backup of your keys on a paper (12 words seed phrase would be there)
3. Go to How to configure binance smart chain on your metamask from this link
4. Deposit Funds to your metamask wallet, using binance exchange or trust wallet. You can deposit BUSD/BNB/USDT on binance smart chain from binance or using trust wallet.
5. Now visit bitdroplet dapp & connect your wallet.
6. You should be on BSC mainnet for the website to work

7. You can see your Metamask wallet balance on Left & contract wallet balance on right.

8. Go to Explore tab & choose a pair from the predefined list of pairs to start SIP or you can create a custom pair also.

9. Fill in the SIP configuration, SIP Amount (amount of token you want to spend per installment) & frequency of installment.

10. Complete the 3 step process to start the SIP.

A. For example, you choose the WBTC / USDT pair. Meaning Get WBTC by giving USDT tokens.

B. Step 1: Allow the contract to spend a one-time fee (WBNB token) & deposit the fee to the contract address. The one time fees on the binance smart network is 0.01 WBNB

C. Step 2: Allow contract to spend USDT token & also deposit USDT to contract address. You will choose how many installments worth USDT you want to deposit. For eg: 10 installments worth or 20, 30, etc. So that contract can continue SIP installments without running out of USDT. Ensure you deposit USDT or BUSD or WBNB only from binance smart chain address. The minimum WBNB that you need to maintain is 0.05 WBNB. If the balance ever goes below that your SIP would stop.

D. Step 3: Approval step to start your SIP.

11. Your current SIPs will be shown on the home page under Your SIPs card.

12. Use the Deposit tab to deposit tokens to the contract wallet.

13. Use the withdrawal tab to withdraw tokens from the contract wallet to your metamask wallet.

Benefits of the SIP:

How does it correlate to the bnsd and bns ecosystem?

You can pay fees by BNS/ BNSD on the SIP. This would be added in the next iteration of the contract.

20% of the fees collected from the SIP would be used for buying BNS and BNSD forever. Month wise users would be able to see the fees burnt. As volume scales on the SIP front on the decentralised version this is going to create a perpetual buy pressure on BNS and BNSD.

We have worked a lot in optimising the slippage to the minimum. The contract efficiently figures out the path of minimum slippage and provides a seamless option for users to make an SIP using a stablecoins like USDT and BUSD.

And the biggest surprise is that now you can do SIP in anything. In any coin of your choice. We have already created pairs for the top 20 coins which can be found here.

Not just this you can also do custom SIP using the custom pair option below

So you can do an SIP in bitcoin using chainlink tokens or SIP in ETH using BNB tokens. This is a true game-changer for believers of a particular token. Imagine you have certain tokens of a particular coin and you want to hold them but at the same time take exposure in some other token you can use this to SIP into a new token.

Onwards towards making a more decentralised future. We are the world’s first decentralised SIP.

Onwards and upwards

Team Bitbns