Bitrue Will Support a 2-Way Bridge for the FNX Token Between its WRC20 & ERC20 Versions
Enjoy a simple means of changing your FNX tokens into ERC20 and participate in upcoming yield farming incentives.
FinNexus continues to develop on its whitepaper dream of interoperable prtocol clusters and deploying its DeFi Crypto Supermarket on many chains. As you may have heard, the second version of our decentralized FNX Options platform will support multiple public blockchains. Initially, what we’re calling FPO V1.0 will be available on both Wanchain and Ethereum. There are plans to expand to other public blockchains such as Elrond in the near future.
We’re excited about FPO V1.0 because it offers an entirely new DeFi concept for liquidity providers to provide collateral to a single liquidity pool, from which options buyers can enter their own bespoke options positions. All in a completely decentralized manner.
Today we’re happy to announce an important first step in the broader FNX multi-chain vision. For our new pooled options concept to function properly, liquidity must be able to flow freely from one chain to another. With the assistance of our great exchange partners at Bitrue, the free flow of FNX digital assets between Wanchain and Ethereum is now possible. Just deposit your FNX WRC20 tokens onto Bitrue and withdraw FNX ERC20 tokens. It’s that easy!
Previously, in anticipation of this critical enhancement of our options platform, which relies heavily on FNX tokens in its execution, we moved part of our FNX token supply to Ethereum on July 27. Subsequently, we locked 379,075 FNX WRC20 tokens on Wanchain and issued the same amount as FNX ERC20 tokens on Ethereum. Currently, FNX ERC20 only has liquidity within an FNX/ETH pair on Uniswap, though we expect liquidity for the FNX ERC20 to blossom on other centralized exchanges soon.
As always, one of our driving forces at FinNexus is transparency. If you have any questions about FNX tokenomics, please refer to our FNX Token Info Dashboard for all the relevant token contract addresses and statistics about the FNX token supply.
Bitrue exchange will ensure the free exchange between FNX ERC20 tokens and FNX WRC20 tokens. The FinNexus team will cooperate with Bitrue to ensure that users can enjoy a 1:1 exchange of the two types of FNX tokens whenever they please. Token holders can deposit either FNX ERC20 tokens or FNX WRC20 tokens into the Bitrue exchange and choose to withdraw FNX of the other type. The liquidity at the early stage will be provided by the FinNexus Foundation.
The exchange process will not result in any additional FNX issuance. FinNexus will ensure the total circulating supply of FNX tokens in aggregate on the market stays unchanged. The FNX Token Info dashboard will be updated in real-time. The lockup address for FNX WRC20 tokens that have migrated, even if temporarily, over to ERC20 tokens will remain the same. It can also be found displayed on the FNX Token Info dashboard.
The 2-way bridge that fosters seamless exchange between FNX ERC20 and FNX WRC20 tokens will be available starting on Thursday, August 6, 2020 at 9 P.M. UTC+8 only on Bitrue.
Stay tuned for more exciting announcements soon. Believe us when we say we have quite a bit in store coming up!
About FinNexus
FinNexus is building a suite of open finance protocol clusters that will power hybrid marketplaces trading both decentralized and traditional financial products. The headline product to be released is a fully decentralized bitcoin (and other cryptocurrency) options model that will live on both Wanchain and Ethereum.
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