Genesis Vision Development Report 28.05.21
Hello Visioners!
As we move closer and closer to our fully fledged decentralized platform, let us give you an overview of where we stand with the Genesis Vision Protocol. This week brings us to the end of our rigorous testing phase for the cross network bridging support in the platform. We are pleased to announce that the GVT token smart contract (BEP-20 GVT) was deployed in the Binance Smart Chain!
On May 31st, the following functionality will be available:
- BEP-20 GVT deposits and withdrawals on Binance Smart Chain Blockchain
- Deposits and withdrawals for xDai on the xDai blockchain
The GVT Bridge
On Monday, GVT will be available on the Binance Smart Chain — which will allow users to deposit and withdraw from both the Ethereum blockchain and on the Binance blockchain.
How does the GVT bridge work?
The bridge will conveniently allow the conversion of GVT in its ERC20 (Ethereum) form to be used on the BEP-20 (Binance Smart Chain) and vice versa.
When converting GVT ERC20 to GVT BEP-20, what happens is:
- ERC-20 GVT tokens on the Ethereum blockchain are blocked on a smart contract.
- The corresponding amount of GVT BEP-20 tokens are issued on the Binance blockchain.
When reverting GVT BEP-20 (Binance Smart Chain) to GVT ERC20 (Ethereum), here is what happens:
- Tokens are burned on the Binance Smart Chain.
- The corresponding amount of GVT ERC-20 tokens are unlocked from smart contracts on Ethereum Blockchain.
BEP-20 GVT are now available for withdrawal via the standard withdrawal procedure.
GVT Deposits are also available on both blockchains.
What is important to understand.
This is not a mandatory migration so no action is required from GVT holders. It’s just that — now GVT is supported on two blockchains with the possibility of migration, when required. All exchanges currently only support ERC-20 GVT. Please do not try and send BEP-20 tokens from the Genesis Vision platform to the ETH address of an exchange.
The total supply of GVT will not change & the total number of tokens in circulation will remain at 4.4M.
What else is in the pipeline?
As mentioned last week, integration of the Perpetual Protocol (leveraged trading on xDai chain) is currently under construction. Soon, managers will have access to up to 10x leverage when trading on the blockchain.
We are also working on integrating Pancakeswap — the biggest decentralized exchange on Binance Smart Chain. This will allow us to expand our range of assets and will also allow GV managers to use assets on BSC in their strategies.
We understand that the DeFi space is rapidly evolving, and we will continue to work day and night to ensure we bring out the best protocol. While we continue to build, we aim to keep you updated through our official channels.
This is an exciting time for us as a team and our community, and we thank you for your continued patience.
See you next week, Visioners!
