Glitch integrates with Binance Smart Chain
In order to increase interoperability and cross-chain liquidity, we’re making the GLCH token available on Binance Smart Chain (BSC). From April 29, 2021 onwards, $GLCH can be swapped from the Ethereum mainnet to the BSC mainnet and vice versa. $GLCH will also be listed on BSC’s most popular decentralized exchange, PancakeSwap.
Decentralized finance (DeFi) is currently exploding with activity. As of April, there is almost $60 billion of value locked inside various DeFi protocols. In some senses, this has caused Ethereum to become a victim of its own success. And the resulting high transaction costs and network congestion have led many to start searching for alternatives, one of which is BSC.
The Glitch Bridge
What is the Glitch Bridge? It’s a cross-chain infrastructure modeled on the Binance bridge intended to increase the interoperability between Glitch and various blockchains. The bridge is an immediate upgrade on a users’ ability to shift assets around, initially letting anyone convert their crypto assets to-from Binance Smart Chain and BSC wrapped tokens.
For GLCH holders, the swap ratio for ERC20 tokens wrapped into BEP20 will be one to one — 1 GLCH on Ethereum will be worth 1 GLCH on Binance Smart Chain. Swapping is easy. A user just needs to connect their Eth MetaMask wallet and request a swap by sending tokens to an Ethereum address specified by the bridge.
The user will be charged a (variable )transaction fee, and the bridge server will then lock all tokens until the exchange is complete. Finally, if all necessary conditions have been met, it will credit the tokens to your BSC wallet.
Once you’ve set the parameters, the conversion time is relatively short, taking a few minutes to execute the cross-chain conversion. BSC will be the first test case, but once the Glitch mainnet goes live, we will introduce additional functionality so that tokens can be swapped onto other blockchains.
By integrating with the BSC ecosystem, we will significantly expand the number of staking and trading opportunities available to GLCH holders. A big part of this is the ability to use PancakeSwap, the most popular decentralized exchange on BSC. PancakeSwap is known for its hassle-free user experience and low trading costs.
With a daily trading volume of just under $4 billion and close to 50 million active wallets, PancakeSwap is a thriving marketplace. Listing GLCH on the exchange will not only provide additional liquidity to our ecosystem but also offer a nice incentive to use the ERC-20–BEP-20 bridge.
Ultimately, the success of PancakeSwap and Binance Smart Chain suggests that the current wave of innovation is destined to extend beyond Ethereum to many other chains. The metaverse will indeed not be zero-sum, and we’re excited about this in both the short and long term.
To learn more about PancakeSwap, click here.