The LABEL Foundation is bridging over to Binance Smart Chain through the MultiBaas Middleware
The official deployment of the LABEL on Binance Smart Chain
LABEL is an unparalleled NFT infrastructure built on top of Ethereum Network, powered by LBL utility and governance token with a unified goal to establish a fair ecosystem with the permissionless integration of IP rights. LABEL provides a decentralized P2P platform to access world-class entertainment-education content through the DAO voting system, allowing contributors to participate in the NFT shareholding mechanism.
We are excited to announce the official launch of the bridge to Binance Smart Chain through the MultiBaas Asset Portal in collaboration with Curvegrid. This marks a significant milestone in the development of our NFT infrastructure, as we expand our presence to the Binance Smart Chain. The MultiBaas Bridge — a cross-chain digital asset portal that is used as an ultimate solution for moving LABEL’s ERC20, ERC721, and ERC1155 tokens between compatible blockchains. From now on, the users will have an access to convenient and smooth cross-chain transmission of LBL tokens in both BEP-20 and ERC-20.
The Rationale on the Migration to the Binance Smart Chain
It should be noted, that LABEL’s migration to the Binance Smart Chain is the first step on our way to becoming an ultimate Multichain NFT Infrastructure with the content incubation enabled on different blockchain networks. However, we are mainly planning to operate our Dapp on top of the Binance Smart Chain to further support the growth of the BSC ecosystem.
The integration of the LABEL’s native LBL token and its features on the Binance Smart Chain will enable advanced smart contract capabilities and massive computation for the LABEL Foundation, which will achieve sustainable, scalable, and secure performance on top of the Binance Smart Chain. This will allow users to take advantage of its low fees and high throughput efficiency.
In a nutshell, the majority of the Dapp is based on Ethereum mainnet, however, the gas fee upward trend on Ethereum mainnet makes users think twice before transferring a small number of tokens or NFTs, thus the current situation with the gas fees on is still a huge barrier for small transactions. Meanwhile, promising mainnets like BSC is characterized by fast decentralized transactions with high TPS (transactions per second) and low fees. This integration enables high-tech smart contract functions and large-scale calculations, enabling low fees and high throughput efficiency. That’s why projects with long vision like Label Foundation can see the upcoming issue for LBL token holders and solve it by making the Dapp multichain.
Compatibility of Ethereum and Binance Smart Chain
BEP-20 version of the LBL Token does not replace existing ERC-20 LBL tokens. However, the smart contracts (BSC and Ethereum Mainnet) of the two tokens coexist and power the interoperable bridge to move the token from one end to the other. Therefore, the ERC-20 LBL token of the LABEL operates on Ethereum, and the BEP-20 LBL token operates on the BSC. Through the BSC Bridge, LABEL can create new use cases of LBL tokens (BEP-20) and expand the ecosystem by expanding accessibility in conjunction with various projects.
A further explanation of the bridge usage will be uploaded in our next announcement, once the bridge UI is reflected on our website. Stay tuned.
About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible DApps.
For more information on Binance Smart Chain, visit the website here.
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