The Lition team is excited to announce that we are offering support of the Binance Chain BEP-2 protocol to the LIT token and apply to list it on the Binance DEX. This collaboration between Binance and Lition aims to support the spirit of interoperability within the Blockchain space to create one of the biggest multi digital asset ecosystems of our time. Not only is Binance one of the biggest centralized cryptocurrency exchanges, the newly released Binance DEX is also one of the most promising decentralized exchange solutions.
Unlike other (decentralized) exchanges, is the Binance DEX an open marketplace for fairer exchanges for assets. There is no more concept of Maker or Taker but all trades are grouped to happen in blocks. Within each block, the algorithm tries to maximize the trade quantity while keeping all buy/sell limits. This also makes front-running and other techniques a lot more difficult, ultimately giving more benefits to fair and honest traders.
We at Lition have always truly believed in decentralization, and are therefore keen to encourage this movement by actively supporting the Binance Chain with its BEP-2 token standard by releasing a bridge from the current Lition ERC-20 standard.
Multi Token Model
Lition was originally conceptualized as a Layer 2 scaling solution built technology-agnostic on top of a mainnet. By doing so, sidechains are anchored onto other Blockchains to allow features for privacy, deletability and full enterprise GDPR compliance. Initially, we have started with Ethereum, and have recently announced Tomochain as mainnet specifically geared for use-cases requiring many sidechain->mainnet synchronizations or absolute finality in mainnet anchoring transactions. We will also be providing integration with other blockchains that provide positive synergistic benefits to our ecosystem in the near future.
Binance Chain will be an additional chain that will be supported once full integration is completed. This will help us to achieve more liquidity via the Binance Chain ecosystem and near-instant transactions using the BEP-2 token standard. While the Binance Chain will not be used to anchor sidechain transactions as it is designed as underlying protocol for the decentralized Binance Exchange, we will work on allowing BEP-2 token holders to use their tokens for staking in side-chains as part of our Proof-of-Stake protocol — in a very similar way like the ERC-20 staking works as described in our whitepaper. Technically, we will work on using Oracles Staking Bridges in which stakers can deposit their BEP-2 tokens for usage in our Lition Proof of Stake consensus protocol to participate in block rewards.
It’s always the “same” token, with the same supply. Just a different way of representation. Therefore, we will offer Bridges with which users can move their tokens from one supported Lition mainnet to another for a 1% fee that is burned. How will this work in detail?
- Ethereum (ERC-20) to Binance (BEP-2): We will provide you with a link of a dedicated website that guides you through the transfer. You will need to provide your ERC-20 address and your Binance Wallet (starts with bnb…) and send the LIT in ERC-20 standard to a special address.
- Ethereum (ERC-20) to and from Tomochain (TRC-21): As both protocols use the same private key and wallet generation method using the secp256k1 elliptic curve method, you can use the same private key and wallet for both chains. Therefore, you will be able to send ERC-20/TRC-21 tokens to a special Lition wallet and receive tokens on the other chain. This route has a 1000 LIT minimum volume.
- Binance (BEP-2) to and from Tomochain (TRC-21): We will provide an Oracle website in which you provide both wallet addresses from both chains, and then by sending tokens to a special Lition wallet we will carry out the transfer. This route has a 1000 LIT minimum volume.
Please note that while you can use the Binance -> Ethereum Bridge any moment, our Tomochain bridge is something we are still working on and is therefore not yet ready.
See the following figure that visualizes the staking and token swap offerings that Lition has.
Figure 1: Ability to Stake tokens and Swap Tokens for every mainnet
Application to Binance DEX
Decentralized exchanges are disrupting centralized ones slowly but surely. The Binance DEX has recently become one of the top decentralized exchanges in terms of volume traded and is built to offer industry-leading security and liquidity to the crypto space. It is another facet of the ever-expanding Binance Ecosystem which offers a wide range of possibilities for collaboration.
As part of our integration plans into Binance Chain, we will also be applying for possible listing of the LIT token onto the Binance DEX. This will allow our community and clients to access a secure, user-friendly and transparent exchange for trading the LIT token. We will continue to provide further updates as this process continues. The support of our community is highly critical to this process and we believe we can count on you as our community.
Special Promo to migrate tokens to Binance DEX
As outlined above, Lition believes that Binance DEX is the technically most advanced decentralized exchange available, especially due to its on-chain orderbook and revolutionary new way to execute trades without makers or takers.
We therefore want to support this technological innovation by offering incentives to switch. More details on this are yet to come.
As always, we are committed to developing the blockchain standard for business by providing an advanced scalable public-to-private blockchain with deletable data features. We are working hard on delivering on the promises that we have made to you. The next few weeks will be absolutely critical to the future of this project with many more announcements and updates coming soon. Talk is easy and the only way to keep you happy is to continue delivering working products and demos, as well as expanding our ecosystem. As we move into yet another phase of our journey, we are grateful for your continued support.