RCN is pleased to announce the integration with Binance Smart Chain as its first approach to Multi-chain adoption improving the synergies with other blockchains and offering alternatives where users can enjoy higher transaction speed and cheaper costs to borrow, lend and manage in the Credit Marketplace with the same features currently available and counting with the support and security of Chainlink Oracles. Helping to unlock the access to the Credit Marketplace to everyone, becoming more inclusive and open.
Ethereum gave life to the whole DeFi ecosystem and RCN forms part of it since 2017. Ever since the ecosystem has changed, grown, matured and it continues in expansion. Inevitable this success brought more demand and the gas fees skyrocketed affecting all those smaller investors. RCN wanted to change that without leaving Ethereum’s thriving ecosystem, but at the same time following one of the main RCN’s intentions since the beginning which is to give everyone access to the open finance through its global credit network that connects lenders, borrowers and originators.
Keeping this in mind, RCN needed to improve three fundamental pillars: scalability, costs and interoperability in the ecosystem. Therefore, the path to follow was clear: find the right scaling solution and bring it to mainnet as quickly as possible. The investigation started with Layer 2 options as Optimistic rollups, then the tests were driven to Polygon (formerly known as Matic) until Binance Smart Chain joined the game.
It was its high compatibility with the Ethereum Virtual Machine (EVM), faster transactions, lower costs, significant activity leverage by their community and the projects developed there that caused RCN to shift its development efforts to this new blockchain, but first, its pros and cons were analyzed before exploring and testing on the BSC.
A particular advantage attracted a lot of attention not only to RCN eyes but users. It was the lower fees that made many of them jumped to the BSC in a short period of time searching for a lifesaver, finding a good relief with an average cost of 20 Gwei per transaction, equivalent to just a few cents. Assuming the gas limit used was 21000, the transferring cost would be 0,000042 BNB, that’s only $0,025 at the time of writing.
In the interim, some RCN community members were also asking for this solution which in addition to everything that had happened in the ecosystem provided a glimpse of the acceptance it would have if this solution were implemented, adding one more reason to integrate with the Binance Smart Chain.
Another important gain viewed was in terms of inter-blockchain liquidity, allowing to offer the necessary synergy to finally welcome other crypto communities. Holders of ETH, BTC, BCH, LTC, XRP, among others, can now operate in the Credit Marketplace passing their tokens through the Binance Bridge, getting versions of their coins in BEP20, which is a similar standard to ERC-20. Although most of these currencies needed to be swapped first in any DEX, they can be easily included in the Credit Marketplace in the future thanks to the high-quality Chainlink prices feeds.
Consider the currencies available right now are the following: ARS, USDC and ETH for borrowing, USDC and ETH for collateralizing, and USDC, BNB, DAI, and ETH for lending. Although the RCN token isn’t available in this chain, all the fees collected by the receiver contract within the USDC Engine will be transferred to the Ethereum network, where they will be sold for RCN tokens regularly, using Uniswap’s USDC/RCN pool and send them to the “zero address”, for making them irreversibly unavailable.
How to use the Credit Marketplace in BSC
Here you have some guides to learn how to use and set up everything to start lending and borrowing in the Credit Marketplace as an expert in the Binance Smart Chain.
To get started, it’s worth reading first the basic functionality of the Binance Smart Chain, before following the guides’ next steps to operate in the Credit Marketplace.
Guide to start operating in the BSC with your Metamask wallet.
- Set up your Metamask wallet. If it’s the first time you use it in the BSC, you need to follow these steps here.
- From there go to the Credit Marketplace and connect your Metamask wallet.
- Choose the network in your Metamask wallet as the dialogue says. In this case, it’s the Binance Smart Chain. Beware that your balance, loans and settings may vary between networks.
- Check you’re in the right network with the upper-right indicator and that’s it! You can start lending and borrowing now!
Guide to transfer your tokens from their native blockchains to BSC through the Binance Bridge.
- Access the Credit Marketplace and connect it to your Metamask wallet with the BSC network.
- Make sure to have funds in BNB, USDC, ETH or DAI and check your Wallet Balance on the tools section.
- Click on the link “Transfer funds to BSC”
- Follow the next steps here.
Guides to lend and borrow in the Credit Marketplace.
As mentioned above, all RCN features on BSC are the same as on Ethereum except for the currencies available. However, in the following piece, you have a walk-through to lend and borrow in the Credit Marketplace.
Learn how to fund a loan:
Learn how to borrow:
If you still have any questions, doubts, comments or suggestions about the process, you can reach out for support on Telegram or via mail at helpdesk@rcn.finance.
Never miss one of RCN’s updates!
- Visit its Official Website & check the Credit Marketplace.
- Follow it on Twitter, Facebook & LinkedIn.
- Join its community on Telegram.
- Check its code on Github.
- Reach it at contact@rcn.finance & helpdesk@rcn.finance.
