SingularityDAO Bridge — Binance Smart Chain (BSC)

Greeting Singularitarians,

Today we are very happy to announce that the SingularityDAO Cross-Chain Bridge to Binance Smart Chain has opened.

SingularityDAO is always evolving with the times. That’s why when we see other blockchains gain traction, we want to make sure yield farmers on those chains have access to our farming pools, staking pools and of course our upcoming Dynasets! Now, we’re taking the first steps required to follow this strategy — by evolving and expanding on Binance Smart Chain (BSC).

Expanding onto BSC will allow SingularityDAO to reach a new market and provide the best opportunities on multiple chains, to bring the most enjoyable DeFi experience and introduce the innovative products that SingularityDAO are building.

Not only that but Gate.io has enabled SDAO to be withdrawals on BSC. We want to thank Gate.io for deciding to support our recent move to becoming Cross-Chain and want to bring attention to you all of this fact.

Binance Smart Chain

BSC is Binance’s side chain, which is EVM (Ethereum Virtual Machine) compatible and uses the Proof of Stake (PoS) consensus mechanism. Being EVM compatible means that the development is similar to what’s being done on the main Ethereum network and makes moving simple.

Binance Smart Chain TVL (Total Value Locked) is around $26 billion USD at the time we write this article (start of December) — with approximately 3 blocks/second.

A lot of newcomers discover DeFi through a CEX at first (like Binance), bringing them naturally after some time to BSC. Being a destination place for all these newcomers, SingularityDAO will be there to propose a secure, enjoyable way of discovering DeFi while educating people to the benefits we can offer.

Every transaction uses some $BNB to pay the gas fees (currently less than $1 for every transaction), really low compared to actual ETH fees.

How can we get there?

The SingularityDAO platform will provide its own bridge for the SDAO token and in doing so, officially become cross-chain! The bridge to BSC is the first step in that journey and we are exploring other chains such as Polygon, Avalanche and of course Cardano. We intend to bridge to all of these blockchains in the near future, shortly followed to anywhere else with projects deserving of inclusion within our DynaSets.

Why Bridge?

Bridging allows digital assets to move between blockchains, making the SingularityDAO DApp and its services far more flexible. A blockchain bridge allows interoperability between blockchains. That interoperability has practical uses for token transfer, data transfer and smart contract instructions between platforms. It also allows us to play with some interesting mechanics (such as staking) that are currently cost prohibitive on Ethereum.

How does a bridge work?

It is fairly simple but there are some things you should understand before attempting to use a token bridge.

When someone wants to transfer their assets from one blockchain to another, the assets don’t just « move » from one chain to the other.

This is a two-step process, as follows:

1st step: The assets are locked/burnt/frozen on the initial (1) blockchain thanks to a smart contract or other mechanism.

2nd step: Once these assets are locked, new corresponding tokens are minted/unlocked on the new blockchain (2), where they can be used.

When a user wants to get their assets back on the initial blockchain (1), they simply repeat the process in reverse, starting from blockchain (2).

This, for example, is how Wrapped Bitcoin (wBTC) is created on different chains. The process ensures that an asset can’t be used on 2 chains at the same time.

That’s it! All you need to know about BSC, Polygon and the first iteration of the SingularityDAO Token Bridge.

How to connect to BSC using Metamask?

Step 1:

Open the MetaMask wallet using your desktop or phone‍

Step 2:

Open a wallet or import one, be sure to store your seed phrase safely

Step 3:

Go to settings

‍Step 4:

In settings select “Networks”

‍Step 5:

Select the add network button and input the following information:

Network Name: BSC Mainnet

New RPC URL:

https://bsc-dataseed1.binance.org/

Or

https://bsc-dataseed2.binance.org/

ChainID: 56, or 0x38 if 56 doesn’t work

Symbol: BNB

Block Explorer URL: https://bscscan.com/

Step 6:

Select the newly added BSC Mainnet network and you’re now connected to the BSC network

Step 7:

Be sure to load your wallet with ample BNB to pay transaction fees

Transaction fees apply each time you buy, sell, stake,…

Step 8:

Connect and use your wallet to various Dapps on the BSC using the built-in Web3 integration

Wallets other than Metamask can be used, however we cannot guarantee compatibility with all variations. We will be adding more compatible wallets as time goes on.

Stay tuned for much, much more in the coming days and weeks!

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