Explainer: The Official SRK On Binance Smart Chain, SRKb, And The Others
Know what’s in store for bSRK and SparkPoint on BSC tokens and why you should make the switch to SRKb.
Update: Alongside our SRK token on the Ethereum blockchain, the team will start focusing on SRKb on the Binance Smart Chain and complete the migration away from bSRK (BurgerSwap) and SparkPoint on BSC (JustLiquidity) by June 30, 2021. This includes liquidity, staking, bridging, support and other activities. bSRK and SparkPoint on BSC will remain but everyone is encouraged to shift to SRKb. More on this on the later part of this feature.
The demand for SparkPoint SRK token to be on the Binance Smart Chain (BSC) has been pretty high, and a lot of community members were asking for it since the day that the blockchain launched in mainnet in September last year. But SparkPoint is not new to BSC. Its Decentralized Finance (DeFi) platform SparkDeFi runs on the said blockchain, with its governance token SFUEL was launched as BEP-20 (BSC’s token standard) token in December 2020. Back to the present day, we have three (3) known SRK tokens existing in the cryptocurrency space. But why? How come there are multiple SRK tokens, and such a thing happened in the first place?
In this article, we will dive deep into the three BSC tokens of SparkPoint. We will discuss why such tokens exist in the SparkPoint Ecosystem, other platforms, and projects. Let’s start.
Just a quick definition from CoinMarketCap Alexandria on what is BSC:
Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC.
BSC’s advantages over the Ethereum blockchain protocol have been pretty well-known in the blockchain and crypto space for some time now. To name a few, it has one of the fastest blockchain transaction times, and transaction fees are cheap, which makes it very appealing for developers to build DeFi apps on the protocol. On a more technical side, BSC boasts cross-chain interoperability and compatibility with Ethereum Virtual Machine (EVM). These are the few reasons why SparkDeFi and SFUEL were launched on BSC.
That made the team roll the ball on bridging SRK for this protocol, to join the DeFi revolution through BSC’s appealing advantages over other blockchains together with its community (ahem, Ethereum with transaction fees reaching $100 for just a single transaction!).
But it’s been long debated by the SparkPoint community on why there are 3 SRK BEP-20 tokens on BSC. Some even said that it’s so unnecessary to make three tokens with the same name and utility, leading some users in the community to confusion and dismay. But in the team’s perspective, it’s been an elaborate move and a necessity to create these tokens: It’s to cater not only to the existing SparkPoint community but also for other projects and the communities surrounding it.
Let’s break down which are these three tokens and how did they come into inception.
1. SparkPoint bSRK: The SRK token from BurgerSwap
Launched on January 2021 alongside the bSRK-BNB Liquidity Staking on the SparkDeFi platform, bSRK is the 1st iteration of SRK token from Ethereum blockchain (ERC-20 standard) to BSC (BEP-20 standard), bridged through BurgerSwap’s token bridge dapp. It goes by the ticker name “bSRK” since the token bridge app on the platform is named “bToken Bridge”, thus the name bSRK. Obviously (or maybe), the “b” on the name stands for “Binance” or maybe “burger”, perhaps?
bSRK Token Summary
Contract Address: 0x14b1166ab53a237c8ceaee2bbc4bbca200cb7da8
The bSRK token is currently being used for token swapping on PancakeSwap, where you can swap Binance Coin (BNB BEP-20) to bSRK (and vice verse) so that users can participate in the Liquidity Staking (commonly known as Farming) on SparkDeFi. The user would earn bSRK rewards when they stake bSRK-BNB CAKE-LP token, and would also earn a share from the transaction fees on PancakeSwap, by adding liquidity to the pair on the platform. The pair reached an all-time high of $196,130+ in terms of total liquidity last May 2021.
The bSRK token mainly revolved on the PancakeSwap platform until late April 2021, when the Early Preview of SparkSwap Decentralized Exchange (DEX) was launched, and $50,000+ Liquidity has been added to bSRK-BUSD pair on the DEX. That was the first signal that soon, bSRK will be migrated to the newly launched, homegrown DEX.
2. SparkPoint on BSC: The SRK token from JustLiquidity
The 2nd iteration of the SRK token on BSC was launched on February 2021 through a partnership with JustLiquidity. This time, the SRK ERC-20 tokens were bridged to BSC using JustLiquidity’s token bridge app. It goes by the ticker name “SRK”, same as the one on the Ethereum blockchain but with an appended name “on BSC”, thus the name “SparkPoint on BSC.”
We’ll use the “SparkPoint on BSC” moniker for this token on the next parts of this feature for consistency.
SparkPoint on BSC (SRK) Token Summary
Contract Address: 0x3b1ec92288d78d421f97562f8d479e6ff7350a16
The token is being used on JustLiquidity’s platform and dapps like JulSwap DEX and its staking dapp. As part of SparkPoint’s strategic collaboration with JustLiquidity, SRK staking pools worth $40,000 were launched wherein users would stake JustLiquidity Binance (JULB) and JulSwap (JULD) tokens — the native tokens of JustLiquidity, to earn SRK rewards.
With $40K Liquidity added on May 2021 to SRK-BNB pair on JulSwap, users can now swap their BNB to SRK and vice versa, and participate in the ongoing staking that time.
3. SparkPoint SRKb: The token named as “The Official Token” on BSC, from the team’s own SparkBridge
The 3rd and final iteration of the SRK token on BSC was dubbed by the team as the official SRK token in BSC. SparkPoint sees its place in the future of DeFi space with SRKb as the counterpart to the already existing one on the Ethereum Blockchain, and alongside SparkDeFi’s governance token, the SparkPoint Fuel (SFUEL).
SRKb Token Summary
Contract Address: 0xc3440c10c4f36f354eb591b19fafb4906d449b75
The token was incepted after the creation of SparkBridge’s Smart Contract. SparkBridge is SparkPoint’s token bridge dapp for the SRK token. Users can now use the dapp to convert their existing SRK ERC-20 to SRKb BEP-20 and vice versa. Here’s a tutorial on how to use SparkBridge.
At present, SRKb has pairs currently active in SparkDeFi Liquidity Staking. Both BNB and Binance USD (BUSD) are paired to SRKb, and users can earn SRKb rewards by participating in the liquidity staking. As of writing, SRKb-BNB and SRKb-BUSD pairs dominate the Top Pairs list on SparkSwap Protocol Analytics Page, with $369,841 and $240,215 worth of liquidity respectively.
Also, there are 3 SRKb pools in the Pool-Based Staking dapp, of which 2 are currently active and 1 has already ended. Participants can stake their SRKb to earn either SRKb or BitCashPay (BCP) rewards. Weeks prior, you can stake SRKb to earn SFUEL but the contract has already expired.
Since there is enough liquidity for SRKb pairs on SparkSwap, users can instantly swap it either way with BNB, BUSD, SFUEL, and BCP.
Utility, Similarities, and Demand
The 3 SRK tokens are all with the same native utility in the SparkPoint Ecosystem, it’s just that these three were born from different mothers (Bridges) with only one father — SparkPoint (to put it in an analogy).
Of course and obviously, the 3 tokens are all LEGIT. These 3 tokens have also the same market price as the one on the Ethereum blockchain, it’s just the original ERC-20 one is widely listed on centralized exchanges or CEX like KuCoin, BitMart Exchange, CoinEx, MEXC, and many more.
Meanwhile, the BEP-20 versions are only listed on DEXs like PancakeSwap, JustLiquidity, and SparkSwap.
Swapping to SRKb
It’s already been publicly announced that the SRKb will be the only official token on BSC, and for prospect users that still have bSRK and SparkPoint on BSC on their wallets and would like to join the SRKb train, SparkPoint launched a way to convert bSRK and SparkPoint on BSC tokens to SRKb.
It’s the 1:1 conversion tool launched on April 2021 where people can just send their bSRK and SparkPoint on BSC tokens to the SFUEL deployer address (0x59f0F7cAaaF4d08c3C1d919b6Ee0E8DE11D40f67), and in a few moments, they will receive back SRKb equal to the amount of token they have sent.
Here’s a complete tutorial on how to do it.
Update: As the team will start focusing on SRKb (alongside SRK ERC-20 issued on the Ethereum blockchain)and complete the migration away from bSRK (BurgerSwap) and SparkPoint on BSC (JustLiquidity) by June 30, 2021, this conversion method will also cease working on the same date.
The future of the 3 BSC tokens
It’s has been decided on June 20, 2021, that the team will start focusing on SRKb alongside our SRK token on the Ethereum blockchain and complete the migration away from bSRK (BurgerSwap) and SparkPoint on BSC (JustLiquidity) by June 30, 2021. This includes liquidity, staking, bridging, support, and other activities. bSRK and SparkPoint on BSC will remain but everyone is encouraged to shift to SRKb. The move was for the team to pour all their efforts into the ongoing developments built around SRKb and all the other projects associated with the official token. As SparkPoint is moving towards enriching its ecosystem with new features, services, and apps, it’s just the right and sound move to focus on SRKb and build around it. Of course, SRKb was made through the team’s smart contract, so it’s an obvious choice to support their creation.
The 1:1 conversion tool mentioned above will also cease working on the same day. But don’t fret, as your existing bSRK and SparkPoint on BSC tokens can still be converted back to the SRK ERC-20 version (or maybe you can trade it to other tokens), you just have to reverse the blockchain option you are bridging through in the token bridge app. The team already made easy tutorials on how to use those.
Here’s the tutorial for those who bridged using JustLiquidity Token Bridge
Here’s the tutorial for those who bridged using BurgerSwap bToken Bridge
I hope you get a better understanding of the 3 tokens of SparkPoint in the Binance Smart Chain. Currently, SparkPoint is geared to advance further in the crypto market with its original SRK ERC-20 token in the Ethereum blockchain and SRKb as its front on the BSC blockchain. The team has projects in the pipeline for these two different tokens, alongside their active development on the DeFi space with its SparkDeFi platform and SFUEL token. So stay tuned and keep on supporting SparkPoint with all of its endeavors.
Learn more about SparkPoint and SparkDeFi from the following links:
Telegram Announcements (SparkPoint): https://t.me/sparkpoint
Telegram Announcements (SparkDeFi): https://t.me/SparkDeFiOfficial
SparkPoint Community on Telegram: https://t.me/SparkPointOfficial
SparkDeFi Community on Telegram: https://t.me/SparkDefi
SparkPoint Twitter: https://twitter.com/sparkpointio
SparkPoint Facebook: https://facebook.com/sparkpointio
SparkPoint Instagram: https://instagram.com/sparkpointio
SparkDeFi Twitter: https://twitter.com/SparkDeFi
SparkDeFi Facebook: https://www.facebook.com/SparkDeFi
SparkDeFi Instagram: https://www.instagram.com/sparkdefi/
SRK on CMC: https://coinmarketcap.com/currencies/sparkpoint/
SFUEL on CMC: https://coinmarketcap.com/currencies/sparkpoint-fuel/