UBXT now LIVE on BSC & PancakeSwap
As of right now you can buy UBXT decentralised with reasonable GAS fees and quick transactions times. As we alluded to in our update last Friday we have been working on many ways to better integrate into the awesomeness that is Binance Smart Chain.
Today we launch the first of a number of ways we are leveraging BSC’s fast transaction speeds and low GAS costs.
You might say UBXT has a new outfit, and that outfit has a chevron pattern on it!
- UBXT is available on BSC in Pancake swap
- You can use multichain to convert your UBXT in Meta Mask to BSC UBXT
- How this affects Total Supply
- How you can convert between chains
- How to actually buy UBXT on Pancake Swap
- Pancake swap liquidity providing
UBXT is an ERC20 token. So how do we put it on Binance Smart Chain as well? Does this affect the market cap or circulating supply?
All solid questions.
There are a number of bridge options available, but as we are great admirers of Andre Cronje (@AndreCronjeTech) and think his AnySwap/Multichain project is tres cool, we teamed up with them to get UBXT working on both chains simultaneously.
As a result now you can VERY simply exchange your Ethereum flavoured UBXT for Binance flavoured UBXT. Oh yes!
Stop licking your tokens Brian!
But how does this affect the circulating supply?
Simply put, it doesn’t. When you exchange your ECR20 tokens for BEP20 tokens multichain.xyz simply locks up the ERC20 UBXT tokens in a smart contract and simultaneously mints BEP20 tokens and puts them back into your Meta Mask (or other) decentralised wallet, visible on the corresponding network.
It’s incredibly simple and easy to use, but just to help you out, our commander in chief Benjamin has made a little video for you to walk you through how it works in a live demo complete with a sexy French accent ;-)
Note: It is free to move tokens from ETH over to BSC, however there is a 200 UBXT fee to move tokens from BSC to ETH. This is to pay the ETH GAS fee bill.
So, as is the way of decentralized exchanges there are two aspects to UBXT being available on PancakeSwap.
First: The Swap (aka buying and selling)
If you like pancakes or decentralisation and are not a fan of paying GAS fees, we now have an awesome option for you. A new way you can buy UBXT with your other crypto and you can still store it in Meta Mask AND see the track the content of your BSC and ETH Meta Mask wallets in your UpBots account.
Well hello Utopia, how you doin?!?
From now, you can already buy and sell UBXT on Pancakeswap by going to PancakeSwap, connecting your BSC Network enabled Meta Mask wallet and making the trade.
You will need some BUSD tokens in your Meta Mask wallet to buy with, or some UBXT to sell. You will also need BNB to pay GAS fees, which are still there but much much lower than on Ethereum.
You will also be able to provide liquidity there and earn some pretty juicy LP rewards from Pancake Swap!
All you need to do is hook up your Meta Mask account to Binance Smart Chain which you can do quite easily. A full tutorial on how to do all of this is available on our gitbook here or you can watch the video in the next section.
Please note the following correct addresses of our Smart Contract on Binance Smart Chain which you can find here on BSCscan.com
How to buy UBXT on Pancake Swap
As this is hot off the presses, you will have to do a little bit more than you will once PancakeSwap catches up.
Here is a video we made to help you through the process:
Second: Providing Liquidity to the UBXT-BUSD LP
On a centralized exchange the exchange themselves have a market maker who provides liquidity and makes sure there is sufficient liquidity available to minimize slippage and provide a decent trading experience.
On a Decentralized Exchange like Uniswap or PancakeSwap, what’s known as an AMM is at work. This AMM is made functional by Liquidity Pools.
In simple terms how this works is you deposit both BUSD and UBXT to the pool and in return you receive a piece of the transaction fees every time someone sells or buys either of the token pairs on the DEX.
This can add up quite quickly if there is a lot of volume of trades happening on the pool, so if your intention is to hold a particular token it can be interesting to stake your tokens on a liquidity pool and also earn LP fees.
So if you are interested in providing liquidity we’ve created a video to walk you through how.
How to provide liquidity to the UBXT-BUSD LP on PancakeSwap
The first thing to know is that you will need 3 currencies to make this happen. Two in equal value amount. The 3rd is BNB to pay your GAS fees with.
Fees are low on BSC so you won’t need a huge amount of BNB.
You will also need at least BUSD. You can use your BUSD to purchase UBXT on PancakeSwap if you like, OR you can follow the video above, purchase it on the Ethereum network and then use Multichain to move it over to BSC.
Once you have completed all the steps above, and you have an equal amount of BUSD and UBXT in your BSC Meta Mask wallet you will be able to take on providing liquidity and getting your paws on some of that pancake fee income.
Please see our video below on the exact how of this process:
And so we wrap up this update for you and excitedly hope you will go participate in swapping and LP’ing for our pool on PancakeSwap.
And now…a community meme…