PhoenixDAO Bridge to Binance Smart Chain (BSC) — Pancake Swap Pair Now Live
PhoenixDAO is proud to announce that the anticipated integration with Binance Smart Chain is now complete and fully operational. It opens up new opportunities to improve PhoenixDAO’s services and brings more use cases for PhoenixDAO’s ecosystem while allowing users to trade on the BSC network in addition to the Ethereum network.
The PHNX token is now available for trade on BSC-based decentralized exchange, PancakeSwap. It not only improves the liquidity of the PHNX but also brings tokens in front of new potential investors while lowering transaction costs.
Integration Details
The team facilitated the integration by taking advantage of cross-chain technology and Binance Smart Chain’s features. EVM was utilized to port and compile the code, while the proof-of-stake authority (PoSA) consensus algorithm will now be the standard for staking and yield farming of PHNX token pools for users that intend to utilize the BSC network. The token transfers take place on the bridge bilaterally, ETH to BSC bridge built on Ethereum and BSC to ETH bridge built on the BSC. With this bridge, PhoenixDAO is looking to make farming available for those who like the BSC environment as compared to the ETH version which remains the platform’s main domain.
This integration will bridge liquidity across chains through PhoenixDAO’s internal protocol, which is also accessible through Ethereum networks. Moreover, this bridge with the BSC network will open new doors for the PhoenixDAO platform. Improving its ecosystem in terms of prices and scalability, the integration will lower the fees and increase the output ability on both transactions and smart contract deployments. It means our users can expect our ecosystem to become cheaper and faster.
“Integrating with BSC offers a complete list of advantages when compared to other blockchain networks, including transaction fees much lower than that of Ethereum,” shared the PhoenixDAO community members. “However, being the first in the industry, Ethereum has its own set of pleasant attributes, which we want our users to take benefit of while enjoying the scalability and low cost of BSC”.
Moving Forward
Bridging with the BSC network will allow the platform users to take advantage of trading opportunities and at a much lower cost. In the near future, PhoenixDAO has plans to explore the cross-chain functionalities of BSC for possible integration with other networks and direct exchange to exchange transfer on BSC.
