FLAMA ecosystem moving to BINANCE SMART CHAIN
Flama’s core developers are proud to announce Flapp Dapps are opening its doors to the Binance Smart Chain (BSC) ecosystem!
Flama’s Developer Community has been dealing with the responsibility of finding a scalable solution for their ongoing developments. To materialize the vision of the Flama project and its FLAPP Defi Dapps, we needed a faster and cheaper Blockchain.
Ethereum’s current gas price makes it difficult to process microtransactions (in-dapp micropayments) which are the base of our Decentralized Applications. Ethereum’s high fees and slow transaction speed are an obstacle for our dapps.
After researching a considerable amount of options, we have found Binance Smart Chain’s compatibility with Ethereum Virtual Machine makes it an ideal option for developers building powerful decentralized applications. That’s why we will start building on the Binance Smart Chain. BSC was designed to ensure Dapps could scale while still running on a high-performance layer. We have found the perfect solution!
What does it mean for Flamers?
For FLAPP traders & holders;
You will be able to trade FLAPP in both, Ethereum (ERC20) and Binance (BEP20) ecosystems and transfer them between both blockchains through a bridge. BSC will open the door for traders to start making ~15x cheaper and faster trades.
Keep in mind that while Ethereum uses ETH to pay for gas fees, BSC uses BNB (Binance native token).
For Flapp devs;
Developers can still use with their current wallets to interact with BSC-based DApps.
- If you use Remix, you can still test and deploy your smart contracts.
- Check the BSC testnet here.
- If you are using MetaMask, check out the Binance Chain Docs to set up BSC. It takes no more than 5 minutes. If you use Trust Wallet for your holdings, check this link.
- Binance has also developed their own web-wallet extension for BSC. Feel free to try it!
“Most of the [Ethereum] dApps, ecosystem components, and toolings will work with BSC and require zero or minimum changes.” — Binance Smart Chain Whitepaper.”
How can FLAPP work in both Blockchains?
Flama is redeploying FLAPP’s contract on BSC and creating a token bridge to maintain trading on Ethereum’s Decentralized Exchanges (mainly Uniswap).
Using a Decentralized Token Bridge, FLAPPb (ERC20) token will represent FLAPP on the Ethereum Network. This token is minted every time a FLAPP token is locked in the bridge on BSC and burned when it is unlocked.
- User owns some FLAPP (BEP20) token. You deposit that token into the Smart Contract address (provided by us) on BSC.
- At this point, your FLAPP (BEP20) is locked, and you can withdraw FLAPPb from the bridge in Ethereum.
- To get FLAPP back on BSC; deposit FLAPPb in the bridge on Ethereum, it burns FLAPPb and unlocks FLAPP (BEP20) on BSC.
Closing it up!
While BSC might not be able to compare to Ethereum’s current level of adoption, Binance’s legendary ability to lead the Crypto Industry leads us to believe that betting on Binance Smart Chain’s future is a no-brainer, both from a fundamental and technical point of view. Ethereum may have kick-started the DeFi trend, but initiatives like Flama suggest that the wave of innovation is destined to spread to other chains.
BTW, we still love Ethereum.
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