BIST is coming to Binance Smart Chain
Another milestone in our mission to become the leading global Peer-2-Peer Food Marketplace. We’re committed to a future in which cryptocurrencies are fully integrated within the Bistroo Platform.
The Bistroo Team is excited to announce that we’re bridging to the thriving Binance Smart Chain Ecosystem. Adopting a cross-chain approach allows us to not only expand our reach to one of the largest communities out there, but also take the necessary steps for future token integrations and cheaper and faster transactions. The Binance Smart Chain bridge kicks the progress towards achieving Bistroo’s ambitious vision into a higher gear.
On October 14th, BIST will become available on the Binance Smart Chain protocol, the decentralized (solidity-based) protocol within the Binance community. This will enable cheaper transactions than currently possible on the Ethereum mainnet and expands our reach to one of the most thriving communities in the crypto space.
More users, cheaper transactions
Our community will also have the chance to access cheaper DEX trading opportunities with a listing on PancakeSwap. We are creating a BNB/BIST pair liquidity pool on PancakeSwap while making the bridging portal available to the community. The bridging portal will be an easy to use interface on the Bistroo website that allows community members to effortlessly switch between the Ethereum Mainnet and the Binance Smart Chain and vice versa.
Until Ethereum completes its transition to a Proof of Stake consensus-protocol and increases its transaction throughput, this BSC bridge provides us with another option to integrate our future token use cases natively in the platform; without major fluctuations in GAS prices or confirmation times. As a result there is no need to fully rely on the cost and energy inefficient Proof of Work consensus mechanism of Ethereum for every transaction within the Ecosystem.
How it works
Bridging the token means there will be an exact copy of the BIST token available on the BSC Network, with a shared total supply of the ERC20 based BIST token. The Bridging technology locks the ERC20 based token in a smart contract and mints a ‘wrapped’ version of the token on the BSC Network. You can always return your assets to the Ethereum mainnet by withdrawing your assets through the bridge.
At the time of launch, an extensive tutorial will be released with step-by-step instructions on how to bridge your BIST assets to BSC and how to participate in any activities happening on the BSC Network.
After our bridge with Binance Smart Chain, we will provide liquidity for the BIST/BNB pair on PancakeSwap. Next to that we will also be rewarding all those that partake in creating a healthy liquidity pool on PancakeSwap with a liquidity mining program following shortly after the creation of the pool and deployment of the bridge.
Please stay tuned for more details on the exact listing and deployment times and additional announcements to come!
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Bistroo is a direct-to-consumer marketplace for meals, food & beverages, powered by the BIST Token. An ecosystem where food consumption can be easily organized and personalized against significantly reduced fees. Superior customer convenience but with better terms.