Bistroo introduces an ERC20 to BEP20 BIST bridge, partnering with pNetwork
A pNetwork powered Ethereum to Binance Smart Chain bridge for BIST token is now available. All BIST holders and users are now able to transfer the ERC20-based BIST token to a BEP20 wrapped variant of their BIST. Please note that the bridge can only be used with a MetaMask wallet on a desktop device at this moment.
Partnering with pNetwork for the realization of the bridge is Bistroo’s first move into a blockchain agnostic cross-chain approach for its ecosystem and use cases. Bridging our token to BSC allows our users to access opportunities and services within the BSC’s ecosystem, as well as the ETH ecosystem, by a simple to use interface for swapping their tokens from one chain to the other. The pNetwork technology, also known as pTokens, allows the two blockchain protocols to communicate with one another.
Bridged tokens are 1-to-1 pegged tokens in a trustless 2-way peg. For every ERC20-based token locked in the smart contract vault, a new BEP20 token is minted on the Binance Smart Chain and allocated towards the linked BSC wallet. If you want to transfer your BIST back to ERC20, the BEP20 variant is burned and the ERC20 is released from the vault. The duration of the bridge process, depending on the blockchain confirmation time, might take up to 5–15 minutes for the tokens to show up in your wallet.
A fee of 0.1% applies when bridging from ERC20 to BEP20. When switching back to ERC20 from BEP20, a fee applies of 0,25%.
Liquidity has been provided for the BNB/BIST pair on PancakeSwap right after the deployment of the bridge and interface. A separate blog will be released shortly after this blog that will specify the pancakeswap details, instructions and direct urls for providing liquidity or trading BIST on our PancakeSwap pair.
How to use the bridge
Using pNetwork’s libraries, we were able to create our very own custom interface for easy-to-use bridging. This portal can be found on https://bridge.bistroo.io.
To bridge your ERC20-based BIST token to BSC, access the portal and connect your MetaMask Ethereum wallet for both networks (metamask will automatically ask to change the network).
Your wallet addresses on both chains will be the same when connecting through the same MetaMask wallet. The bridge technology will automatically add the ‘Smart Chain’ network to your MetaMask wallet.
Please be aware that since the Chromium v91 update a Ledger Live bridge needs to be set-up between your MetaMask Chrome plug-in and the Ledger Live application in order to use your Ledger device through MetaMask.
After both wallets have been connected, you can fill in the desired amount of BIST tokens you would like to bridge to BSC and hit the ‘swap’ button.
Firstly you will have to ‘approve’ the smart contract interaction, and secondly sign the transaction. In order to initiate the process you need to both ‘approve’ and ‘sign’ the transaction in your wallet.
After signing the transaction within your MetaMask plug-in you will have to wait for the transaction to be processed in order for the BIST BEP20 tokens to arrive in your BSC wallet. Please do not refresh or close the page during this process, not until you receive the success notification. It may take up to 15 minutes for Ethereum and BSC to fully confirm the whole swapping process.
Adding the BEP20 BIST token manually to your wallet can be done by using our BEP20 Contract address: 0xbd525e51384905c6c0936a431bc7efb6c4903ea0
Full Token Name: pToken BIST
Adding the token to your Ethereum wallet can be done using our
ERC20 Contract address: “0x6e8908cfa881c9f6f2c64d3436e7b80b1bf0093f”
Please be aware that you check and select a fair GAS price for the transaction to execute within the desired time and desired Gas Fee. You can check the actual gas prices on websites like: https://ethgas.watch. The bridging interface sets a suggested gas price based on market conditions but always double check this setting in your wallet.
Our official token contract address will also be added to our website and CoinMarketCap for verification purposes.
pNetwork is the underlying architecture for pTokens, a cross-chain system enabling assets to move frictionlessly from one blockchain to another. Currently, pTokens enables transparent interaction among major blockchain protocols, including Binance Smart Chain, Bitcoin, Ethereum, EOS and Dogecoin. pNetwork is the progressively decentralized governance layer operating the pTokens bridges and pNetwork Portals. It is home to the pNetwork DAO and the ecosystem’s governance token PNT. For more information, visit their website.
Peer-2-Peer Food Marketplace; An e-commerce platform facilitating the relationship between food vendor and consumer, powered by the BIST token. An ecosystem where food consumption can be easily organized and personalized against significantly reduced fees. Bistroo facilitates the direct connection between restaurants, food merchants and consumers, instead of controlling it. Merchants are in full control of their payments, product selection, customer relations, orders, advertising, and analytics. They can transact directly with their customers and are paid out instantly when orders are received.