Nimbus on BSC Update — The Wrap Machine, PancakeSwap Listing, Easy Integration, and More!
2021 will be a year that Nimbus explores in-depth our identity as a multi-chain platform. As part of our mission to make DeFi inclusive and our users’ experience on the Nimbus platform rewarding and convenient, we shall be solidifying our integration with Binance by supporting the Binance Smart Chain. Nimbus shall not only have a wider ecosystem with our presence strong on both Ethereum and Binance networks, but we will also be bringing new and incredible prospects for our users with this integration.
Nimbus shall soon become a multi-chain protocol with our launch on Binance Smart Chain. In addition to the Ethereum Network, we aim to build a strong and comprehensive DeFi ecosystem on BSC. We have already discussed the overall perks that this integration brings to Nimbus users — including the up to 10X cheaper and speedy transactions — and the Nimbus Platform development in the longer run. So in today’s post, we would like to focus more on how exactly this event will affect your user experience and how you can access the Nimbus Platform on Binance Smart Chain.
Nimbus on BSC — Same but Even Better!
As a community-driven project, we are excited to bring Nimbus to Binance Smart Chain for a more efficient experience. Still, it is essential to note that we are not leaving Ethereum; instead, we are expanding to BSC for the cause of interoperability, gas optimization, and growth opportunities.
Switching from the Ethereum network to the Binance Smart Chain network and vice versa will be a seamless process from within the Nimbus interface. With a click of a button (literally!), our users on Ethereum will be able to enjoy BSC’s high-speed, low fee network for the ultimate DeFi experience. And while overall, your Nimbus platform will remain the same on the front-end, there will be some upgrades in functionalities and elements.
Here are a few things that will change for you as a user if you want to use Nimbus on BSC:
1) Accessing the Platform on BSC:
In order to use the platform, you need to connect your wallet to it. While Binance Smart Chain is compatible with many wallets, Nimbus recommended wallet is MetaMask — and it is compatible with both Ethereum and BSC.
All you need to do to get started is let your MetaMask work with BSC — and enjoy pure efficiency! You will be able to switch between the Ethereum and Binance Smart Chain Network right on the Nimbus platform: all you need to do is click on the “Switch Network” tab in your MetaMask, and job done.
Once that’s done, you can switch between the two networks seamlessly in real-time. You will still have access to all the same Nimbus functionalities, and there won’t be any lengthy transitions or inconveniences.
2) The dApps on BSC:
The dApps’ logic will remain the same but you may expect some differences that are dictated by the underlying blockchain itself.
For instance, for the upcoming Lending-Borrowing dApp, the APYs shall be different due to the difference in the gas fees. The collateral options and digital assets in use will also be different for Nimbus on BSC. The Nimbus Swap machine on BSC will also display different token pairs are compatible with BSC — such as BUSD and WETH.
Besides — all existing benefits on your Nimbus platform remain the same. All that changes is the fact that we shall now have a broader ecosystem, more perks, and enhanced cost efficiency for our users.
3) The Nimbus tokens on BSC:
The important thing is that you cannot use the same ERC-20 NBU & GNBU tokens on both blockchains. That’s why we need to replicate NBU and GNBU in the BEP-20 standard that’s accepted on BSC. The BEP-20 versions of our tokens will encompass the same tokenomics and use-cases as outlined in our tokenomics sheet.
How can you access these BEP-20 NBUs and GNBUs? — Introducing the Nimbus Wrap Machine
You can acquire the new tokens through the Swap machine — or simply exchange your ERC-20 NBU and GNBU into the BEP-20 NBU and GNBU through the Nimbus Wrap machine that we shall launch when we go live on BSC.
Nimbus Wrap machine shall act as the bridge for converting Nimbus ERC-20 tokens to Nimbus BEP-20 tokens. With these BEP-20 tokens, BSC users shall also be able to utilize the various Nimbus functionalities, including Staking, Swap, dApps, and more — just like our users on the Ethereum network.
The transfer of Nimbus tokens from ERC-20 to BEP-20 comes free of cost but just like any other activity with the smart contracts, such exchange will adhere users to gas fees as applicable at the time of transfer. Besides, you will be able to pay gas fees, not only in ETH but also in BNB, the native token of Binance with a market cap of over 100 Billion!
But there’s a catch:
New Exciting Opportunity: Take advantage of the difference in the token market values!
When users convert their NBU tokens through the Nimbus Wrap machine, they will literally exchange 1 NBU (ERC-20) for another 1 NBU (BEP-20) without any regard to their market values.
Meaning, if you convert 100 NBU (ERC-20) tokens via the Nimbus Wrap machine, you will always get 100 NBU (BEP-20) tokens, even if the market value of the NBU (BEP-20) tokens is lower compared to the NBU (ERC-20) tokens, or vice versa.
In other words, the Nimbus Wrap machine protects users from fluctuating token market values at the time of switching between the two networks. But this also brings you the exciting prospect of benefiting from the token market value differences.
So, catch this train, folks — that’s one more perk to holding and swapping your Nimbus tokens now!
For the transfer of Nimbus tokens from one network to the other via the wrap machine, we shall release a detailed step-by-step guide once the deployment concludes.
And how about Exchanges?
Following our expansion onto BSC, we also aim to list the NBU token on PancakeSwap, the leading DEX on Binance. Wohoo!
With Nimbus being present on two different ecosystems, each with its own unique advantages, the prospects of listings, partnerships, and upgrades are tremendous.
As a part of our long-term plan, users can also look forward to a potential listing on Binance, further enhancing interoperability and seamless onboarding.
Nimbus on BSC — A New Future in the Making!
As we continue to bring the new Nimbus dApps to life and improve the existing functionalities, we foresee our development on BSC to be a long-term investment. Our support for BSC shall definitely propel our ability to offer the most revolutionary DeFi services to our users and help continue our transformation to become a true Chain agnostic DAO governed platform.
Once we get a green signal from the auditors, we shall be able to confirm the final date of the deployment, and our community will be the first to know of it. Moreover, once we successfully deploy on BSC, more detailed guides will be on the way!