You’ve been asking for it, and Tenset listens!
Today, we officially announce that the 10set token is becoming cross-chain; specifically, it will coexist on Binance Smart Chain (BSC).
We have completed the work on a platform and set of tools to convert a 10set from ERC20 to BSC and the other way around. This way, every user will decide which network they prefer to store their tokens on.
We are currently at the last step of auditing the newly created Smart Contracts.
What are the benefits?
Compared to Ethereum, Binance Chain has some immediately noticeable advantages in performance.
Binance Chain, which is built using a PBFT validator consensus, has faster block times than Ethereum, making settlement confirmation faster — coupled with more frequent block times.
As most of you know, Binance Smart Chain (BSC) offers much cheaper transfers and swaps, and therefore might become a preferred solution for the users who want to save on gas fees, especially when trading on Uniswap.
Being on BSC will also integrate better with Binance products, which may be very handy in the future.
How will this work?
We are now finishing a dedicated platform that will allow transfers of 10sets back and forth between the networks.
Technically speaking, we have built four additional Smart Contracts responsible for minting and freezing 10sets on both networks, according to the commands given on the platform by the user initiating the conversion.
The swaps will be fast, cheap, and 100% secure.
What about the 10set smart staking system?
We have recreated the RFI mechanism on the new BSC network and want to share some prominent news in that regard.
Additionally, we expect more transactions on the Binance Smart Chain network due to much lower fees, which will boost the 10set economy and speed up deflation.
We will prepare a set of instructions and tutorials showing how to use our newly developed tools, and we are strongly encouraging everyone to use them once available.
However, at this moment we proudly present you the Tenset Bridge Tool in action.
We can’t wait to see the impact of this new development on the whole network and the community. Get ready, significant upgrades are coming before the end of this month!
And finally, please be aware many scam projects are running on BSC already, pretending to be Tenset. Using any of the fake Tenset tokens may cause the loss of all your funds. We haven’t launched anything just yet. Please refer to our official announcement with the launch date that will be placed soon.