London, August 12 – On August 6, Smartlands, a blockchain-based platform for crowdfunding investments, announced a bid to list the Platform’s native token, SLT, on Binance DEX decentralised exchange. Since then, Smartlands has been actively engaged in the process and is now launching the service to bridge-transfer SLT to Binance DEX. The bridge will connect two blockchains for smooth, easy, and blazingly fast transfer of SLTs between the Stellar network and Binance Chain.
The new service will facilitate a seamless swap between Stellar-based SLT tokens and the SLT token on the Binance Chain to be traded on Binance DEX. The service is designed to be wallet-agnostic; it will not require any private keys.
The bridge service will operate as an anchor on the Binance Chain. All tokens circulating on the Binance Chain will be backed by SLT tokens on the Stellar Network held in a dedicated account operated by the anchor smart contract.
On the Binance Chain, Smartlands will issue the SLT(B) token with a total supply equal to the total quantity of SLT. The use of the Binance Chain freeze mechanics will allow Smartlands to carefully maintain the number of tokens in circulation so that it matches the balance on the dedicated Stellar account. Thus all SLT circulating on the Binance Chain will be backed 1-1 with the SLT on the Stellar Network.
The amount of the unfrozen SLT (available for traders) on Binance Chain will never exceed the amount of Stellar-based SLT kept in the anchor Stellar account. The balance of the unfrozen SLTs on Binance Chain and the anchor-balance of SLTs on Stellar can be checked by anybody at any time using block explorers of Binance Chain and the Stellar network, correspondingly.
If an SLT holder wants to trade their tokens on the Binance DEX, they’d have to deposit the desired amount of SLT to a dedicated Stellar account and provide a public key on the Binance Chain. Once the deposit is confirmed, the anchor smart contract will credit SLT tokens on the Binance Chain to that public key.
The service will also allow to withdraw tokens from the Binance Chain back to Stellar Network so they can be used on the Smartlands Platform, moved across exchanges or traded on the Stellar DEX.
The launch of the Stellar-Binance bridge for SLT is planned for the end of August. We encourage all users to get their SLT on Binance DEX ahead of the line and email us at [email protected] for more details. No bridge fees for early birds, but your requests must be submitted by August 20 given the amount of Binance Chain SLT(B) explicitly allocated to benefit the most enthusiastic members of the Smartlands community is limited.