The creation of a DeFi platform Cub Finance where we can invest in Yield Farming and Staking to earn Cub is a wonderful opportunity to invest Leo and Hive as B-Leo.
But there is more....
Many of us are holding Bitcoin, Ethereum, Dot, Rune and other coins.
It’s risky to invest them in DeFi protocols outside Ethereum, and the costs on Ethereum have eliminated that choice for many of us....
But now we have the opportunity to invest in a DeFi platform created by a group of people we now, from a platform with a two year history of honesty and caution, with a focus on safety!
So I have noticed people moved their Bitcoin, Ether, Dot and others to Cub Finance.
So I asked questions around Leofinance discord, went to Binance and read the Binance Smart Chain documentation and watched their videos on Binance Bridge.
While I am well versed on theory of cross blockchain trading, and the movement of cryptocurrency assets from walllet to wallet, exchange to exchange, etc ... thus is different!
Binance, love them or hate them, they have nice toys... their technology is nice
Typically to perform a cross blockchain trade you need to send a token from blockchain A to a custodian, exchange it for a token from blockchain B, then transfer your token for blockchain B to blockchain B to use an application like Uniswap. That’s what we were doing with WLEO-ETH pair on Uniswap.
Binance puts this operation all in one place: Binance Bridge. You input BTC or ETH on one end of a pipe by connecting your Bitcoin wallet to Binance Bridge and you get BTC-B or ETH-B on the other end of the pipe in your Binance Smart Chain Bitcoin wallet.
In other words all the steps involved in sending your tokens to a custodian, exchanging tokens, then transferring tokens to another wallet, multiple steps are done all at once, in one place. It’s a big relief from the stress of doing it yourself.Plus it eliminates opportunities to lose your tokens by sending them to the wrong place.
I hope you understand what I am saying, and you can appreciate the value of this technology.
I have saved the best point for last. Once you connect your wallet to Binance Smart Chain you can access Binance Bridge from Cubfinance !
I was excited when I found this out! And I used it several times to move tokens around.
Here are some pictures to show you how to find it and use it.
It was complex, but simpler then the alternative and the Bridge really helps you not make mistakes which could cause token loss.
Tip: Read everything before you click, make sure you understand what they are saying, they really are trying to help you!
@shortsegments