Hi Lydians 🦁
It may be troublesome to move funds into Avalanche's C-Chain. Especially for users new to Avalanche. Sending AVAX from a CEX to the Avalanche wallet and crossing from the X-Chain to the C-Chain can be very confusing for newcomers. A considerable barrier to entry for users to get started with DeFi on Avalanche. Sometimes Binance stops withdrawals and even experienced users can't move funds into the C-Chain. There are some decentralized bridges but they are kind of slow and confusing to use. We often see new users asking for AVAX in return for BNB or other tokens in our Telegram and Discord. They want to give the Avalanche Network a try with a small amount of money but everything mentioned above keeps them away.
Now we started to work on a solution for this issue. A solution to allow users to invest in $LYD from other networks and get started with DeFi on Avalanche in a very short time.
The system will convert BNB to AVAX at the current price and buy $LYD from the market to send it to the user's wallet on C-Chain. A part of funds will be transferred as AVAX to allow sign txs on Avalanche. Fees from each transaction will be used as a part of buyback mechanism and some other utilities.
Lydia Gate will be quite fast & easy & sustainable for the Avalanche ecosystem and Lydia Finance. We believe it will bring a lot of new users from other networks to Lydia Finance and Avalanche.
We are currently in development & testing phase. More technical details coming soon. Stay tuned.