bZx is the latest decentralized financial margins trading platform to announce a launch on the Binance Smart Chain (BSC).
Ethereum transaction fees turning DeFi platforms to BSC
According to the March 17 announcement, the latest to move is bZx. With Ethereum showing no signs of decreasing transaction fees, more and more DeFi platforms turn to rival Binance Smart Chain.
The platform announced that its margin trading, borrowing, and lending products, Torque and Fulcrum will be transferred to BSC but will remain “Ethereum Focused.” “All we are doing is – expanding our margin trading, borrowing, and lending products to BSC.”
bZx Launch its Own Yield Farming Incentives
The agreement also announced that it would also conduct margin trading through PancakeSwap, an automated market maker supported by BSC.
“bZx is pleased to announce that it is the first and only platform enabling margin trading to occur over PancakeSwap using intelligent routing. So, users are always given the best possible rate.”
It will also launch its own yield farming incentives for the new BEP-20 token called BGOV. These tokens are the Binance chain that corresponds to the native BZRX tokens.
BGOV is a branch of the SUSHI token contract with an inflationary issuance model. This makes bZx the first AMM loan with profitability similar to that of Sushi’s token. The platform was considering the idea of launching wBZRX tokens for existing models. Subsequently, fees are transferred from BSC to Ethereum so that BZRX holders can increase their earnings. However, it was decided to start over.
“One important factor which led us to introduce BGOV on BSC was that it would generate additional liquidity for the BZRX token.”
The new BGOV token increases the liquidity in the bZx ecosystem. The blog post states that it will be distributed to BZRX owners and stakeholders. BZRX holders can use Binance Smart Bridge to package BZRX and move it to BSC. There they can pawn it to earn BGOV tokens.
BZRX Token Price Movement
The trading platform’s local BZRX token traded flat that day, and at the time of writing, the trading price was $0.60.With the announcement of new farming incentives, the weekly performance of the BZRX remained stable, rising 15%. The $1 billion token offerings hit a record high of $1.40 in late August but never really recovered to that level.