Elrond Partners with BEPSwap for Instant Token Swaps
According to an official announcement released on the company’s Medium on August 28, Elrond (ERD), the value transfer protocol token that was listed on Binance earlier this month, has just closed a partnership to become a BEPSwap launch partner.
The newly born token Elrond (ERD) which claims to handle 10,000 transactions per second with minimal latency and negligible fees, has announced a partnership with BEPSwap, the first go-to-market platform for the THORChain protocol, a decentralized liquidity network that aims to do three important things.
– Build trustless and secure bi-directional bridges to any other chain.
– Incentivize and unlock latent liquidity to power deep liquidity pools.
– Allow instant asset swaps and trans-currency payments across any payment network.
As a result of the new cooperation, users holding Binance chain tokens such as BNB or other BEP2 tokens, will be allowed to swap tokens at market prices, instantly and directly from their own wallet. Users will only have to send tokens into pools that store liquidity and eventually swap token according to the ration of assets in the same pool.
The platform also allows staking, so that owners can use their assets to earn trade commissions. The main rationale of such a possibility lies in the increased network efficiency and liquidity of the market. Thanks to BEPSwaps in fact, users will benefit the ground-breaking chance of turning unproductive assets into productive ones, incentivizing users to turn illiquid tokens into deeply liquid ones.
Users will be able to maintain the pool in a sufficient liquidity status and will also induce users to keep the pool prices aligned with the market. In other words, the pool turns into a trustless on-chain price feed. Manipulation cannot occur inside the pools as each price shift will inevitably lead to a market reaction.
A new tutorial on BEPSwap has just been released and it explains processes for swapping tokens, staking and trading between different liquidity pools.
Elrond’s Great Ambition
The ERD token demands deep liquidity conditions to deliver the aforementioned features of high scalability, speed, and usability across the network. To provide such conditions and enjoy better price discovery, the ERD token has been firstly listed on Binance DEX and now has joined forces with BEPSwap. For the native characteristic of the token, increased market exposure will deliver an increased performance of the payment network.
According to Elrond, the protocol which aims at delivering 10’000 transactions per second with negligible fees and minimum latency will achieve its mission with 4 main endeavors:
1. Adaptive state sharding achieved through better nash equilibrium between security, scalability, and decentralization
2. Abandon proof of work for proof of stake consensus in order to prune the blockchain state to the most essential.
3. Reduce latency thanks to the randomization of the last block aggregated.
4. Decentralized cross-blockchain operations thanks to a Virtual Machine.