Reef Bond is now available on Binance Smart Chain.
Reef Finance had recently launched Reef Bonds, a unique DeFi initiative where users can stake one kind of asset for a certain lock-up period and farm tokens of a completely different project.
The first such bond made available to users was the Reef-Litentry Bond. We were blown away by the response to this DeFi initiative. Within a few hours, more than $4M worth of assets were locked by users, validating user demand. We realized that the market was ready for such a product and the phenomenal response motivated us to work on new iterations of the Reef Bond.
Introducing Reef Bonds on Binance Smart Chain
One challenge faced by our community was the considerable transaction fees resulting from interacting with smart contracts. These transactions detracted from the APY’s.
At Reef Finance, we aim to provide the most accessible and most user-friendly way to enter DeFi for investors. Stemming from this philosophy, Reef Finance has deployed Reef bonds on Binance Smart Chain (BSC), which will significantly enhance the value we provide to our users.
BSC is a blockchain that is compatible with the Ethereum Virtual Machine while simultaneously providing scaling capabilities unmatched by Ethereum. This integration means that any user or developer can easily transfer their ERC-20 assets or deploy Ethereum compatible smart contracts to BSC while enjoying a host of additional benefits.
With this integration, Reef bond users can expect high transaction speeds with fees as low as a few cents. At the same, users of Reef bond can enjoy maximum profits and a seamless user experience.
BSC also provides cross-chain DeFi support and interoperability with other blockchains. Such products open up the opportunity for collaboration with many more DeFi projects and offer Reef holders a wide variety of DeFi products and investment opportunities.
To participate in Reef Finance’s upcoming Reef Bonds, you’ll have to transfer your assets (such as $REEF tokens) from Ethereum to BSC. Keep in mind, you’ll also need to keep a small amount of BNB in your wallet to pay gas fees on BSC.
Before all that, you’ll need to set up a BSC wallet. You can read and follow steps 1 to 5 of our previous PancakeSwap REEF/BNB Liquidity Pool Farming Guide here to know how to create a BSC wallet.
Steps to Transfer Funds from Ethereum to BSC
Binance has created a Bridge which allows you to transfer your ERC-20 tokens from Ethereum to BSC.
1. Navigate to https://www.binance.org/en/bridge
2. In the home page, set the ‘From’ network as Ethereum, and the ‘To’ network as Binance Smart Chain.
3. Click on the yellow ‘Connect Wallet’ button on the top right corner, and choose ‘Metamask’ or ‘Binance Chain Wallet’ as is applicable (we will use Metamask in this guide).
4. Click on ‘Connect Wallet’ again, and grant Metamask permission to interact with Binance Bridge.
Once connected, your Ethereum wallet address will show up on the page.
5. Choose ‘Asset’ as REEF, and enter the amount of REEF you want to transfer from Ethereum to BSC.
6. Select the appropriate Term of Use, and click on ‘Next’.
7. Review the terms of transfer. Once satisfied, check the box and click on ‘Confirm’.
8. You’ll get a pop-up window with an ERC-20 address.
You’ll have to transfer the correct amount of assets (1,400 REEF tokens in this case) to this address within a 2-hour window. Be careful not to use this address for other such bridge transactions in the future.
Once your ERC-20 (REEF) assets reach this address, Binance will send them to your BSC address through the Binance Bridge. You can check the BSC blockchain explorer at https://bscscan.com/ to see if you’ve received the $REEF tokens in your BSC wallet.
And that’s all. You’re now set to participate in all future Reef Bonds which will be deployed on BSC.
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