CurioDAO Launches on the Binance Smart Chain for Cross-chain Efficiency
At CurioDAO, our long-term goal is to help more traditional members actively participate in the fast-growing crypto space.
We’ve always held a belief that tokenization holds the key to achieving mass crypto adoption. No doubt, tokenizing traditional, real-world assets for trading on the blockchain would unlock trillions of dollars in liquidity.
In view of this mission, we launched the CurioDAO platform, building a decentralized ecosystem backed by a strong community of validators, nominators and other key participants. However, over the past few months, we’ve been faced with a harsh reality: the current limitations of the Ethereum network have considerably slowed our growth.
It’s no secret that Ethereum has had its fair share of drawbacks in recent times, notably regarding transaction fees. The CurioDAO ecosystem houses two ERC-20 tokens — namely, Curio Governance Token (CGT) and Curio Stablecoin (CSC) — and it’s becoming increasingly expensive to transfer, stake, and use these tokens on the Ethereum network. The high ‘gas’ situation has affected our community growth, as newer token holders with less experience have found it difficult to fully participate in the CurioDAO ecosystem.
As the Ethereum 2.0 upgrades continue to be rolled out (the exact ETA of the final phase remains unknown), we have decided to make a bold move towards embracing innovation, and we’re happy to announce the launch of both CGT and CSC as BEP-20 tokens on the Binance Smart Chain!
Why We’ve Launched on Binance Smart Chain
In recent months, we’ve seen the rise of scalability solutions developing innovative cross-chain technology particularly to solve the gas problem. By ensuring transaction fees remain at a healthy point, these L2 solutions aim to maintain decentralization and keep the DeFi ecosystem from becoming a sea of “whales.”
The reality is established DeFi projects have a big role to play, either by ensuring these technologies are welcomed with open arms or by expanding to more efficient networks — for the sake of their communities. To that end, we believe it’s time to be agents of change and adopt technologies that promote efficiency, innovation and, above all, inclusion in the CurioDAO ecosystem.
It’s important to note that adding support for BEP-20 CGT and CSC in the CurioDAO ecosystem is a top priority, and we’re working to deliver this as soon as possible. Curio Governance Token (CGT) has already been released on Binance Smart Chain and is available for trading on PancakeSwap.
The BSC launch is in line with our goals of actively exploring new ways to grow and reach more members. Launched in September 2020, BSC itself is a fast-growing blockchain platform with massive adoption. It’s already surpassed Ethereum in number of daily active addresses and it has now reached 70% of Ethereum’s daily traffic.
Notably, participants on our BSC chain will enjoy low transaction fees (in cents) and efficient transactions verified in seconds, thanks to the Proof of Staked Authority (PoSA) algorithm. Above all, BSC houses some of the most innovative projects in the DeFi space. And on our side, we’ll be able to maintain composability by porting our existing solutions between both chains, thanks to BSC’s EVM-compatibility.
With this in mind, we are launching a simple liquidity bridge allowing users to seamlessly swap their ERC-20 CGT and CSC tokens at a 1:1 ratio with their BEP-20 equivalents — and vice-versa! The bridge for the CGT token between Ethereum and Binance Smart Chain is already available here.
The bridge is live with literally building the bridge, although the development team is running security checks including a pending external audit. This ensures holders can move their tokens between both blockchains without hassles.
As ever, we remain committed to our goal of tokenizing real-world assets to unlock liquidity, starting with collectible cars. The BSC launch would go a long way in helping us achieve this goal.
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