We realize that high fees on ETH have become a serious challenge for investors. That is why we have decided to migrate to Binance Smart Chain (BSC) so that to make the token distribution process more accessible for our community. What is more, we will carry out the next distribution of the Disbalancer token ($DDOS) on BSC this Saturday, May 15th, 2021. From now on, high fees are not a barrier limiting your trading and investment activities in DDOS. The solution addressing the issue is already at hand.
We are also going to launch a bridge enabling you to trade DDOS on any BSC exchange. The bridge will also allow you to easily transfer your tokens from Ethereum to BSC and vice versa.
High Gas Fees
Generally, DeFi projects and full decentralization are wonderful things but we need to remember that they come with an elephant in the room. The current gas prices are so high that trading crypto and DeFi has become a very expensive initiative, especially for investors with a small budget.
When carrying out low-volume transactions, people often need to pay unrealistic gas fees. When watching Reddit and other community / social media channels you can notice that other projects also mention this problem. Investors are interested in finding smarter and cheaper ways to perform their trading activities. Although the popularity of Ethereum remains unprecedented and it has by far the largest number of validators ensuring its decentralization, no wonder that some serious alternatives have been created to address the gas problem.
Binance Smart Chain
As for Disbalancer, we have found an incredible solution in BSC that makes use of a Proof-of-Staked-Authority model (PoSA) which optimizes the network thereby enabling low fees while maintaining a high throughput of trades. However, the implementation of this solution leads to mitigated decentralization and censorship resistance due to the low number of validators (nodes) compared to the Ethereum network (21 vs ~80,000). However, considering its rising popularity, we can suggest that the number of validators will increase in the future.
The shift to BSC means that you will pay between $0.01 — $0.05 fee per transaction — 140 times less than on Ethereum. Platforms making use of BSC like Pancakeswap, 1INCH, and IDEX are user-friendly and resemble popular Ethereum DeFi exchanges. By using a wallet like MetaMask, you can easily carry out your crypto trades.
BSC vs ETH
According to Aditya Das from bravenewcoin, Binance Managing Director Changpeng Zhao (CZ) has repeatedly encouraged developers of DeFi projects to leave the Ethereum ecosystem and shift to Binance while noting that BSC is “a support network” for the Ethereum ecosystem. Gas prices are the main reason behind recommendations to use BSC instead of Ethereum. The current gas prices are as follows:
Transfer your DDOS to BSC
By shifting to the BSC network, we strive to allow every investor to trade and invest in DDOS without paying high fees. The use of this platform will be very beneficial for our community.
But, this is not the only innovation we have been working on. Please join our community and follow us on social media to keep up to date with the latest updates. We are more than delighted that so many investors believe in our project(s) and share the same vision.
How to get your tokens
- Connect BSC to your Metamask
Please make sure to connect the same wallet where you formerly recieved ERC-20 DDOS tokens
Binance has prepared a good article on how to do it: https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
2. Add the token to your wallet
2.1 Go to Coingecko https://www.coingecko.com/en/coins/disbalancer
2.2 Make sure that you have changed the network to Smart Chain
2.3 Add the token to your wallet
3. Wait. All tokens will be airdropped tomorrow.
BSC wallet can be created at anytime.
Please visit disBalancer media channels to find more info about the project and its utility token.