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The decentralized finance (DeFi) market has exploded massively as the DeFi mania strikes during the summer of 2020. DeFi promises interesting new innovations in the world of finance by offering decentralized solutions to financial aspects of lending and borrowing. The DeFi market is currently growing through the phase of new developments, ideas, and other possibilities in the market.
However, a majority of the DeFi projects currently reside on the Ethereum blockchain network and thus it also caters to a majority of the DeFi activity or DeFi transactions. However, the automated market makers (AMMs) — a king of decentralized exchange (DEX) protocol — conduct high swap trading driving the ETH gas fee higher.
The AMM Exchanges require the hopping of several transactions through smart contracts. During very high DeFi activity, this can result in moments where the cost of executing the trades becomes highly unprofitable.
During the recent DeFi mania, the ETH miners have earned a bond as the gas fee skyrocketed considerably. But ultimately, the investors and DeFi participants continue to be at the receiving end of all these.
Well, to overcome these user issues, BlingFinance has come with a smart solution and an alternate blockchain to Ethereum dubbed as the FantasyGold Core (FGC) blockchain. The FGC Blockchain has been in the market for 2.5 years now and has gone through several development cycles till now.
The FGC Blockchain supports all the latest functions like integrated smart contracts and instant transactions. Moreover, it also provides users the flexibility to develop their own DeFi projects and their respective tokens.
Note that the ultimate goal of introducing the FGC Blockchain is cutting down the ETH gas fee costs.
Introducing the Decentralized AMM Exchange BlingSwap
BlingFinance is currently working on its own decentralized automated market maker (AMM) exchange dubbed BlingSwap. The Bling developers are currently working to bridge BlingSwap from the Ethereum blockchain network to the FGC blockchain.
The idea is to serve two different blockchains at the same time while giving traders the option to choose between Ethereum and FGC in order to conduct their usual business.
The FGC decentralized blockchain network follows the Proof-of-Stake (PoS) consensus and is built on Bitcoin’s UTXO model. It also supports the EVM-based (Ethereum Virtual Machine) smart contracts.
Thus, the FGC Blockchain will offer exactly the same services and features as Ethereum, but at a fraction of the cost. This will help active traders to save a significant amount in gas fees.
As BlingFinance notes: “A simple “wrap on, wrap off” principle will be executed on Ethereum which you still need to pay gas for in ETH, but in between those two, all transactions you perform on the FGC chain will be virtually free of charge”.
All traders and users in the ecosystem can deploy liquidity pools on BlingSwap and trade any ERC20 pairs. All the traders aka Liquidity Providers within the Bling ecosystem contributing to the liquidity earn BLP (Bling Liquidity Provider) tokens. These tokens can be further staked or deposited on the MoneyTree Dapp.
In addition, the liquidity providers can also earn trading fees whenever users deposit the assets in the shared pools.
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