BankSocial on Binance Smart Chain (BSC)? The FAQ.

What is the Binance Smart Chain? The Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain and also implements the Ethereum Virtual Machine (EVM), which allows it to run Ethereum-based applications. BSC enables developers to build decentralized applications and help users manage their digital assets cross-chain with low latency and large capacity. 

 

Is BankSocial moving all buying / trading / swapping / selling to the Binance Smart Chain? No. BankSocial is currently exploring options to list $BSOCIAL tokens on the Binance Smart Chain in addition to current centralized exchanges and Ethereum based decentralized exchanges such as 1inch and Uniswap. 

 

What are the main reasons BankSocial is exploring opportunities to list $BSOCIAL tokens on the Binance Smart Chain? The Binance Smart Chain is one of the main trading platforms used by crypto enthusiasts outside of the United States and Europe and would provide millions of additional daily users with the ability to trade $BSOCIAL tokens.

The unique architecture of the Binance Smart Chain enables quicker, less expensive transactions for users in developing economies which also makes it easier for smaller investors to join the BankSocial community.  

Having already made tremendous progress on its Road Map, BankSocial may be in a position to begin lending sooner than anticipated and must be able to access liquidity to do so. As the existing Ethereum based Social Liquidity Pool is locked through December 2021 (as voted on by the community), the Binance Smart Chain will allow BankSocial to create additional liquidity that can be used for lending. 

While the BankSocial community has self-funded ongoing marketing operations and exchange listings, the Binance Smart Chain will also allow BankSocial to develop a marketing wallet to help further publicize the BankSocial value proposition. 

 

If listed on the Binance Smart Chain, would BankSocial’s existing tokenomics be adopted? 

Yes. If $BSOCIAL tokens are listed on the Binance Smart Chain, current tokenomics would be implemented. All purchases and sales of $BSOCIAL tokens would be taxed 7%. 3% of the tax would be proportionally distributed back to $BSOCIAL token holders on the Binance Smart Chain and 4% would be sent to the Social Liquidity Pool. 

 

Would token holders on other centralized and decentralized exchanges receive the 3% redistribution of tokens from the Binance Smart Chain if $BSOCIAL tokens are listed? 

No. When exchanges adopt BankSocial tokenomics they are implemented for the users of that specific exchange/environment. For example, individuals who hold tokens on the Hotbit exchange only receive the proportional 3% redistribution from individuals who buy or sell tokens on the Hotbit exchanges. When tokens are bought or sold on a decentralized exchange, such as Uniswap, Hotbit wallet holders do not receive a proportion of the redistribution and vice versa. 

Regardless of the exchange / environment, per BankSocial’s tokenomics, 4% of all transactions are still deposited in the Social Liquidity Pool. 



Would listing $BSOCIAL tokens on the Binance Smart Chain affect the price of tokens already purchased through Ethereum based centralized or decentralized exchanges? 

While BankSocial cannot predict how the market will react if $BSOCIAL tokens are listed on the Binance Smart Chain, we do believe that it will have a positive impact on the price of existing tokens by increasing global daily trading volume, market capitalization, and total wallet holders. 

 

If listed on the Binance Smart Exchange, how is the global average price of $BSOCIAL tokens determined cross-chain?

While each centralized and decentralized exchange trades $BSOCIAL tokens at a slightly different value, price tracking tools such as Coin Market Cap are used to create a cross-chain global average token price. Even if one exchange or trading environment lists $BSOCIAL tokens at a slightly higher or lower value, it is generally averaged out on the global market. Most wallet applications project the cost of a token based on the cross-chain global average set by a tracking firm such as Coin Market Cap. 

 

If listed on the Binance Smart Chain, could current token holders move their tokens to the Binance Smart Chain if it were to be trading at a higher value? 

Theoretically yes, but this would not be recommended. Token holders who try to capitalize on small fluctuations in price may actually end up losing value due to the 7% tax on each transaction and the increased cost of buying into the Binance network. 

 

If listed on the Binance Smart Chain, would BankSocial create new/additional tokens?

There will be new bsc tokens minted but that will not affect the erc-20 token supply. For trading to begin on the Binance Smart Chain, BankSocial will only have to provide the initial liquidity.

At this time the BankSocial development team and existing strategic partners would provide the initial liquidity for trading to begin. BankSocial does not plan on seeking outside funding or liquidity. 

 

 If listed on the Binance Smart Chain, would BSC-based token holders automatically receive distributions when lending begins? 

No. In order to receive proportional distributions of the interest collected from loans when lending begins, individuals must stake their tokens in the BankSocial sidechain that is currently under development. This is true for all existing token holders who may have purchased their tokens on an ERC20 based centralized or decentralized exchange. 

 

Are there other tokens / coins that are listed on both the Ethereum network and the Binance Smart Chain? 

Yes. Other tokens are listed across multiple exchanges environments / chains and have been successful in opening up trading to diverse global markets.

 

Unable to find an answer?

Looking for anything specific article which resides in general queries? Just browse the various relevant folders and categories and then you will find the desired article.

Contact Us