Freeliquid smart contracts are expanding to Binance Smart Chain (BSC)
We are pleased to announce that the last tests of Freeliquid expansion to Binance Smart Chain (BSC) have been completed. We will be launching the full support of the BSC application on 28.06.2021. In the post below we provide an overview of what is to expect.
Using Freeliquid on BSC
Freeliquid app on BSC will be available at the same address as our Ethereum platform — freeliquid.io/borrow. For using BSC, users simply need to click on the switch icon on the panel left. Do not forget to change the network to BSC in your wallet as well. Apart from it, users will have the same experience of using the Freeliquid app as on Ethereum. If you are new to the platform, please use our Medium guide on how to use Freeliquid Borrow.
FL token and governance
FL contract address (BSC): tba
The $FL token will be used for governance on BSC as well. The voting will be available at http://bsc-vote.freeliquid.io/ shortly after the main app launch. The first votes to be proposed on BSC will consider a 2% Stability Fee and adding Ellipsis.finance 3pool LP positions as collateral.
The FL distribution will continue on the Ethereum network only — there will be no liquidity mining on BSC and no additional FL will be generated there.
The FL auction and burning mechanism will be retained on BSC as well. However, the fees from loan interest revenue will start to accrue only after the introduction of the Stability Fee.
USDFL contract address (BSC): tba
Same as on Ethereum, the USDFL stablecoin on BSC can be generated only via issuing a loan. At the time of the start, Freeliquid will support following PancakeSwap v2 LP tokens as collateral:
BUSD/USDT — 0x7EFaEf62fDdCCa950418312c6C91Aef321375A00
BUSD/USDC — 0x2354ef4DF11afacb85a5C7f98B624072ECcddbB1
BUSD/DAI — 0x66FDB2eCCfB58cF098eaa419e5EfDe841368e489
All pairs will have 110% min. collateralization ratio, 0% Stability Fee, and no liquidation mechanism involved.
Bridge for FL and USDFL
Shortly after Freeliquid is working on BSC, the FL token will be listed on OmniBridge. We will then provide a short guide how to swap the token between two networks.
Due to the nature of its contracts, USDFL can not be swapped directly — the contract address must be the same on both network for borrowing platform to recognize it properly. This will be solved by providing pools of wrapped USDFL (Ethereum and BSC) that will have an exchange rate of 1:1. Please wait for further announcements with more details!
Outlook in the future
Shortly after the release, we will propose a vote for adding 3pool LP tokens from Ellipsis.finance as collateral. The team will also continue working on adding new types of collaterals from more platforms on BSC like PantherSwap or Wault Finance.