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STAXdrop Crosschain Special: Bringing 1B in TVL To Binance Smart Chain with Curve’s veCRV
Right now, there’s about 420M USD worth of liquid assets deposited on Binance Smart Chain dapps. However, we want to see this number reach…
Right now, there’s about 420M USD worth of liquid assets deposited on Binance Smart Chain dapps. However, we want to see this number reach 1B.
That’s why we’re super excited to announce the veCRV STAXdrop, a two-part fair distribution to Ethereum Users who previously earned or purchased CRV and staked it to participate in Curve.fi’s governance and earn rewards from transaction fees on the platform.
Our original inspiration for this project was to do what Curve did for Ethereum users, so it made absolute sense for us to be able to do this once we had some funds in the project community treasury to stipend this.
Thus, we have put aside 10% of the current project treasury (67,000 STAX at the time of snapshot) to fund this distribution.
The STAXdrop will work in two steps: we have taken a snapshot of veCRV holders according to the balances at Sun, 25 Oct 2020 09:15:03 GMT, (js_time 1603617303) and will drop STAX to these Ethereum-based addresses on BSC (since all Ethereum addresses can be used on Binance Smart Chain via Metamask or your favorite web3 wallet). Exact drop sizes for this first round are detailed below, and were calculated proportional the veCRV held by users at the time of snapshot. 5% of the current project treasury will be used for this round.
If you have CRV but haven’t staked for veCRV yet, you’re in luck for the second round of STAXdrop calculations.
On November 1st, 2020, UTC 0:00, we will take a snapshot of all veCRV holders with at least 100 veCRV, and split equal sized rewards to all participating addresses with the remaining 5% of the treasury (33500 STAX).
We believe that this will help bring not just the STAX community to a whole new level, but elevate Binance Smart Chain transaction volume to a whole new stratosphere.
We also believe that this will be incredibly advantageous for existing Curve.fi fans and CRV holders, as our pools, when launched, will feature the same assets as the BUSD pool on Curve on Ethereum. This means that there will be more possibilities to arbitrage stablecoins across Ethereum and Binance Smart Chain, which will drive up volumes and consequently rewards for LP participants on both environments.
As previously announced in our Join The Fun program to incentivise avid defi users from Ethereum to come try out Binance Smart Chain, we welcome all users to come try out BSC and see for yourselves what the UX is like in a low-gas fee, 3 second block time environment. It’s not perfect yet, there’s still lots to work on in building Binance Smart Chain into a more enticing environment, but we are confident that early adopters will get the most out of their hard-earned stablecoins :)
To get your Metamask set up for Binance Smart Chain, please check out this guide from Binance Academy!
We’re super excited to bring over these veCRV governance participants of a 1B TVL defi project to come join us in stacking STAX!