TeraBlock’s Big Move from Ethereum to Binance Smart Chain
At TeraBlock, it has been our enduring commitment to help users discover the expansive crypto-landscape. While we seek to provide a simplified user experience, our vision goes beyond the development of a trading platform meant merely for the sale and purchase of crypto assets. With the collaborative effort of our team, we are steadily moving towards a truly decentralized and multi-function trading ecosystem.
Deployment of Updated Smart Contracts on ETH and BSC:
In keeping with our ongoing effort, we have deployed updated smart contracts on both the Binance Smart Chain (BSC) and the Ethereum chain (ETH).
- Decentralised Finance (DeFi) applications run on custom-built smart contracts configured to interact with the corresponding blockchain. These smart contracts pave the bedstone for the elaborate architecture required to run automated DeFi applications.
- As we accommodate a suite of innovative DeFi products into our roadmap, we have understood that our original smart contracts on the BSC and Ethereum chain were not created to comply with the requisites of DeFi applications. Therefore, our new contracts will prove to be an important step towards ensuring secure and unrestricted transactions while setting higher standards of access and trust.
- The appreciable expansion in the DeFi space has heavily strained the Ethereum network. Rapidly escalating gas fees and dramatic network slowdowns have caused projects across the crypto biosphere to consider other networks for their operations.
- Recurring instances of trading losses due to smart contract exploits have also placed renewed focus on the importance of creating infallible smart -contracts and enhancing financial security.
The Binance Smart Chain presents itself as a viable alternative. With a robust infrastructure conducive to the growth of DeFi applications, we strongly believe that the Binance Smart Chain could go on to define Blockchain adoption for DeFi applications in the future.
“In light of the challenges faced on the Ethereum network, we have decided to move all trading operations to the Binance Smart Chain.”
Our switch to BSC will provide the impetus for secure, fast, and more viable TBC transactions. Whereas all trading will now be facilitated through Binance Smart Chain, TeraBlock will continue to retain its ETH token contract address.
Here’s why we are deploying updated contracts on ETH and BSC:
The decision to migrate from the Ethereum chain to the Binance Smart Chain comes in light of the scalability issues arising on the Ethereum network.
Scalability problems: The inordinate delays in executing transactions on the Ethereum blockchain can be attributed to its inability to scale up to support the high demand.
Network Congestion: Further, the growth in the DeFi space has intensified this problem. The increased pressure and congestion on the network have caused transaction fees to touch record highs.
Instability: The Ethereum blockchain is going through continuous improvements and developments such as the switch from the PoW method to the PoS method causing an overall slowdown in the network speed.
Greater Preference for BSC: As many as 95% of all TBC token holders retain tokens on the Binance Smart Chain.
Updated roadmap: With the adoption of our updated roadmap, we quickly recognized the need to move to an alternative network that provided a more favorable substructure for DeFi applications.
“Since all trade transactions will now take place on the Binance Smart Chain, we will be doubling the liquidity in our BSC contract on September 27 at 10 PM UTC.”
Next Steps; Token airdrop:
- We will proceed by completely removing liquidity from both chains on September 27 at 12 PM UTC.
- A snapshot of the token holders will be taken.
- New tokens will be securely airdropped into the wallets of all the token holders on the two chains on September 27 at 6 PM UTC.
- To ensure a smooth transition, we shall also provide all TBC token holders on the Ethereum chain with an extra $20 worth of TBC tokens to cover the gas fees for bridging TBC from the Ethereum chain to the Binance Smart Chain.
- TeraBlock Bridge: We will soon be launching our native cross-chain bridging solution to move ERC-20 tokens to BSC. Our development team is also working to enhance the multi-chain bridging functionalities of the tool. The Bridge will add another layer of utility and functionality to our platform.
The TeraBlock Bridge is among a series of exciting products that we are set to roll out as part of our DeFi trading ecosystem. Stay connected with us to get updates about our launch dates.
How the Contract Upgrade will Impact our Token Holders:
The entire process of updating our smart contracts starting with the interim removal of liquidity to the redistribution of tokens is an internal exercise that will be performed by the veterans in our development team.
The contract update is being affected to provide the users with a more simplified trading experience in the long haul.
The users will not be restrained or restricted in any way. We are performing all necessary due diligence and caution to ensure that the process is completed in the most coherent and systematic manner.
Read on to know more about how our token holders will be impacted by the Contract Upgrade:
TBC Token Holders on the Ethereum Blockchain network: All TBC token holders on the Ethereum chain will get their tokens airdropped to them after the snapshot. As a supportive measure, TBC token holders on Ethereum will receive an extra $20 worth of TBC tokens to cover the gas fees for bridging their TBC tokens from the Ethereum chain to the Binance Smart Chain.
TBC Token Holders on the BSC network: The token holders on the BSC network will receive their TBC tokens after the upgradation of the contract on the Binance Smart Chain.
Token Holders staking TBC through Unifarm’s ETH “Cohort 12”: Stakers holding on to the TBC token on Unifarm’s ETH “Cohort 12” will be able to unstake their tokens on Unifarm.
Upon unstaking, they can retrieve the new TBC tokens. To reflect TBC balance, token holders will simply add the updated ETH contract address to their respective wallet.
Token Holders staking TBC through Unifarm’s BSC “Cohort 14”: Stakers holding on to the TBC token on Unifarm’s BSC “Cohort 14” can retain their tokens in the Cohort. They will also have the added option to unstake their tokens on Unifarm.
Upon unstaking, they can retrieve the new TBC tokens. To reflect TBC balance, token holders will simply add the updated BSC contract address to their respective wallet.
It is our conviction that the updated contracts along with the added liquidity on the BSC network will align us even closer to our goal of creating a swift and accessible trading platform. We feel extremely grateful to have the support of a strong community in our collective goal to become a premier destination for crypto trade and optimization.
The TeraBlock Team