The decentralized finance margin trading platform bZx has become the latest to announce a launch of services on the Binance Smart Chain (BSC).
As Ethereum shows no signs of abating in terms of transaction fees, more DeFi platforms are making the switch to the rival Binance Smart Chain. The latest to do so is bZx according to a March 17 announcement.
The platform stated that its margin trading, borrowing, and lending products Torque and Fulcrum will be moving to BSC but it will remain “Ethereum focused.”
“All we are doing is – expanding our margin trading, borrowing, and lending products to BSC.”
BGOV Liquidity Mining Program
The protocol also announced that it will also enable margin trading via the BSC powered automated market maker, PancakeSwap.
“bZx is pleased to announce that it is the first and only platform enabling margin trading to occur over PancakeSwap using intelligent routing. So, users are always given the best possible rate.”
It will also be launching its own yield farming incentives for a new BEP-20 token called BGOV. These tokens are the Binance Chain equivalent to its native BZRX token.
BGOV is a fork of the SUSHI token contract with an inflationary issuance model. This makes bZx the first lending AMM with Sushi-like token economics. The platform mulled the idea of launching a wBZRX token on the existing model. It would then funnel fees from BSC to Ethereum so that BZRX holders increase their yields. However, it decided to start from scratch.
“One important factor which led us to introduce BGOV on BSC, was that it will generate additional liquidity for the BZRX token.”
The new BGOV token will add liquidity to the bZx ecosystem. It’s being distributed to BZRX holders and stakers, the blog post explained. BZRX holders will have the option of using the Binance Smart Bridge to wrap BZRX and move them to BSC. There, they can stake them to earn BGOV tokens.
BZRX Token Price Outlook
The trading platform’s native BZRX token has traded flat on the day and was changing hands at $0.60 at the time of writing.
BZRX has had a solid week with a 15% gain as news of the new farming incentives was released. The token, which has a supply of one billion, hit an all-time high of $1.40 in late August and has never really recovered to those levels.