Is there a chain that can bridge to XLM and BSC easily? Is could be a new trading pair and an intermediary between the two.
Decomission BSC bridge and pegged token [Closed]
Hello Parker, in defend of the dev team, Ive checked the link that Dylan shared in the beginning (https://github.com/bnb-chain/bsc/issues/553) and I can understand the motivation behind. If the BSC software itself is not stable, then it becomes a headache to monitor and make sure its running properly all the time. I have similar experience as weāve been running a multicurrency wallet startup before Iāve joined ThreeFold. Plus, BSC being tied to Binance itself, in case of Binance issues (we saw many top exchanges getting unexpected crashes and hacks before) we have risks too (not only with the chain but with the BUSD as well). But the other agruments about source of liquidity are very valid and I just propose to have a solid plan with migration to some other efficient platforms in addition to Stellar DEX before we do something with BSC bridge
I noticed there hasnāt been a single shred of activity in the TFT GitHub issues thread posted above in over 2 months. there was 2 issues in December and then back to November.
This is a decentralized internet for the world, not a decentralized internet that is only made easy for the people we agree with. Binance is the biggest exchange in the world. We need to be as intra-operable as possible and the grid needs to put the success of the grid first.
We can make no difference in this world if we are never discovered.
Take one look at Flux, Stack-OS, not just one bridge but multiple bridges.
Well said. Bridges bring money to a project.
I donāt see that either Flux or Stack-Os created their own bridging protocols. They launched a token on an EVM based chain and used existing bridges to have pegged currencies on other EVM compatible chains. So the comparison is incorrect.
It might be an unfair comparison in terms of how much work it makes to maintain our bridge.
Having bridges and (centralized)exchanges makes the token easier available. The least we want for TFT that it becomes even less available buy only relying on stellar exchanges.
Iām with this project for over a year and Iāve told my opinion on many situations here and on the chat that we need an easier entry- especially a simpler way to buy tokens - for users of the grid. Iām absolutely against closing our best running marketplace.
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I represent the many people and companies that invested in TFT to become a validator - when the token price was 90% higher. I also represent the farmers mining the TFT, many of which are mining TFT at a loss. I trust this shows my dedication to ThreeFold, the team, and my belief in the long-term mission of the project. Iām DIEHARD ThreeFold.
I disagree with pulling the plug on BSC. As said in previous comments, the price of TFT increased because of purchases using BSC. Binance is the largest CEX in the world. Losing access to the largest liquidity provider is not good business because itās assumed it doesnāt support āour values.ā Values are important, but remaining solvent is also very important.
It was stated that many people do not think the project is ārealā just because the token is on BSC. Well, the token price matters too, and so does trading volume. It is challenging explaining to my crypto friends, people in the space since 2016, to take the project seriously when the token price is struggling to stay above a penny and trading volume is consistently below USD 5,000 on any given day. I talk to them about the āvaluesā of the team, but they rebuttal by saying, āIf the project is so good, then why is the price and volume so low? The market is pretty good at determining value.ā Ouch!! Thatās tough to hear when you invested big at 8 cents.
Now, there is talk of discontinuing the token on BSC and decommissioning the bridge when you can see a direct correlation between how access to BSC can increase the token price and volume. Really? Do that without creating another commensurate alternative; you will risk losing investors and discourage farmers. You may lose the people that are most committed to the project.
I agree with @randynho and @FLnelson that we need another major chain before decommissioning BSC. There must be more discussion on this.
I believe in TFT. I think itās much better than FIL. There is so much more TFT can do than the competitors. But taking TFT away from BSC to only run on Stellar will make the project more obscure and difficult to find. Good luck having BitBoy or Guy from Coin Bureau featuring TFT on their Youtube channel after doing that.
Can we also discontinue the discourse and concern about scalpers, pump n dumpers, and "moonā boys? Frankly, these people are free publicity. The more they talk about TFT in their groups, the better it is for everyone because it reduces marketing costs (which there is little to no budget for) and gets people talking about Threefold. Why should we care about the reason people buy TFT when they are BUYING it? Does Mcdonaldās spend time worrying about what customers do with Big Macs after they purchase them? Some people will use TFT as a utility on the grid. Thatās great. Others will trade it. Thatās great too. The point is, they are buying TFT. We are not here to police the reason or intent for why they purchase the token.
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It may not be the right time or the right solution at the moment - but when talking about bridges, security, liquidity and values the verus.io project may be worth a closer look. Verus are very close to release their Public Blockchain as a Service - And they already have a working bridge to Ethereum on testnet - and what is really interesting is that in the process they have created their own decentralized exchange where blockchains works together and transfer value back and forth in a secure way on layer 0. And the transfer fee is very cheap comparing with Ethereum.
Now Verus is secured by cpu mining, cpu staking and decentralization - all three things which ThreeFold do very well.
It could be a win win for both Verus and ThreeFold to work together.
They have a discord channel where you can ask freely about the project and share ideas - people are very helpful.
I am both a ThreeFold farmer and i mine & stake Verus.
And one of my next projects is to deploy a VM on the TF Grid and mine & stake VerusCoin
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Thanks for this great feedback @tdjameson
From the replies here, the community wants TFT to stay on BSC, at least until we can have another major chain supporting TFT.
Lots of great points here.
It seems there are legit concerns on the technical issues with BSC.
As of now, it could be said that it is a ānecessary evilā.
I would like to say my two words.
Has anyone heard of Kaspa? Itās a cryptocurrency that can be mined with a GPU that offers about 1 block per second and so onā¦ itās like 1000 other projectsā¦ - Iām not comparing TFT to Kaspa, TFT is much higher than KAS. Thatās not the point.
Kaspa is around 230th in Coingecko, is listed on 4 CEX, and its volume is over ! 3-5kk! $. They (KAS) have 16,000 followers on coingeck, while TFT have 1.4 thousand.
As someone said before - CEX is the easiest way to promote our network, bring money for a project, etc.
Electricity in my region is about $0.25 per kWh I have 4 R820s (about 1.2Mwh per month, I donāt sell any TFTs) and itās hard to keep them online. I have some friends I told about TFT and they also bought about 7 servers in total. My servers will remain on, but my friends have taken 5 servers down at the moment due to high bills. If we keep this up, more servers will be down soon. Even WOL would work properly, if some farmers are mad at TFT, they wonāt be back in my opinion. This way TFT can just die slowly.
Whatās more, KAS will be listed on the next CEX so that more people can hear about it.
I know TFT wants to be as decentralized as possible, but we canāt change the world in a year or two - especially if weāre invisible to the world - thatās a long way to go. If we become more known by crypto enthusiasts, there will definitely be more projects that will want to work with us, do projects on the grid and so on. Letās be clear that there are many people who would be willing to help the network grow only if they knew the network existed
To sum up, I think itās better to open more bridges and show up in more places to become recognizable on the market. If we are known and people know TFT, what it offers and how much it can give, we will not have to worry about pumps&dumps, and even if everyone who buys TFT for their own use will still be able to use tokens to rent the network - so whatās the difference?
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Hello, I agree with this proposal
There are technical differences in the way they did it, but thatās not what Iām comparing, Iām comparing that there are multiple routes of accessibility. Iām not tied to any one solution, I just firmly believe we should not cut off half to more then half of our volume. We have to have a plan before we turn things off.
simply put if I invested and was holding bsc tokens enough to help the project gain positive traction and then they axe that Avenue days laterā¦ that would send a very clear message. We need to have one priority only right now. Generate demand for deployments and the token. We have to have the revenue to achieve the big picture goals based on our values!
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Perhaps we should do a DAO vote on CEX listing, and if it is positive we take the next steps on this. This discussion clearly shows that there is a significant part of the community that is in favor of this idea.
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I would like to second Kaspa. Itās really up and coming right now. Will that trend continue? I canāt say.