Introducing bCOLX (Wrapped COLX BEP20 token on Binance Smart Chain)
COLX can now be traded on the Binance Smart Chain
What is bCOLX?
The new bCOLX token is a “wrapped” version of $COLX, making it possible for people from any country to buy COLX on Pancakeswap or other exchanges where BEP20 tokens are traded on the Binance Smart Chain.
By design, there is one COLX token wrapped inside each bCOLX token. In other words, there is a 1:1 mapping between COLX and bCOLX at the bridge where wrapping and unwrapping take place. This unwrapping can take place at any time, enabling buyers of bCOLX to immediately convert to the native COLX token.
At the Anyswap bridging station where wrapping/unwrapping takes place, the price of bCOLX will be exactly equal to the price of COLX. However, the price of bCOLX can vary from one exchange to another, in the same way the price of COLX can be different from one exchange to another. Fortunately, it is very easy to swap between them because Anyswap users can convert bCOLX into COLX on the same site.
Why bCOLX?
The main benefits of bCOLX are improved accessibility to purchase COLX, bCOLX will make it possible for people from every country (including America) to buy COLX (as bCOLX). Additionally COLX / bCOLX liquidity will be greatly improved because those in the DeFi space now have easy access to COLX (as bCOLX) on Pancakeswap. bCOLX investors who are interested in participating in the COLX network can also “unwrap” their bCOLX. In other words, they can bridge it back to native COLX at a ratio of 1:1. Native COLX can then be used for staking and/or masternode collateral. You can read more about staking here and setting up masternode here.
How to Bridge, Trade and Add Liquidity for bCOLX
Users must first set up a Metamask wallet that can be connected to the Anyswap website.
1. Open browser, install Metamask from the Chrome Web Store and create a MetaMask wallet (if you haven’t done so previously).
2. You can follow this tutorial to add Binance Smart Chain to Metamask wallet: https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain. Ensure the Network Dropdown at the top of MetaMask is set to Binance Smart Chain, and that you have a small amount of BNB in your MetaMask wallet to cover gas fees.
3. Add the bCOLX token to MetaMask (if it’s not there already): Open MetaMask, scroll to the bottom of your Assets list, click “Add Token,” select “Custom Token,” paste 0xF8aCF86194443DCde55fc5B9e448e183c290D8Cb into Token Contract Address, click “Next,” click “Add Tokens.”
4. Navigate in browser to: https://v1.anyswap.exchange/bridge?inputCurrency=0xF8aCF86194443DCde55fc5B9e448e183c290D8Cb&network=bsc
5. Select “BSC Mainnet” at the top of the Anyswap page, then click “Connect to Wallet” and select, “MetaMask.”
To bridge and wrap COLX to bCOLX (COLX native to bCOLX):
1. Set up the bridge to go from “COLX” to “bCOLX” (COLX BEP20):
2. Enter the amount of COLX you want to bridge
3. Send that amount of COLX to the “Deposit COLX address”
4. Click “CrossChain Deposit.”
After your deposit has enough confirmations, you will then have BEP20 bCOLX in your MetaMask wallet.
Note: There is no fee for wrapping COLX into bCOLX (a.k.a. bridging COLX onto Anyswap). However, when unwrapping bCOLX to redeem the COLX inside (a.k.a. bridging COLX off of Anyswap), there is a 0.1% “gateway” fee, payable in COLX. (min gateway fee = 13,000 COLX; min redeem amount = 26,000 COLX). Also, to cover gas fees, users should maintain a small amount of BNB in their wallets.
To bridge and unwrap bCOLX to COLX (bCOLX to COLX native):
1. Ensure your bCOLX is in your MetaMask wallet.
2. Set up the bridge to go from “bCOLX” (COLXnet BEP20) to “COLX”:
3. Enter the amount of COLX you want to redeem.
4. Enter the “Recipient COLX address”
5. Click, “Redeem.”
Note: Management of wrapping and unwrapping is powered by Fusion’s Distributed Control Rights Management (DCRM). DCRM uses a decentralized custodian model which locks COLX coins as it wraps them into bCOLX, and keeps them securely locked until an equal amount of bCOLX is burnt/unwrapped. More details on DCRM can be found here.
Trading bCOLX on PancakeSwap
To trade bCOLX on PancakeSwap, you should add bCOLX as a custom token first, go to this link, select “I understand” and click “Import”: https://pancakeswap.finance/swap?outputCurrency=0xf8acf86194443dcde55fc5b9e448e183c290d8cb&inputCurrency=0xe9e7cea3dedca5984780bafc599bd69add087d56
Connect your Metamask wallet from top right, then select the bCOLX/BUSD pair, fill in the desired amount, then follow instructions for swapping.
Alternatively, you can visit Pancakeswap bCOLX/BUSD pair info and make sure MetaMask is unlocked and connected to Pancakeswap. Then click “Trade” in the upper right corner, then select the bCOLX/BUSD pair, fill in the desired amount, then follow instructions for swapping.
Adding Liquidity to bCOLX/BUSD pair on Pancakeswap
If you are interested in adding liquidity to the bCOLX / BUSD pool, click here: https://pancakeswap.finance/add/0xe9e7CEA3DedcA5984780Bafc599bD69ADd087D56/0xF8aCF86194443DCde55fc5B9e448e183c290D8Cb.
You will need to provide equal amounts of bCOLX and BUSD in order to provide liquidity to the bCOLX/BUSD pair. By providing liquidity you will earn 0.17% of all trades on this pair, proportional to your share of the pool. Fees are added to the pool, accrue in real time and can be claimed by withdrawing your liquidity. In the coming weeks, we will be launching additional incentives to to liquidity providers which will boost the returns available (Dedicated Site with further instruction to follow).
You can also check out the Pancakeswap guide on “How to add/remove liquidity” here for more information: https://docs.pancakeswap.finance/products/pancakeswap-exchange/liquidity-guide
The official bCOLX contract link on BSCScan can be found here: https://bscscan.com/token/0xF8aCF86194443DCde55fc5B9e448e183c290D8Cb
Happy trading!
