You can now hold $YOP on both Ethereum and BSC (Binance Smart Chain) networks. We are using the TIXL Bridge to cross between the two chains. This is in-line with our ambition to make YOP accessible across several leading blockchain networks. The ultimate goal being that you can instantly switch between the underlying network in one click. We are working on several initiatives with our partners to make the UX of switching between networks more seamless.
The YOP Binance Smart Chain contract address is the same as the YOP ERC20. You can see the YOP BEP20 address here
The bridge allows you to swap YOP ERC20 for YOP BEP20 1:1 with a small transaction fee. 1 YOP to port over to BSC network. Coming back it is currently 11 YOP as the Ethereum network transactions are a lot higher. Once you enter the BSC network, transaction fees are significantly lower compared to current fees on the Ethereum network. So having an alternative option with BSC helps for those seeking lower tx fees. We look forward to opening bridges to other networks in the future.
The swap from ERC20 to BEP20 should be instant subject to network traffic. As people start to bridge from ERC20 to BEP20, the ERC20 tokens are put into a deposit account on Ethereum and are minted on the Binance Smart Chain as BEP20. When bridging back from BEP20 to ERC20, the tokens are burnt on Binance Smart Chain and unlocked from the deposit account on Ethereum. This is to ensure total supply of YOP is maintain inline with our token economics.
We look forward to sharing more news on cross chain network integrations and interoperability. For now enjoy hopping across from Ethereum to Binance Smart Chain.