Paraswap introduced $PSP token at BSC

On Wednesday, December 22, ParaSwap presented, through its Twitter account, the $ PSP token in Binance Smart Chain (BSC).

Image about Paraswap’s Twitter post

“The first vote of the DAO ParaSwap decided on which chain the PSP should be launched for the first time. Since then, the team has been researching the best infrastructure to incorporate PSPs safely and reliably into various EVM-compatible chains. Today, the team is pleased to present the PSP token on Binance Smart Chain”, he said through an article published on the Medium platform.

The token contract address for BSC is the same as mainnet: contract for PSP in BSC: 0xcafe001067cdef266afb7eb5a286dcfd277f3de5

PSP Ethereum Bridging ↔️ BSC

The company explained that the PSP can be safely bridged using the Celer Bridge, and the operation takes between 5 and 20 minutes.

Using the bridge for the first time will require an “allow” transaction. To make it easier for new users, the bridge also delivers 0.002 BNB along with the bridged PSP tokens.

Also read: GoCrypto: “GoC Token available on the smartBCH chain”

PSP liquidity in BSC

According to the company, initial liquidity has been provided to the PSP / BNB Pancakeswap pair. The sources of liquidity for PSP will be integrated into the group’s user interface on the ParaSwap website.

To get PSP directly on Binance Smart Chain, you can of course use ParaSwap to exchange some BNB or other tokens to PSP.

Keep in mind that initial liquidity may be limited – watch out for price shock!

More chains are coming for PSP!

Similarly, the company assured that this is the first version for PSP in a side chain. Polygon will follow suit shortly, as will Avalanche once the volume requirements for the ChainLink oracle have been met.

“The discussion also started to bring PSP to an L2 with Deversifi. This will not only provide additional liquidity for PSP but will also allow a quick withdrawal to other L2s or sidechains like Polygon”, he commented.

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