Announcing BSC Bridge (2.0) | Instant BNB <> HIVE Conversion! | New Frontend
After seeing it in the comments so many times in my previous announcement, I started working on an upgraded version of the BSC Bridge (also, thanks for the attention in the first 48 hours. Over 300 HIVE were transacted!) and now, I would like to open it up to more users. Before you use BSC Bridge, please do not forget that it is currently in beta mode, so delays in transactions may happen. (but are usually 3 to 6 seconds long)
First of all, there is now a frontend, a UI. To make it easier for everyone to use the site for both ways of conversion, either from BNB to HIVE or from HIVE to BNB.
It is integrated with both Hive Keychain and Metamask (or other Web3 wallets) and will use it whenever it is needed. All you have to do is put the correct information.
Why is there a big METAMASK USERS warning?
The way the backend works is that there is a feature on the BSC (and ETH) blockchain to add
data to the transactions. These
data are used for things such as smart contracts, whenever you harvest your CUB yield, deposit and withdraw LP tokens etc.
BSC Bridge, whenever you use the frontend, asks you for two things. Your username (on Hive) and the amount of BNB you are going to send.
The amount of BNB you're going to send is pretty straightforward, it both helps you see an estimated amount of HIVE you are going to receive and how much is currently in @bscbridge account. (Please note that, if the amount of BNB you sent is higher than what the bridge can afford, you will be refunded automatically. (minus gas fees for BSC)
Anyways, back to the explanation. When you put in your
username there, the script automatically converts your username to a hex value and adds it as
data to the generated transaction. This is done so that the backend can figure out who to send the HIVE to since there is no easy way of adding memos to BSC transactions.
However, there is one issue. It appears so that MetaMask has a bug that if you try to send a transaction with
data in it and the address you are trying to send to (BSCBridge) is not a Smart Contract it automatically nulls the gas limit.
So MetaMask users will have to manually type the gas limit of 40000 there before sending. (There is no guarantee that gas limit will be used 100%, the reason for giving a number as high as 40000 is because the longer the
data is (the longer your username is) the bigger the transaction, therefore, bigger fee.
Can you guarantee that this will work all the time?
Noyes. I've been testing it on BSC testnet rigorously and there have been no problems (after I fixed whatever problem there were) so you should be safe. There's quite a lot of checks as to whether or not the transaction has succeeded, and if it doesn't, it will automatically refund. Whether if it's on HIVE or BSC.
Why are the amounts so low?
More volume/more usage = higher max limits since the wallets will be having more tokens to handle bigger transactions.
Isn't this technically a Liquidity Pool?
Yes, yes it is. I am pretty much running an exchange here.
Can I trust you?
I don't know, can you? Not my call to make.
I have a suggestion!
Feel free to let me know in the comments below, alternatively, you can find me on FRIDAY, HIVE and LeoFinance Discord.
"Sounds great, how can I use it?"
Posted Using LeoFinance Beta