Genpad made the most exciting announcement of integration with Binance Smart Chain to become the foremost launch pad of PreIDO projects. Launched in April 2019 by Binance, Binance Smart Chain is a Blockchain-based platform for the development of decentralized applications. The BSC is compatible with Ethereum Virtual Machine and is therefore equipped with a wide range of dApps and Ethereum tools. In addition, the Binance Smart Chain shares cross-chain compatibility with the Blockchain of Binance.
Previously, Genpad entered into a partnership with Genesis Shards to create the first-ever launch pad of PreIDO projects in the cryptocurrency space. Powered by Polkadot, Genesis Shards is a decentralized platform for revamping NFTs as options of decentralized finance to create a permission-less ecosystem of inter-chain liquidity for the tokens of PreIDO projects.
The integration with Binance Smart Chain shall enable Genpad to increase its user base as more and more users will opt for Genpad as a cost-effective alternative to ETH, which charges high gas fees for every transaction. Through the integration, Genpad will also be able to host BSC-native PreIDO projects.
The integration between Genpad and the Smart Chain of Binance has the following advantages, as enlisted below:
- Launch of PreIDO projects on the Smart chains of Binance as well as Ethereum through the platform of Genpad. This project launch shall improve liquidity and help in increasing the user base of the platform.
- The integration shall boost the utility value of the BSC variant of the GS token, thereby bringing it on par with the token of the ETH chain.
- The projects that opt for BSC shall be able to avail of the low-cost benefits of taking part in PreIDO, which will make the sale of PreIDO NFT more equitable.