On February 24, the team of the DeFi aggregator SpaceSwap launched the platform version on Binance Smart Chain (BSC). This was reported in the project’s blog.
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SpaceSwap CEO Vladimir Nikitin explained that moving SpaceSwap to BSC was prompted by high Ethereum gas fees:
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“Gas costs on the Binance Smart Chain are significantly lower than on Ethereum. This makes farming on BSC more efficient, and users lose less money on transaction fees. We have already implemented in the BSC version the Shadow Staking technology for staking without transactions, and over time we will add other SpaceSwap services,” he said.
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To farm the native SpaceSwap token on the BSC blockchain you need:
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- switch your MetaMask wallet to Binance Smart Chain;
- obtain LP tokens from Pancake Swap;
- deposit the LP tokens into one of SpaceSwap’s pools.
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A detailed guide on connecting MetaMask to BSC and obtaining LP tokens — in SpaceSwap’s blog.
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SpaceSwap is a yield-farming platform on the Ethereum and BSC blockchains. It uses two native tokens: MILK2 for reward accrual and SHAKE for controlling the inflation rate.
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In the SpaceSwap ecosystem are:
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- Interstellar — pools for staking LP tokens from Uniswap and Pancake Swap;
- Galaxy — a governance system for adding new pools;
- Bridge — a bridge for transferring MILK2 and SHAKE between the Ethereum and BSC blockchains;
- Blender — an automatic exchange, converting MILK2 to SHAKE;
- Gravity — a stablecoin arbitrage platform;
- Shadow Staking — an algorithm for staking without transactions. It transmits information about LP tokens to the user’s wallet. To receive rewards you do not need to send tokens to the pool address.
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Currently, the Binance Smart Chain version includes Interstellar, Bridge and Shadow Staking.
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“The Shadow Staking algorithm is a unique invention; it cannot be copied or plugged into another platform. It has two advantages: security and savings. The user leaves the LP tokens in their own wallet and takes no risk. Tokens do not need to be moved, so they save on transaction fees,” explains SpaceSwap CEO Vladimir Nikitin.
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In February, the trading volume on Uniswap exceeded $100 billion.
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