BNB Chain Introduces Gas-Free Stablecoin Transfers Amidst Expanded Infrastructure
Timothy Morano Sep 19, 2024 10:39
BNB Chain launches 'Gas-Free Carnival' enabling gasless stablecoin transfers with partnerships from leading exchanges, wallets, and bridges.
BNB Chain, a prominent blockchain network, has unveiled the 'Gas-Free Carnival' initiative, allowing users to transfer stablecoins without incurring gas fees. This move aims to simplify stablecoin transactions and reward the BNB Chain community, according to the BNB Chain Blog.
Partnerships with Leading Exchanges
To facilitate this initiative, BNB Chain has partnered with several leading centralized exchanges (CEXs) including Binance, Bitget, Gate.io, and MEXC. Users can withdraw stablecoins such as USDT, USDC, and FDUSD to the BNB Smart Chain (BSC) and opBNB networks without any fees during the promotion period. The event runs from September 20, 2024, to October 19, 2024, for most exchanges, with MEXC extending its promotion until November 9, 2024.
Wallet Support and Sponsorship
BNB Chain has also collaborated with Bitget Wallet and SafePal, offering $25,000 each to cover gas fees for their users. Each wallet address will be eligible for up to six free transfers per day, provided each transfer is at least $0.10 worth of stablecoins on the BSC network. This promotion runs concurrently with the CEX promotion, from September 20, 2024, to October 19, 2024.
Bridging Assets with Celer cBridge
For users with assets on other chains, BNB Chain has teamed up with Celer cBridge to offer a gas-free bridging experience. This collaboration allows users to bridge their stablecoins to BSC or opBNB without incurring fees. Additionally, users can claim 100% gas fee rebates in FDUSD for eligible transactions. The promotion runs from September 20, 2024, to October 19, 2024, with a cap of $50,000 for gas fee rebates.
Maximizing Stablecoin Utility
BNB Chain encourages users to utilize their stablecoins across various DeFi platforms to earn rewards. Opportunities include staking, yield farming, and liquidity mining on protocols such as Aave, Venus, Kinza Finance, PancakeSwap, Thena, Astherus Finance, Radiant, and Uniswap. For instance, Venus offers APYs of up to 21.86% for FDUSD, while Kinza provides up to 37.01% for the same stablecoin.
Liquidity Pools and Additional Opportunities
Users can also contribute liquidity to StableSwap and potentially earn rewards through various protocols. PancakeSwap, for example, offers APYs of up to 12.34% for USDC/FDUSD liquidity pairs, while Thena and DODO provide APYs of 8.37% and 9.3% respectively for USDT/USDC pairs.
BNB Chain is actively collaborating with additional CEXs, wallets, and bridges to expand this initiative. The core team reserves the right to amend or cancel the Gas-Free Carnival at any time without prior notice. Participation in the BNB Chain Gas-Free Carnival is optional and does not constitute financial advice. Always conduct personal research before engaging in DeFi activities.
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