What is Lydia Gate?
TLDR: Send BNB on BSC get LYD + AVAX on Avalanche C-Chain.
Lydia Gate is a hybrid centralized software they developed running on our servers that allows users to buy LYD from other networks.
They are starting with Binance Smart Chain integration. Technically all EVM compatible chains can be integrated later.
They believe LYD Gate will make it simple to invest in Lydia Finance and help adoption of DeFi on Avalanche.
LYD gate also provides infrastructure for a possible FIAT integration in the future.
Why they built it
As they mentioned on the previous blog post it may be troublesome to get started with DeFi on Avalanche. LYD Gate provides an easy solution to that barrier. Send an amount of the native token to LYD gate and get 90% LYD and 10% AVAX on Avalanche C-Chain.
How it works?
Simple:
1- Alice sends BNB to their wallet on BSC
2- They instantly convert the BNB to AVAX at the current price
3- We buy LYD from our exchange with 90% of the AVAX and send it to Alice’s C-Chain wallet address along with the remaining 10% in AVAX.
How they handle converting AVAX-BNB
They put an amount of AVAX into the application’s wallet as a start. Every time it decreases we will buy AVAX with the BNB we get and use it for LYD Gate.
How fast is it?
It works quite fast. It only takes a few minutes to buy LYD with BNB.
Limits
They accept minimum 0.1 BNB and a maximum of 2 BNB for a single transaction.
Amounts out of this range will be sent back to the user deducting the tx fee.
Fees
There will be an 8% service fee.
Assuming Alice sends 0.1 BNB, BNB price is 333.07$ and AVAX 13.592$
- USDT amount of BNB = 33.307
- AVAX amount = 2.4504855797527956
- Service Fee = 0.19603884638022367 AVAX
- Alice will get 0.2254446733372572 AVAX and 2.254446733372572 AVAX worth of LYD to her wallet on Avalanche C-Chain.
The fees and limits can be adjusted over time based on the usage and feedback that we get. The fees will be used for LYD buyback and burn 🔥🔥
