Bridging Avocado DAO Tokens
Bridging Avocado DAO Tokens from Ethereum to BNBChain.
Avocado DAO tokens can now be bridged from Ethereum to the BNB (formally Binance Smart Chain), which offers security, scalability, and low transaction costs, important to both of their community and the GameFi ecosystem. Bridging AVG allows token holders to bring the tokens onto the BNB Network which gives access to multiple cryptocurrencies and incurs lower transaction costs such as gas fees. Avocado Guild selected Celer Network as their partner for bridging AVG from ETH to BNB as the platform facilitates fast, secure and low-cost cross-chain interoperability. Celer cBridge is a user-focused, cross-chain token bridge with deep liquidity for users. The platform is highly efficient and also offers exciting developer-oriented features. And now announcing Bridging Avocado DAO Tokens.
Guide on how to bridge
- Head over to cBridge and Connect Wallet
- Select the source and destination chains
- Click Transfer and approve contract spend
If this is your first time using the bridge for $AVG, you will need to provide permission for the platform to spend your token by clicking ‘Approve AVG’. After confirming this step, you will have the option to review the transfer details and ‘Confirm Transfer’, then sign the transaction on your wallet.
A note on fees for using Celer cBridge
There is a Bridge Fee when bridging tokens between blockchains. This Bridge Fee consists of the Base Fee and Liquidity Fee. The Base Fee is paid to cover the gas cost for sending funds on the Destination Chain while the Liquidity Fee is paid to the cBridge liquidity providers and Celer State Guardian Network (SGN) stakers in return for their services. For transfers from L2 roll-up chains (Arbitrum/Optimism/Boba/Metis), the liquidity fee percentage is 0.1% to 0.5%. Otherwise, the liquidity fee percentage is 0.04%.
Aside from the Bridge Fee, note that the bridge uses the StableSwap AMM to determine the swap rate to keep it close to peg unless there is significant liquidity imbalance.
Once you have successfully bridged your tokens, they will appear in your wallet, under your balance in the Destination network. In case you don’t have the BNB chain already added to your wallet. You will need to go to settings and Add Network.
About Avocado DAO
Avocado DAO (Decentralized Autonomous Organization) is a collection of contributors that believe in the benefits of blockchain technologies and the metaverse. To advance those benefits, the Avocado DAO intends to undertake and facilitate a range of activities that initially will enrich the ecosystem of blockchain games as well as provide yield farming and content creation opportunities to their members.
Avocado DAO will focus on investing in current and future NFT (Non-Fungible Token) assets within games and emerging metaverses and lend the NFTs back to their guild members to optimize yield. The goal is to share the profits of the DAO. With the guild members and the owners of the $AVG token. And maximize the utility of all the NFT assets owned by Avocado DAO. Avocado DAO not only invests in NFT assets. It is also focused on growing and enriching a community. For virtual gamers to produce content as well as enjoy blockchain games.