The MoneyToken team has developed ChainShift — a service that allows projects with ERC-20 tokens to switch to the Binance Chain.
By using ChainShift any user can freeze his crypto assets or ERC-20 tokens and get the same quantity of the same token on a Binance Chain address.
To enable users to convert their ERC-20 tokens to the Binance Chain every project is required to apply for listing at ChainShift, define their allocation for Binance Chain and pass a smart contract audit.
Projects will also be required to place a security deposit in IMT tokens to list their tokens on ChainShift and provide the possibility of cross-chain swap between ERC-20 and BEP2 to their users.
ChainShift allows for partial blockchain switching – this means projects with ERC-20 tokens don’t need to completely migrate from Ethereum to Binance Chain, but can let users decide how many tokens they need on the Binance chain, and to stay flexible in terms of maximum allocations.
This way projects can be listed on Binance DEX but keep their listings and volume on other ERC-20 decentralized and centralized exchanges. Its also opens opportunities for arbitrage between Binance DEX and other exchanges.
“When we listed BNB as a collateral token on the MoneyToken platform we immediately started seeing more demands from our community and business clients for help with Binance Chain migration, so the team worked really hard to come up with extremely fast and flexible solution.”
Jerome MacGillivray, co-founder of MoneyToken
Right now ChainShift is available as a beta at chain-shift.com working with the Binance testnet.