VITC is now on Binance Chain (BNB)!
Updated: May 15
Vitamin Coin (VITC) has just successfully been bridged to the Binance Chain (BNB) network!
Here's a quick guide on how you can bridge your VITC to the Binance Chain (BNB) network, and vice versa.
Cross-chain withdrawals (Vite network to BNB network)
1. On a Binance Chain (BNB) compatible wallet, add the VITC token. If you are using MetaMask, you will need to add the Binance Chain Mainnet to your wallet (https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain)
You can add the VITC token using the VITC contract address: 0x7C3cc93f39F0dbC9E00F96d1Fa4eA52E36b3476B. For example, on MetaMask, select "Import Token", and enter the contract address:
2. Open your VITE app, and navigate to the VITC section. You will see Cross-Chain Deposit and Cross-Chain Withdrawals.
3. Click on Cross-Chain Withdrawal, and enter your Binance Chain (BNB) address. There is a small withdrawal fee of 200 VITC. Your VITC should be on the Binance Chain (BNB) network in a few minutes. (Note: the withdrawal fee is higher than that for the Harmony network, because of the higher fees associated with the BNB network.)
4. Once the token is added, you will see the amount of VITC that you have (which has been bridged from the Vite network) in your Binance Chain (BNB) compatible wallet.
5. You now can trade VITC for any token on the Binance Chain (BNB) network, using PancakeSwap https://pancakeswap.finance/swap. Before you start trading, you will also need to add the VITC token to the PancakeSwap app:
6. Now you can begin trading:
7. Please note that there is currently limited liquidity in the trading pair (VITC / BNB). This means that big trades are going to have very big price impact. This means that if you make big trades, you will not get a good deal.
Cross-chain deposits (BNB network to Vite network)
When you are ready to bring your VITC home (back to the Vite network), you can do the following:
1. Open your Vite app, and navigate to the VITC section. Select "Cross-chain deposits". You will receive a Binance Chain (BNB) address
2. Transfer your VITC from your Binance Chain (BNB) wallet to this address.
3. You will receive your VITC back in your Vite app after a few minutes.
Liquidity and Liquidity Pools
Liquidity pools are a central component of Decentralized Finance (DeFi). The idea is simple: liquidity providers put their tokens into a big pool, managed by a smart contract. When people engage in trades, they add tokens to, or remove tokens from, these pools. For example, when you buy BNB using VITC, what you are doing is putting your VITC tokens into the pool, and taking some BNB tokens from it. The more tokens there are in the pool -- when there is more liquidity -- the less of a price impact will be caused by swaps and trades. That means, the price will be less volatile as a result of trades.
When providing liquidity, please do your own research.
On PancakeSwap, you receive rewards for providing liquidity. This is an incentive for providing liquidity. Details from PancakeSwap are as follows:
Liquidity providers earn a 0.2% fee on all trades proportional to their share of the pool. Fees are added to the pool, accrue in real time and can be claimed by withdrawing your liquidity. https://pancakeswap.finance/pools
Here is how you can add liquidity.
1. On PancakeSwap, click "Trade" then, select "Liquidity". Then, click "Add Liquidity", and select VITC. If you do not see VITC, you can click "Import it", and add VITC using the contract address.
2. On the Add Liquidity page, select VITC/BNB trading pair. Fill in the amount of VITC / BNB that you want to provide.
3. And you're done. You will receive some Liquidity Pool tokens, which will look like this in your MetaMask wallet:
You will now receive a % of the trading fees. The more trades there are, the more fees you can get in principle.
Again, please do your own research before providing liquidity:
To bridge your Liquidity Pool tokens back to the Vite network (for instance, so that you can participate in staking on https://stake.vitc.org):
Go to your Vite wallet app
Select the VITCWBNB token
Select Cross-chain deposit; this will reveal an address.
Send your CAKE-LP tokens to this address
The tokens will appear in your Vite wallet app after a short time.