Timothy Morano
Sep 19, 2024 10:39
BNB Chain has launched the ‘Gas-Free Carnival’, allowing users to conduct gasless stablecoin transfers backed by collaborations with major exchanges, wallets, and bridges.
BNB Chain, a leading blockchain platform, has introduced the ‘Gas-Free Carnival’ program, enabling users to transfer stablecoins without gas fees. The initiative aims to streamline stablecoin transactions while offering rewards to the BNB Chain community, as detailed in the BNB Chain Blog.
Collaborations with Major Exchanges
To implement this initiative, BNB Chain has partnered with multiple top-tier centralized exchanges (CEXs) such as Binance, Bitget, Gate.io, and MEXC. During the promotional period, users can withdraw stablecoins like USDT, USDC, and FDUSD to the BNB Smart Chain (BSC) and opBNB networks without any fees. This event is scheduled from September 20, 2024, to October 19, 2024, for most exchanges, while MEXC will extend its promotion through November 9, 2024.
Wallet Support and Sponsorship Initiatives
Additionally, BNB Chain has joined forces with Bitget Wallet and SafePal, allocating $25,000 each to cover gas fees for their users. Each wallet address can benefit from up to six free transfers daily, provided every transfer is a minimum of $0.10 in stablecoins on the BSC network. This promotion coincides with the CEX offer, running from September 20, 2024, to October 19, 2024.
Asset Bridging via Celer cBridge
For those with assets on alternative chains, BNB Chain has collaborated with Celer cBridge to offer a gas-free bridging service. This partnership enables users to bridge stablecoins to BSC or opBNB without incurring fees. Additionally, users can receive 100% gas fee rebates in FDUSD for qualifying transactions. The promotional period spans from September 20, 2024, to October 19, 2024, with a total cap of $50,000 for gas fee rebates.
Enhancing Stablecoin Utilization
BNB Chain urges users to leverage their stablecoins across various DeFi platforms to accumulate rewards. Potential activities include staking, yield farming, and liquidity mining on platforms like Aave, Venus, Kinza Finance, PancakeSwap, Thena, Astherus Finance, Radiant, and Uniswap. For instance, Venus offers an APY of up to 21.86% for FDUSD, whereas Kinza provides as much as 37.01% for the same stablecoin.
Liquidity Pools and Further Opportunities
Users can also provide liquidity to StableSwap and earn rewards through numerous protocols. PancakeSwap, for example, offers APYs of up to 12.34% for USDC/FDUSD liquidity pairs, while Thena and DODO present APYs of 8.37% and 9.3% respectively for USDT/USDC pairs.
BNB Chain is actively working with more CEXs, wallets, and bridges to broaden the scope of this initiative. The core team retains the right to modify or terminate the Gas-Free Carnival at any time without notice. Participation in the BNB Chain Gas-Free Carnival is voluntary and not financial advice. Always perform personal research before engaging in DeFi activities.
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