Timothy Morano
September 19, 2024 10:39
BNB Chain launches ‘Gas Free Carnival’, enabling stablecoin transfers without gas fees through partnerships with major exchanges, wallets, and bridges.
BNB Chain, a popular blockchain network, has launched the ‘Gas-Free Carnival’ initiative, allowing users to transfer stablecoins without gas fees. According to the BNB Chain Blog, the move aims to streamline stablecoin transactions and reward the BNB Chain community.
Partnerships with major exchanges
To facilitate this initiative, BNB Chain has collaborated with several major centralized exchanges (CEXs), including Binance, Bitget, Gate.io, and MEXC. Users can withdraw stablecoins such as USDT, USDC, and FDUSD to BNB Smart Chain (BSC) and opBNB Network without fees during the promotion period. The event will run from September 20, 2024 to October 19, 2024 on most exchanges, while MEXC will extend the promotion to November 9, 2024.
Wallet Support and Sponsorship
BNB Chain is also collaborating with Bitget Wallet and SafePal to provide $25,000 each to cover users’ gas fees. Each wallet address can make up to 6 free transfers per day on the BSC network, provided each transfer is at least $0.10 worth of stablecoins. This promotion will run concurrently with the CEX promotion, from September 20, 2024 to October 19, 2024.
Asset Bridging with Celer cBridge
For users with assets on other chains, BNB Chain is working with Celer cBridge to provide a gas-free bridging experience. Through this collaboration, users can bridge stablecoins to BSC or opBNB without fees. Users can also claim a 100% gas fee discount in FDUSD for eligible transactions. This promotion will run from September 20, 2024 to October 19, 2024, with a gas fee discount cap of $50,000.
Maximizing Stablecoin Utility
BNB Chain encourages users to utilize stablecoins on various DeFi platforms to earn rewards. Opportunities include staking, yield farming, and liquidity mining on protocols such as Aave, Venus, Kinza Finance, PancakeSwap, Thena, Astherus Finance, Radiant, and Uniswap. For example, Venus offers up to 21.86% APY on FDUSD, while Kinza offers up to 37.01% on the same stablecoin.
Liquidity Pools and Additional Opportunities
Users can also contribute liquidity to StableSwap and potentially earn rewards through various protocols. For example, PancakeSwap offers up to 12.34% APY for the USDC/FDUSD liquidity pair, while Thena and DODO offer 8.37% and 9.3% APY for the USDT/USDC pair, respectively.
BNB Chain is actively working with additional CEXs, wallets, and bridges to expand this initiative. The core team reserves the right to modify or cancel the Gas-Free Carnival at any time without prior notice. Participation in the BNB Chain Gas-Free Carnival is optional and does not constitute financial advice. Always conduct your own research before engaging in any DeFi activity.
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