Another Gem coming from LeoFinance/Cub....#soon

in LeoFinance2 years ago

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Imagine you live in the biggest city you can think of. Now imagine that city is divided into two parts by a wide river running between them. Let's name the larger part of the city, say Ethland, and we'll name the other side BSCville. Now imagine there are only a few complicated ways for you to get from one side of the river to the other.

Now imagine you built a nice, clean, shiny new bridge between them that everyone can use. And imagine you could charge a tiny percentage (for arguments sake, let's say .25%) of the total value of whatever crosses that bridge in either direction. What do you think that bridge would be worth?

We're going to be finding out that answer in the next couple weeks or "#soon" as Khal likes to say.

To the user, it's as easy as entering an ERC20 input and a BEP20 output (or vice versa). On the backend:

ERC20 -> wLEO -> LEO -> bLEO -> BEP20

or

BEP20 -> bLEO -> LEO -> wLEO -> ERC20

A 0.25% swap fee will be collected on every trade and sent to the CUB / bLEO treasury where it will be split to burn both CUB and bLEO.

One of the most exciting things about this application is the awareness it will bring to Cub. One of the most fundamental steps to turning CUB into a successful DeFi platform in the long-run is adding new use cases and revenue-generating mechanisms that set CUB apart from other DeFi platforms.

In less than 14 days after launching, Cub Finance will already have the LeoBridge application added to it's suite. This will make CUB the most unique DeFi yield app of it's kind and we'll continue to add new contracts and applications to this base layer that we're just getting started with.

Source

Most of us involved in the Cub cross-chain hybrid airdrop that Khal invented last week know how big of a pain in the ass it was to get ETH tokens converted into BSC tokens. If we just discovered that issue, you can bet a lot of money that there are literally thousands of others in the crypto world who are having the same problem.

Ever since Ethereum's fees started mooning more than their token, this problem has magnified. With BSC coming on the scene with their low fees, you can see how valuable getting money over there has been. All you really need to look at is the BNB price: from $38 on Jan 21st to a high of $348 a month later. People are tired of paying those high fees and have found an alternative.

But for every user who figured out how to do it, there are another five who decided it was too complicated and didn't want to risk it.

The market for this use-case on LeoBridge could be enormous. If people do discover how to use it, literally millions of dollars could flow through it daily with .25% going towards burning Cub and Leo.

I can't quite wrap my brain around what those numbers could actually be but they could easily dwarf the amount of Cub/Leo being burned now. Hugely bullish!

It obviously remains to be seen what sort of inroads LeoBridge can make into this "cross-chain" market but, it certainly is another feather in the cap of LeoFinance.

Posted Using LeoFinance Beta

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The network speed and gas fees is what kept me from ever really using ETH or ERC-20 tokens. I never like paying so much to use the network, when I was given options that were faster and cheaper. Granted I was using them as a payment method, so really none of them were well suited at the time. Watching the BNB/CUB unfold has gotten me more interested in this part of the DEFI. I think I might need to see what I have around and buy some CUB to try it out.

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I would highly recommend it. Even if you don't really want to "risk" much, I think its well worth learning the process so you understand it later when you DO decide to use it. There are so many great How-To articles on here right now that it's a great opportunity to at least gain the knowledge.

Posted Using LeoFinance Beta

Haha, I used to live in a city like that. My wife grew up in it. It has four bridges though. Old and rusty drawbridges that were always getting stuck open or closed for some reason! I get what you are saying here. I am pretty excited about this new tool they are going to give us. Especially since I lost $45 trying to move BNB from the ETH side to the BSC side.

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Yeah, that sucks on the $45. I had 4 BNB get "stuck" for about 18 hours trying to move it over. Thankfully it was a wallet issue and not an error on my part but....still very frustrating. And it was like $1200 so it wasn't like it was pocket change.

This bridge will make that all go away, AND burn Cub and Leo at the same time. It really could be a giant windfall for hodlers. Time will tell as always. It certainly won't hurt us, that's for sure.

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I am still waiting for Bittrex to find my ETH that I sent to the exchange over three weeks ago. Still no sign of it!

Which is more robust security erc20 or the others? Kinda confuse here..

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Erc20 is the Ethereum chain. Those are considered better security-wise as Ethereum is arguably very decentralized. However, their fees are extremely high right now. BSC is NOT decentralized so that can be dangerous. But, their fees are very cheap relative to Ethereum. So, pros and cons. High fees, more security. Lower fees/less security. That said, obviously BSC would be in danger of killing the golden goose so they are highly incentivized to secure their network as strongly as possible. But, it is still a "single point of failure" so it is definitely still considered a risk.

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Yes i do agree that it was a complicated process to convert the ETH tokens to BSC. However the fruits are sweeter now.

Totally agree. That's why I think the LeoBridge could be a BIG winner for Leo/Cub and all of us holding them.

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I'll be back.

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More info why you see this.

Posted Using LeoFinance Beta

Thank you! It's always a great morning when I see the bright orange box appear. :-)

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I almost gave up because it really seemed too complicated at first. Luckily this community is amazing and I got a lot of help from some very nice people and now I understand this whole thing a little better.

You are right thou, this is another great development by the LeoFinance team and it has a lot of potentials. I'm really excited to see what comes next!

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Hah! I was just doing some curating and my last one for the night happened to be YOUR goals article. How funny is that?!? Thanks for the comment. There are big things ahead for LEO and Cub and eventually Hive as well. Don't forget to fill a few of those bags as well. Hive at $3.50 is a 10x. Cub needs to go over $40 for that to happen and Leo has to hit $10-$11. I'm not saying it not going to happen. I'm just putting the movement into perspective. I think it definitely pays to keep accumulating some Hive at these levels.

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Haha yea, I just saw your comment there! It's a great motivation for me, so thank you!

And you are right about Hive! I'm definitely planning on growing my Hive stake as well!

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Very clear illustration of the utility of this bridge.

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Thank you. I just see this as potentially having such a huge positive impact on both Leo and Cub. This is such a massive use case if it gets the attention it should.

Posted Using LeoFinance Beta