Hey everyone, we at the Ren team have created a grant proposal on ZF Grants, with the goal of using funds for bootstrapping liquidity on Binance Smart Chain. The grant and details can be found here:
Would be great to hear folks thoughts.
Right now anyone can wrap Zcash on Ethereum and Binance Smart Chain through RenVM (using this site: RenBridge 2.0), with the Ethereum support being live since summer last year, and Binance Smart Chain going live last year.
Zcash already has some liquidity on Ethereum, and is beginning to get some proper DeFi integrations. At the same time Ethereum is pretty congested right now, with standard contract interactions on Ethereum (like trading on Uniswap) regularly costing ~$50, which is debilitating. So we don’t think it’s necessary to spend funds on bootstrapping more liquidity on Ethereum at the moment.
But for Binance Smart Chain, which does not have many integrations yet and almost no liquidity for renZEC, and where gas fees are neglible (~$0.1-0.5), we believe there is a perfect opportunity now for getting the ball rolling for ZEC utility in the Binance Smart Chain ecosystem. It’s a primarily Asian ecosystem, but we also forsee a part of the Ethereum DeFi users going over to BSC while the gas fee situation is as it is.
We will likely be able to get some matching of liquidity mining incentives on the protocols we decide to provide incentives for, through the teams responsible for those protocols.