March has been a phenomenal month for DEXKIT! We have had some BIG promotions and developments on the platform. Our DEX beta has been released and traders can set GAS FREE limit orders now! We are also developing our NFT marketplace and Defi Dashboard, both of which are set to be released in the next month.
The news of the day however is that 0x protocol is partnering with DEXKIT and a number of others to integrate Binance Smart Chain into the API. We just had some exciting news from them with 0x V4 boasting the most efficient transactions on layer 1 Ethereum.
DEXKIT is proud to be using 0x’s powerful APIs to power our aggregator and DEX, and the news of Binance Smart Chain integrations is nothing short of spectacular. This is going to open the door to cross-chain swaps and a potential bridge for the KIT token to be traded on BSC.
“0x Labs’ mission is to create a tokenized world where all value can flow freely. We believe that exposing the broadest set of users to smart contracts, self-custody wallets, and DEX markets is key to achieving that mission.” — Start building with 0x API on Binance Smart Chain
What does this mean exactly?
0x protocol is essentially acting as “middleware” between the blockchain layer and the application that users interact with. Since January 2020, 0x’s API has processed over 700k trades from 150k+ traders equaling over $7b in volume! The aim is to make Defi applications more efficient with the ability to access the richest sources of liquidity on the market.
BSC has been a formidable competitor to the ETH network. For anyone who is not familiar, the network for ETH contracts is called ERC20 while the network for BSC contracts is called BEP20. It is not a coincidence that they look similar because the code is virtually identical. BEP20 is a clone of ERC20 meaning any contract that has been deployed on ETH can also be deployed on BSC. The interoperability of the chains is exciting, but there is still not an option for permission-less listing on Binance Smart Chain.
The KIT contract was deployed on the ERC20 network, meaning it will be compatible with BSC. The only issue is that in order to host KIT on the chain, the contract would have to be re-deployed, essentially making a 2nd KIT token with the same properties. The DEXKIT team does not want to flood the market with clone tokens, so we are doing things the hard way. We are trying to work with the powers that be to allow us to bridge the KIT token to the BSC. This would require the OK from the big man himself, CZ.
In the mean time, users can aggregate 8 liquidity sources including Pancake Swap and Bakery Swap from BSC through the Dswap dapp. Check out the BETA version HERE.
Binance is a rich and vibrant ecosystem that is FULL of innovation, so it will be a great privilege to be able to offer utility and cross-chain support to an amazing platform like BSC. A bridge for KIT would allow the KITcrew to trade for cheaper prices while also leveraging the 8 liquidity sources on BSC that 0x will be supporting. The goal of the DEXKIT project is to make trading and managing decentralized crypto portfolios cheaper and easier. We believe that integration with Binance Smart Chain is a HUGE step forward, and it gets us closer to our goal of making our native KIT token interoperable with BSC.
Big shoutout to the #KITcrew for their support for the project. We always make decisions with the community in mind and we are constantly looking for ways to reward KIT holders. Make sure to check out the links below to connect with us.