Hey, hiveans do you wants to explore the exciting world of decentralized finance (DeFi) on Binance Smart Chain (BSC)? Do you want to use your Hive assets to swap, lend, borrow, stake, farm, and more on BSC? If yes, then this blog post is for you!
One of the most centralized cryptocurrency exchanges, Binance, developed the Binance Smart Chain, a blockchain system that works in tandem with the Binance Chain. You may access a wide variety of decentralized apps (dApps) on BSC, including token swaps, decentralized money markets, and adorable NFTs, thanks to BSC's smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).
But you might be wondering how you can use your $Hive and HBD on BSC. You may now use bHBD and bHIVE tokens to bridge your HBD and HIVE tokens to BSC thanks to the fantastic work of LeoFinance and CubFinance. Your Hive assets on BSC are represented by these BEP-20 tokens, which you can trade back and forth at any moment.
In this post, I will show you how to use bHBD and bHIVE to bridge your Hive assets to BSC in a few simple steps. But first, let me explain what bHBD and bHIVE are and why you need them.
What are bHBD and bHIVE?
HBD and HIVE on BSC are represented by the BEP-20 tokens bHBD and bHIVE. They are distributed using the LeoBridge smart contract, a link between the chains of Hive and BSC. You can convert your HBD and HIVE to bHBD and bHIVE at a 1:1 ratio using the LeoBridge.
You can always exchange bHBD and bHIVE for the original assets because they are always fully backed by HBD and HIVE in the LeoBridge vault. Additionally, you can check the vault's balance on the LeoBridge dashboard.
You can access the vast ecosystem of DeFi applications on BSC by using bHBD and bHIVE. Examples include PancakeSwap, Venus, ApeSwap, BakerySwap. Additionally, BSC offers quick transactions, affordable costs, and excellent scalability.
How to use bHBD and bHIVE?
You require a Hive wallet and a BSC wallet in order to use bHBD and bHIVE. Any wallet that supports Hive Keychain, such as PeakD, LeoFinance, or Hive.blog, can be used for the Hive wallet. You can use any wallet that supports BSC for the BSC wallet, including Binance Wallet, Trust Wallet, and MetaMask.
Once you have both wallets ready, you can follow these steps to bridge your Hive assets to BSC:
So, how do you get started? It's actually quite easy, and I'll walk you through it step by step.
Step 1: Get a BSC wallet
You must first have a wallet in order to engage with the applications on BSC. The good thing is that you have a lot of options at your disposal. You can use any wallet, like as MetaMask, Trust Wallet, Binance Wallet, and others, that accepts BSC and BEP-20 tokens. You can use any wallet, even though I'll use MetaMask as an example in this tutorial.
If you don't already have MetaMask, you can download it for Chrome, Firefox, or, if you use a mobile device, iOS and Android. Once it is set up, you must connect it to BSC by building a custom network with the required specifications:
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Once you save the network and return to the main view, you'll notice that your wallet is now connected to BSC and your units are denominated in BNB.
Step 2: Get some BNB
Then, some BNB tokens must be used to cover the gas costs on BSC. Gas fees are the costs incurred while doing a transaction on a blockchain; they are frequently paid in the native token of the blockchain. On BSC, that token is BNB.
Although there are other ways to get BNB tokens, the simplest may be to just withdraw them from your Binance account, providing you have one. Use Binance Smart Chain (BEP-20) to withdraw funds to an external wallet.
If you don't have a Binance account or don't want to use it, you can also use other platforms or services that allow you to buy or swap BNB tokens with other cryptocurrencies or fiat currencies. Just do your own research and be careful of scams.
Step 3: Bridge your Hive assets
Now comes the fun part: bridging your Hive assets to BSC using bHBD and bHIVE tokens. To do this, you'll need to use two platforms: LeoFinance and CubFinance.
LeoFinance is a social media outlet for financial and cryptocurrency content creators built on the Hive platform. You may earn LEO tokens by creating and curating excellent content on various financial and cryptocurrency-related topics.
BSC is the foundation of the decentralized finance (DeFi) platform CubFinance from LeoFinance. You can earn CUB tokens by providing liquidity and staking a number of token pairs on its platform.
Connect your Hive assets to BSC using CubFinance's LeoBridge function. You can swap any ERC-20 or BEP-20 token, including the bHBD and bHIVE tokens, for any other ERC-20 or BEP-20 token using this function.
To use the LeoBridge, you'll need to follow these steps:
Go to https://cubdefi.com/ and connect your BSC wallet (MetaMask in this case).
Click on the LeoBridge tab on the left sidebar.
Select the token you want to swap from and the token you want to swap to. In this case, we'll swap HBD to bHBD, but you can also swap HIVE to bHIVE or vice versa.
Enter the amount of tokens you want to swap and click on Swap Now.
Confirm the transaction on your wallet and wait for it to be processed. You'll see a confirmation message when it's done.
Check your wallet balance and you'll see your bHBD or bHIVE tokens.
Congratulations, you've just bridged your Hive assets to BSC!
Step 4: Use your bHBD and bHIVE tokens
You can use your bHBD and bHIVE tokens on any dApp that supports BEP-20 tokens on BSC now that you have them. You can, for instance:
Swap them for other tokens on platforms like PancakeSwap or BakerySwap.
Provide liquidity and earn fees on platforms like CubFinance or ApeSwap.
Stake them and earn rewards on platforms like CubFinance or AutoFarm.
Lend them and earn interest on platforms like Venus or Fortube.
Mint NFTs and sell them on platforms like BakerySwap or NFTMart.
The possibilities are endless, and you can explore them at your own pace and preference. Just remember to always do your own research and be careful of risks.
Step 5: Bridge back your Hive assets
If you ever want to bridge your Hive assets back to BSC, it is simple to do so. Simply utilize the LeoBridge feature once more to convert your bHBD or bHIVE tokens into HBD or HIVE tokens. Send them to your Hive account using any Hive wallet that accepts HBD or HIVE transfers.
And that's it! You've just learned how to bridge your Hive assets to Binance Smart Chain in these simple ways. I hope you found this tutorial helpful and informative. If you did, please give it a like and let me know on your thoughts about it. And if you have any questions or feedback, please leave them in the comments below. I'd love to hear from you.
So we can safely conclude that bHBD and bHIVE are great tools for Hive users who want to tap into the DeFi opportunities on BSC. They are easy to use, secure, and transparent. With bHBD and bHIVE, you can bridge your Hive assets to BSC in a few simple steps and enjoy the best of both worlds.
I hope this blog post was helpful and informative for you. If you have any questions or feedback, feel free to leave a comment below. And if you liked this post, please share it with your friends and followers on Hive and BSC. Thank you for reading and until next time my friend, happy bridging!
References:
How to Get Started with BNB Smart Chain (BSC) | Binance Academy. (2022, December 28). Retrieved from https://academy.binance.com/en/articles/how-to-get-started-with-binance-smart-chain-bsc
Connecting MetaMask to BNB Smart Chain | Binance Academy. (2022, November 10). Retrieved from https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain