Last month, we announced that we would be integrating Binance Smart Chain with the PAID business dApp and Ignition platform — helping to boost efficiency and flexibility for our users.
Now, we’re proud to reveal that Ignition will soon be launching projects built on the Binance Smart Chain.
Taking part in a BSC IDO is an almost identical process to participating in one on the Ethereum network, but there is one crucial detail you will need to be aware of.*
Namely, you will need to connect your MetaMask wallet to the Binance Smart Chain. Once done, you will then need to whitelist using the same address that holds your $PAID ERC-20 tokens — just as you would our usual IDOs, albeit this time this same address is also connected to the BSC network. For now, this will allow you to redeem BEP-20 tokens to be issued on the Ignition platform, while still allowing us to scan your wallet on ETH to check your eligibility. Your ERC-20 address holding $PAID tokens is still required for whitelisting, and you must have $BNB in your BEP-20 addresses in order to secure tokens on Ignition.
How to connect MetaMask to the Binance Smart Chain:
If you’re not familiar with using Binance Smart Chain — not to worry! It’s almost identical to using Ethereum, but you’ll need to configure your MetaMask to interface with the Binance Smart Chain network. This should only take a couple of minutes, after which you’ll be up and running.
Binance has already crafted an excellent guide to getting started — here. Please make sure you check out this amazing guide to set up and familiarize yourself with MetaMask on the Binance Smart Chain.
If you have configured your MetaMask correctly, your ETH address and BSC address should be exactly the same. You shouldn’t need to create an entirely new wallet to participate in Ignition IDOs for projects issuing BEP-20 tokens on Binance Smart Chain.
Going forward, we will ensure it is clear from our messaging which platform an IDO is taking place on (e.g. ETH or BSC). You will also be able to see which network you’re connected to at any time, and can select from your list of available networks using the drop-down menu on MetaMask.
With Ethereum gas prices still unreasonably high and the Binance Smart Chain ecosystem continuing to flourish, we believe BSC represents an attractive avenue for further growth for PAID Network. In the last few months, Binance Smart Chain has seen not only a dramatic surge in development activity, but also an uptick in the number of users — as is evidenced by soaring on-chain trading volume.
This momentum shows few to no signs of slowing down, painting Binance Smart Chain as fertile land for innovation and adoption. Growing the PAID ecosystem means making sure there’s space for amazing projects no matter what chain they are on.
*More detailed instructions will be provided with IDO details for Projects built on BSC.
IGNITION is a featured product of PAID Network, operating as a decentralized swapping protocol which allows blockchain-based token projects to offer their private and public auctions. The platform features Ethereum, Binance Smart Chain (BSC), and here shortly, Polkadot functionality.
Ignition is different from other auction platforms in that it properly vets and selects only top-tier cutting-edge projects. Its multi-level incentivization mechanisms for participants of published projects will encourage token retention which supports both the project founders and the community. It isn’t just a trading platform, it FUELs projects and takes fundraising to the next level.
Ignition brings quality projects, fixed swaps, and equitable lottery participation to the PAID community.
PAID Ignition Platform : Ignition.PAIDNetwork.com
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
For any questions for the PAID network, please feel free to reach out to us on: