Earlier this year, we revealed our plans to begin bringing additional blockchains to the PAID Network ecosystem — allowing us to offer interoperability on the PAID DaPP and host IDOs for promising projects developing on alternate blockchains, including Binance Smart Chain and Polkadot (in development).
Now, we are proud to announce that we have completed a crucial next-step in our cross-chain ambitions — we have finalized our Ethereum to Binance Smart Chain bridge!
With Ethereum transaction fees recently reaching record highs, the new PAID Network bridge will allow $PAID holders to easily move their tokens between the Ethereum and Binance Smart Chain blockchains as and when needed. BSC currently features dramatically lower transaction fees and much faster block production than Ethereum, making for an overall more efficient experience for users.
The PAID Network supply is now mirrored on Binance Smart Chain. Contracts can be checked here (Ethereum) and here (Binance Smart Chain). There are 594 million tokens minted on each chain, but the true overall supply of PAID tokens remains fixed at 594 million since the Bridge will only unlock BEP-20 $PAID tokens once the equivalent amount of ERC-20 tokens are locked — and vice-versa.
The current $PAID circulating supply can be checked at any time on CoinMarketCap.
Using the bridge is simple. Just select the source network for the $PAID you want to bridge and choose an amount. After creating your deposit you will then automatically receive an equivalent number of $PAID on the target network to your wallet — e.g. bridge 1,000 ERC-20 $PAID to 1,000 BEP-20 $PAID.
The PAID Network Bridge represents a crucial step in not only bringing the PAID ecosystem to other blockchains, but also bringing cross-chain projects to Ignition. For now, you will still need to hold your $PAID tokens in your Ethereum wallet to whitelist for IDOs, but in time, we expect to support direct scanning of BEP-20 $PAID on Binance Smart Chain also.
For more information about configuring MetaMask to support Binance Smart Chain, see Binance’s helpful guide.
With the launch of the new BEP-20 version of $PAID, users will soon be able to trade $PAID on the leading BSC-based decentralized exchange — PancakeSwap.
*BSC bridge is currently live for development operations. Full features TBA.
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.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
For any questions for the PAID network, please feel free to reach out to us on: