1INCH is expanding into Binance Smart Chain (BSC), one of the first major Ethereum-based DeFi projects to make the jump.
“Crossing the hell of burned #Ethereum lands our hero stumbles upon the mysterious yellow portal,” the project tweeted today.
BSC users will get access to all the same 1Inch functionalities that are already available on Ethereum, including 1Inch Aggregation Protocol and 1Inch Liquidity Protocol. Likewise, 1Inch users will have a bridge to PancakeSwap and other popular Binance protocols.
When a user sends 1INCH tokens from Ethereum to BSC, the tokens are locked in Binance Bridge and the corresponding value of 1INCH tokens are unlocked in Binance. 1Inch issued 10M 1INCH tokens on BSC to provide liquidity, but notes that the overall 1INCH token supply will not increase.
On Feb. 26, 1Inch will be launching a liquidity mining program for BSC, with 0.01% of the total 1INCH supply set to be distributed as rewards to BNB-1INCH pool liquidity providers. They plan to incentivize more BSC-related pools in the future.