Should Leo Finance move to BSC?

in LeoFinance8 months ago

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I was reading the latest @lbi-token earnings post when the next paragraph came up:

This week we have had a daily average of 153.14 LEO earnings. 50% of this has been powered up and I have sent 50% of our earnings to @lbi-funding to be put toward the wLEO LP we'll do at the end of the month. I fear ETH will have passed $2000 by that time...

The first thing it came to my mind was the gas fees. If you want to add tokens to the LP at least you will need to pass by few transactions. This means that at the current prices, you could spend $80-100 easily and that’s a lot of money for just some transactions.

Right now if a user wants to change LEO for ETH or vice versa, or simply wants to add some liquidity to the pool, there is a chance it will cancel or abort the operation. I think this couldn’t be beneficial for the user itself and the Leo Finance community. The only way to diminish the problem is to work with high quantities.

The main issue for me is that not everybody has 2k or 10k to spend at once, so if we want new users to get involved in Leo Finance we need to make all possible to remove all the rocks on the path. Also, if the next projects are ERC-20 tokens it could be difficult to help with its corresponding liquidity pools.

Leo Binance

Binance Smart Chain (BSC) is getting a lot of attention lately. Its low fees and fast transactions are very useful, at the point I could compound daily all my profits. Maybe is the turn for Leo Finance to make a move and create the bLEO token in BSC and start adding liquidity to the bLEO-BNB pool.

Therefore, the new LP would allow us to make smaller swaps and spend less in fees and more in LEO. Also, it will catch the attention of the users that use the BSC only, and maybe, they can provide more liquidity.

However, the major problem I see here is all the people that have added liquidity to the wLEO-ETH pool and I’m included in it. They could feel bad because suddenly nobody uses the LP and they have to change networks. In my case, I would be glad to leave the Ethereum pool and move the liquidity to a hypothetic BSC pool but everybody will have a different opinion.

Final thoughts

To be clear, I’m not saying we should move completely to BCS but would be nice to have a low fee alternative to the Ethereum network. Also, I don’t know how hard could be to implement this change or what are the impediments but I’m sure the more alternatives the better. I think we should take this into consideration and debate the topic because I would like to read other people’s opinions.

What do you think about a bLEO token and the bLEO-BNB liquidity pool?

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"I don’t know how hard could be to implement this change or what are the impediments but I’m sure the more alternatives the better."

We actually have all of our technology ready for bLEO. We haven't launched yet because we're considering the pros and cons of listing a new pool (on any platform). The incentives will still lie heavily in the WLEO-ETH pool as that is our main source of liquidity but we would setup a smaller incentive system for LPs that want to provide liquidity on something like BSC.

We also have the option to pool bLEO-BNB or bLEO-BUSD which also introduces some interesting dynamics.

On one hand, pooling against BNB may bring greater volatility. On the other hand, having a lower volatility pool with a stablecoin would also be attractive for various reasons.

It's something we're thinking about and we're ready to launch whenever we decide. The goal is always to provide as much value to the LEO economy as possible, but there are certainly pros and cons to listing another pool (regardless of the chain its on).

Posted Using LeoFinance Beta

The goal is always to provide as much value to the LEO economy as possible

That resumes everything and is always the most important thing to bear in mind.

I understand about the pros and cons but I’m glad that at least tech is ready in case you need to pull the trigger. I’m sure you will make the best decision for Leo Finance.

Thanks for the quick response.

Posted Using LeoFinance Beta

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