Liquidity Injection Announcement: More Efficient Cross-chain TEN Swap via DREP Crossing
Through testing the cross-chain TEN swap function between Ethereum and Binance for the past few weeks, based on the community’s feedback, we recognized the negative impact on user experience caused by the lack of liquidity, as it hindered the timely acceptance of users’ swap requests.
Since the principle of cross-chain swap is that the swap request can begin to proceed when only the number of tokens on the target chain reaches the swap amount. Liquidity becomes the key in determining the efficiency of cross-chain asset swaps. To solve this pain point, the team has decided to provide a certain amount of TEN (locked into the contract) to perform as liquidity on both chains in order to accept users’ swap requests more efficiently and effectively.
Therefore, to provide a better solution for cross-chain token swap, the team will employ DREP Crossing to fulfill all cross-chain swap requests for TEN token and other types of assets. The unfinished swap requests on the original Tenet bridge will be completed within 7 working days.
Liquidity Injection Plan
The team will issue a certain amount of TEN on both Ethereum and Binance Chain, which will be locked into the contract of Crossing. As this part of TEN tokens are locked in contract, they will not increase the liquidity of TEN tokens in the market (the locked liquidity can only be withdrawn by paid addresses, which can be confirmed by monitoring the transactions of the address). They will only be used to accept users’ cross-chain swap requests.
Additional ETH issuance: 1,624,520 TEN
Additional BSC issuance: 1,833,450 TEN
After the additional issuance, the total amount of TEN on ETH and BSC will remain the same, which ensures that all TEN circulating on ETH can be swapped to BSC, and vice versa.
Total amount after the injection:
ETH: 3,457,970 TEN (Current amount: 1,833,450)
BSC: 3,457,970 TEN (Current amount: 1,624,520)
Transaction Hash of Related Operations:
i. Additional issuance: 1,624,520
ii. Locked to Crossing: 1,624,520
i. Additional issuance: 1,833,450
ii. Locked to Crossing: 1,833,450
What is Crossing
- Supports Multiple Chains
Currently supported chains on Crossing: ETH, BSC, HECO, GATE; in the near future, all of the mainstream chains will be supported for swap, including Ethereum layer 2, etc.
- Supports Diverse Token Types
The supported token type is not merely limited to TEN. Any ERC20 tokens can be supported for cross-chain swap on Crossing. For tokens that are not on the current list, an application for adding tokens can be submitted by users, once passed the review and approved by the team, cross-chain swap can be carried out on Crossing for the added type of token.
How to Conduct TEN Swap on Crossing?
1. You can enter from the original [Swap] button on Tenet, or directly enter: https://www.crossing.network/
2. Connect to your wallet
3. Select TEN in the Token list
4. Choose which chain you want to swap from/to.
5. Enter your receive address.
6. Enter your swap amount.
7. Submit your swap request.
Note: If you are a first-time user, you will need to authorize before submitting the request.