ProximaX has developed a simple swapping solution to swap XPX into the Binance Smart Chain (BSC) and Ethereum chain. This solution was created as a result of many requests to list XPX in other exchanges because the current exchanges which XPX is listed in lack reputation, trust, liquidity, and reach.
BSC and Ethereum both have decentralized exchanges and any coin can be exchanged to a second coin in these decentralized exchanges, e.g., Pancake Swap in BSC and Uniswap in Ethereum. We have created this feature and are about to launch it in both BSC and Ethereum.
What does this mean?
Instead of sending your XPX to the exchange and let them hold your XPX at their mercy, you can now just send it to your wallet in either BSC or Ethereum, or both. Liken this to two exchanges, one being BSC and the other being Ethereum. You have the option to pick either or both of these exchanges to trade your XPX. With these additional options, you can now trade your XPX safely and entirely under your own control. There is no trust involved as the exchanges are trust-less and decentralized. There is no KYC and no limit of exchange – provided there is enough liquidity – and you will be responsible and in total control of your trades without external interference.
In the cryptocurrency landscape, we call this swapping a cryptocurrency across from one network to another network. The coin in the original network (in this case XPX) is first sent to a sink account and then a corresponding digital asset is minted on the other network. We call this minted digital asset a wrapped coin. There exist now many wrapped coins, such as BTC in both BSC and Ethereum. In the financial industry, they are termed as derivatives, i.e., completely fungible and backed by an underlying asset, which is the original XPX that is parked in the sink account.
These wrapped coins can be switched back to XPX by doing a reverse swap and in the reverse order, i.e., wrapped XPX gets sent to the sink account in the second network and XPX gets sent out from the sink account to the Sirius network.
Why have we done this?
The question is rhetorical because it is for the same reason why we need to list a crypto in an exchange. XPX is a utility coin, but many would like to trade it for a variety of reasons. By expanding the options available at minimum cost, we hope to address the biggest fear factor of not trusting exchanges that XPX is currently listed in.
Accordingly, we have developed a swap function for both BSC and Ethereum. It is worthwhile to note that swapping from Sirius Chain to any of these two chains require network fees, and is dependent on the gas and transaction fees in these networks.
We are now ready and in the final testnet mode for the next two weeks before we launch, first with the BSC main network, followed later by the Ethereum main network.
We strongly encourage you to test and participate in the testnet as we hope to make final adjustments based on your feedback.
To see how-to, please follow the following links: