ANW Governance voting proposal to Launch DeFi Services and integration of BSC (Binance Smart Chain)
ANW is soon holding its second milestone governance vote. The referendum for this vote proposes the launch of ANW based DeFi services and ANW token integration with the Binance Smart Chain (BSC).
The project (to be headed by the ANW technical team) defines a three-part approach:
- ANW Based DeFi Services on BSC:
- Decentralized exchange for various BEP20 tokens via liquidity pools and automated market-making.
- LP token staking and token farming, allowing LP holders to earn even more rewards for participation
ANW DeFi liquidity pools will allow traders to enjoy guaranteed liquidity through automation and enable liquidity providers to earn profit by receiving LP tokens which they can use to later claim back their portion of the pool’s liquidity along with any fees earned.
LP staking will allow LP holders to earn more rewards for helping support the ecosystem. By locking their LP tokens they can farm more tokens.
Initially, the ANW DeFi service will support liquidity pools for ANW and BNB, however, more tokens will be added moving forward.
2. ANW BEP20 Token Support -
Rather than operating services only on the Ethereum blockchain, ANW aims to have robust cross-chain solutions for its users. Robustness and wide ecosystem reach is one of the primary reasons for choosing to support a token on the Binance Smart Chain.
Another advantage of BSC is the lower gas fees for transactions. As of the time of writing this article BSC gas fees are 30x cheaper than ETH for the same transaction.
ANW BEP20 token will not add to the total ANW token supply in any way. Any newly-minted BEP20 ANW will only come from burned or locked ERC20 tokens as described below in the Migration Service description.
ANW expects BEP20 support to be the first of many cross-chain token initiatives moving forward.
3. ANW Token Migration Service —
To allow users to take advantage of these new DeFi services, ANW will provide a token migration service. This service will enable cross-chain migration of ANW tokens from ANW ERC20 to ANW BEP20 and vice versa. The migration logic will be managed on-chain in a smart contract suite to provide ultimate security and traceability.
Generally, the token migration mechanism involves locking tokens on one chain, then proving those tokens are locked to the other chain. After locking proof is given, ANW can be released on the other chain safely. In this way, token migration will never increase the ANW token supply.
Migration services will give users the freedom to choose which chain they would like to hold their ANW tokens on.
ANW is looking forward to seeing the community support for this initiative. We know it will be a great use case and a huge boost for the ANW ecosystem. Together with the ANW A.I. engine and smart wallet, the future of ANW is looking great!