Make it easy to peg ERC-20 tokens to BSC

In order for an asset to be compatible with the Venus ecosystem, it has to be ported on the Binance Smart Chain first. This create a layer of friction for new projects to be added to the Venus ecosystem when developers already have a busy pipeline and can’t commit to such tasks.

If Venus can collaborate with Binance to develop a “launchpad” for assets to be easily ported over to BSC, it will make it much easier to enable all kind of tokens to interact with the Binance Smart Chain.

As I don’t have a deep understanding of the fundamental differences between the BEP-20 and ERC-20 standard someone more clever than me can chime in about this if this makes sense or not.

From my experience approaching a few developers to try to steer them to use the Venus AMM, most mentioned they didn’t have the resources or time to port their token to BSC so it seems like a sensible barrier to entry.

Hopefully the community can find a solution to make it easier for more projects to use Venus.

I agree with this proposal

Binance Bridge did a good job on bridging ERC20 token to BSC world. But, keep in mind that it will be a centralized solution. It will be fantastic to see other options.

Nevertheless, for the part that adding new projects into Venus ecosystem, I won’t agree on this. We have to learn from history. New projects are too risky to be list on Venus.

I meant new projects as in tokens not yet on Venus. The addition of tokens will have to go through community vote ultimately anyway AFAIK.

Obviously we don’t want the Cannon fiasco to repeat itself but I think it’s important to reduce as much as possible the barriers to adoption.

I agree though that the centralized nature of the BSC may put some people off. The Binance bridge is great but we have to rely on Binance to add new assets. I wish there was a process to make that process quicker/automated. This would help devs to make use of the BSC more widely.

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RenBridge from RenProject is one feasible option to consider. Using Ren we can already mint BTC, BCH, ZEC and Doge onto BSC.

This can easily be extended to bring ERC-20 tokens onto BSC.