wELCASH is Finally Here. An Innovative Token to Connect Users to the World of DeFi
ELCASH has finally been wrapped, making a big jump into BSC-based decentralized finance (DeFi). With Wrapped ELCASH (wELCASH), users can now make the most of smart contracts and decentralized applications (DApps), propping up the integrity of the entire community with this breakthrough digital coin.
wELL, wELL, wELL… it looks like long months of hard work have paid off. The ELCASH software development team has reached another milestone on its roadmap, delivering wELCASH. It’s a BEP-20 token representing ELCASH on Binance Smart Chain, an alternative to the Ethereum platform that provides a wide range of DeFi products.
Why Do You Need wELCASH?
Put simply, ELCASH is an avant-garde cryptocurrency that makes everyday transactions faster and easier. Now, by having its wrapped version, users can take full advantage of the smart contracts and decentralized applications (DApps) offered by the Binance Smart Chain ecosystem. This includes swapping, staking, liquidity mining, yield farming, lending/borrowing, and Decentralized Autonomous Organization (DAO) governance.
How Can You Get wELCASH?
First off, check if you have some ELCASH in your wallet. Next, convert your tokens by using the handy platform available on ELCASH’s official website. The wELCASH tokens can only be minted when propped up by ELCASH. Also, the value of the newly minted tokens is permanently pegged to ELCASH on a 1:1 ratio.
Pro Tip: Check the Tutorial
If you still can’t make head nor tail of how the conversion process works, you can always use ELCASH’s simple step-by-step tutorial to clear things up. The tutorial is available in two versions, PDF and video. It describes converting ELCASH into wELCASH and using it with the DeFi solutions.
Why ELCASH Chose BSC to Launch the Token?
Binance Smart Chain, or BSC, is the second largest DApp ecosystem by market value and the first by transaction volume. At the time of writing, there are over $18 billion worth of digital assets locked on BSC. Also, unlike Ethereum, BSC handles more transactions at a lower cost. This is how it looks in detail:
The pace:
- BSC block confirmation time is around three seconds (much shorter than Ethereum),
- BSC handles an average of 55–60 transactions per second (much higher than Ethereum),
- BSC maintains an average daily transaction volume of over 10 million (higher than Ethereum).
The cost:
- Transaction fees on BSC are only a few cents, which makes using BSC’s services cheaper than using Ethereum.
Another aspect worth noting is BSC’s cross-chain compatibility, enabling users to deploy their digital assets between different blockchain networks.
Cooperation Between wELCASH and PancakeSwap
PancakeSwap is a decentralized exchangethat exists on Binance Smart Chain. For the ELCASH team, choosing this platform to create its first liquidity pool (WELCASH-BNB) was a no-brainer.
PancakeSwap has about USD 10 bln worth of total assets locked in the protocol, putting it in the top 10 of DeFi protocols. Aside from that, the PancakeSwap exchange is ranked second among all DEXes and 1st in the BSC ecosystem. It features thousands of trading pairs and liquidity pools, with a record daily trading volume of over USD 1.6 bln.
Also, trading, swapping, and transaction fees are low. Users can carry them out rapidly. Therefore, users keen on swapping or exchanging their wELCASH can do it on BNB seamlessly, and at a reasonable cost.
More Things to Come
The launch of wELCASH is the beginning of its journey. In the upcoming months, people who worked thoroughly on this project will focus on touting it among users willing to explore the DeFi opportunities. The icing on the cake will be a contest for the community to create their own NFTs. Just wait for January 2022 to learn more!
Follow ELCASH social media:
Telegram: https://t.me/elcash_official
Twitter: https://twitter.com/elcash_official
Facebook: https://www.facebook.com/electriccash.official
