SuperBid announces bridge to Binance Smart Chain (BSC)
SuperBid -a social auction app connecting fans with thousands of influencer led auctions for items, experiences, and NFTs- has been growing incredibly fast not only with their social media followers on Twitter or Instagram but also in the amount of token holders which has recently exceeded 3,500 investors.
Although the spreading idea of connecting e-commerce, online auctions, demand for influencers and cryptocurrencies seems to be pleasing both retail and institutional investors, the latest price surge of Ethereum resulted in astronomically high gas fees making it almost unaffordable for most of smaller invesors to buy SuperBid token via Uniswap DEX as it required almost 400$ (at the peak) only to swap your Ethereum for SuperBid.
Having quickly acknowledge this problem the CTO and Co-founder Wojciech Sobczuk started looking for a solution. As always he wanted it to be simple, cheap and most of all easy to use for SuperBid holders.
On May 13th he shared his accomplishment with his Twitter followers.
Soon after that tweet SuperBid’s team announced that they are bridging a part of liquidity to BSC, in order to reduce the fees for buying SuperBid and get more exposure for the project. Later there was a pool created at the project’s official telegram: https://t.me/superbid_chat and it was decided that the next decentralised exchange that SuperBid token will be avilable at is PancakeSwap.
BurgerSwap — Cross-Chain Bridge
A bridge from an ERC-20 (ethereum blockchain) such as SuperBid to BEP-20 (binance smart blockchain) token is possible thanks to a tool named BurgerSwap.
BurgerSwap is a democratized AMM on Binance Smart Chain with the following main functions: Swap, Liquidity Pool, Governance, ERC20-BEP20 token transfer [cross] Bridge, Burger Shack, Farm, and IFO.
The BurgerSwap bridge allows users and projects to seamlessly convert any ERC20 token to a wrapped bToken issued on Binance Smart Chain, which then can be listed on BurgerSwap to trade and provide liquidity.
BurgerSwap is designed to solve the high Gas and slow transaction challenges met by ETH DEX users.
What does this bridge mean for SuperBid project?
A bridge to another blockchain could be simply described as a simple solution to the obstacles in the current market situation. According to avilable and vastly confirmed data transaction fees on BSC could be up to 35 times lower than those on ETH blockchain and additionaly it can carry out over 450 transactions per second in contrast to 15 transactions/second for ETH.
Here are some recent statistics to visualize the gap beetween technical features of ETH and BSC blockchain.
The gas price on BSC is almost always 10 times lower than those on ETH.
The impact of new exchange listing on token price
The term “Coinbase effect” is well recognised among cryptocurrency communities and is desired by all of investors. The average spike in price after the announcement of listing a token on such big exchange is said to be over 70% in one day. That’s because the exposure a project gains from such a listing is so high that almost every one expects huge and quick grow in holders making the price spike even further.
Even though PancakeSwap is only a DEX and nowhere near Coinbase exchange it still means a tremendous exposure for SuperBid. Not only the project will be getting new pairing (most probably SUPERBID/BNB) but all those people that are offended by ethereum high gas fees (and are not willing to use it) will be able to buy SuperBid much cheaper but the listing will attract many new eyes to this excellent project surely resulting in the growth of holders.
To make the case for this argument even stronger let’s take a look at the price chart and indirectly the demand for the PancakeSwap token $CAKE.
The price of $CAKE was only 0.7$ in the mid January. All time high for this token came in over two weeks ago (beginning of May)at 43$ making the token increase its value over 40 times in just four months. It is obvious that PancakeSwap gained a lot of popularity and by bridging SuperBid to BSC blockchain the project will be discovered by many many new investors.
