OpenLeverage Launches Mainnet on BNB Chain
We are happy to announce that the OpenLeverage Protocol has been deployed to the BNB Chain (formerly known as Binance Smart Chain)! All associated contract addresses can be found here.
The BNB Chain deployment offers competitive gas prices and a robust infrastructure, which will allow more users to familiarize themselves with our protocol and see how easy it is to create any specific pair on lending markets, execute trades, and provide liquidity in a permissionless margin trading market. The deployment will enable margin trading and lending for potentially thousands of specific token pairs on the BNB Chain.
Community members will now have access to more decentralized exchanges on the BNB Chain, such as PancakeSwap, MDEX, and BabySwap, and create any pair that has depth as well as long or short it. No permission is necessary to create a margin trading market for any specific pair with isolated and market-adjusted risk controls.
In addition, we are activating our Referral Program, where our existing community and new members can earn rewards for every new user they invite to use our protocol.
More details can be found here.
BNB Chain Trading and Lending Rewards
To incentivize market liquidity and trading volume on the BNB Chain, we will distribute $OLE rewards to lenders and traders based on participation. Any active BNB Chain address can earn these rewards.
Trading and lending rewards are currently limited to three transaction pairs:
Connect your wallet with OpenLeverage, select the BNB Chain, and trade or lend in the three pairs above to participate in the campaign. Please note that trading pairs on Ethereum are not valid for these rewards.
Total reward of the trading and lending campaign is 500,000 $OLE. Trading and lending will each be allocated 50% of the reward. The campaign will last from Feb. 22, 2022, at 12 PM UTC to Mar. 1, 2022, at 12 PM UTC.
The following formula will be used to calculate the reward for each user:
Half of the earned rewards will be distributed after the $OLE token launch. You can check your current rewards on the “Rewards” page. $OLE rewards will be updated every 24 hours under the “Rewards” page.
The remaining 50% of the rewards will be locked into an NFT issued by Solv Protocol.
(Solv Protocol is a decentralized marketplace for the minting and trading of NFTs that represent financial ownership. Through Solv Protocol’s smart contract, digital assets like ERC-20 tokens and ERC-721 could be transformed into financial NFTs as vouchers, which are fractionalized for quantitative operations such as splitting and merging, thus enabling various financial scenarios. These NFTs can be traded or transferred on Solv Protocol.)
More details can be found here.
Since our successful launch on Ethereum mainnet in December 2021, we have been improving our protocol and interface in the best interest of our community. Our recent update enabled any token in a trading pair to serve as collateral. Our collaboration with Multichain will allow $OLE tokens to bridge between EVM-compatible chains, implementing our multi-chain strategy.
In the next 3–6 months, we plan to increase our multi-chain deployments, connecting top AMM DEXs across other EVM compatible chains. Avalanche and Polygon deployments are scheduled for Q1 2022 and will connect our community to top DEXs and enable hundreds, if not thousands, of token pairs for lending and margin trading.
Our native $OLE tokens and OpenLeverage DAO will launch soon to boost protocol usage with decentralized governance. From 2022 onwards, there will be extensions and enhancements to the protocol, with priorities including social trading, tranche lending with smart vaults, and limit order for margin trading.
Retroactive rewards will be airdropped to our community based on protocol usage (e.g., margin trading, lending, market creation, and liquidation facilitation). Rewards will be in our native token, $OLE.
OpenLeverage, a permissionless lending and margin trading protocol, is deployed on Ethereum and the BNB Chain, with future multi-chain deployments planned. The permissionless design of the protocol allows users to launch a leverage trading market for arbitrary trading pairs, integrating with the liquidity provided on decentralized exchanges. OpenLeverage provides a permissionless, decentralized, scalable, and secure leveraged trading facility that serves the long tail and fast-growing DeFi market.