Our Binance Chain Ethereum Bridge is Officially Live!
LABEL is an innovative NFT infrastructure built on top of the Ethereum Network, powered by the LBL utility and governance token. It aims to establish a fair ecosystem for sharing and integrating IP rights. LABEL provides a decentralized P2P incubating platform to access world-class entertainment-education content through the DAO voting system, enabling contributors to participate in the NFT shareholding mechanism.
Dear Community,
The Label Team is proud to announce our cross-chain bridge is now LIVE and open to the wider public. Previously, we distributed the BEP-20 version of our token to address high gas fees on the ETH mainnet. However, ETH gas fees have gone down quite substantially so we are ready to launch our cross chain bridge for the users to have seamless access to the cross-chain feature of LBL token. The bridge developed in collaboration with Curvegrid will now allow users to interchange between BEP-20 and ERC-20 versions of our tokens. Users will be able to trade, deposit and withdraw both the BEP-20 and ERC-20 standard of our token on MEXC. The instructions and explanation are detailed below.
Binance Chain Ethereum Cross-Chain Bridge
The Binance Chain (previously known as Binance Smart Chain) is a highly scalable (high TPS output) blockchain supporting smart contracts with Ethereum Virtual Machine programmability. Although Label is native to ETH, we believe deploying in the Binance Chain first was a massively beneficial choice from both a gas/scalability and ecosystem standpoint. For the majority of our users, the gas fees on Ethereum proved to be a limiting factor for micro transactions so we strategically chose the BNB chain for its low fees and high throughput. Additionally, through deploying on the BNB chain we unlocked an ocean of Dapps supported in the ecosystem to integrate with.
Label’s migration to the BNB Chain was the first step to become a multichain NFT infrastructure available on different networks. However, our vision of Label is not only to remain in the BNB Chain but also bridge to several other Layer 1 blockchains for better multi/cross chain interoperability. For now both the ERC-20 and the BEP-20 standard of our token will co-exists to provide higher accessibility to our users. We plan to bridge to other networks in future.
The beginning of Label’s cross chain interoperability starts with our MultiBass Blockchain Middleware Bridge developed by the Curvegrid team. We have been working closely with the Curvegrid team to provide a bridge that is fully operational and using ChainSafe’s ChainBridge Smart Contracts which has been audited by the ConsenSys Diligence team. The audit shows all of the security risks reported which have been fully addressed and meets the standard of the Consesys team.
Instructions
- Visit LABEL Foundation website and click on the “Bridge” or go directly to bridge URL: https://label-bridge.multibaas.app/
- Connect your digital wallet (MetaMask) and verify the network
- Choose the network in your wallet (i.e if you want to swap BSC-version LBL to ERC-version of LBL, you should select the BSC network on Metamask)
- Insert the amount that you want to swap and press the button “transfer” to make the transaction (Make sure to have the sufficient amount to pay for the gas fee on the bridge).
- After the confirmation of the transfer, the transaction will be recorded as “pending” in the transfer status. The relayers will approve the transfer and the LBL tokens will be automatically transferred to your wallet.
We would like to remind users of the bridge that relayers are not automated so the transfer might take a while.
Details:
- Bridge: https://label-bridge.multibaas.app/
- Bridge Audit: https://consensys.net/diligence/audits/private/adash47d-chainbridge/#chainbridge-v1-0-1-update-addendum-november-2021
- Ethereum Mainnet Smart Contract LBL Token (ERC-20) 0x2162f572B25f7358db9376AB58a947a4e45CeDE1
- Binance Smart Chain Mainnet LBL Token (BEP-20) 0x77edFaE59a7948d66E9911A30cC787d2172343d4
- Bridge Contract 0xbC20a31AE2A99198765BB886d767D3e71584d955
- Bridge Handler 0x1039Ce5Cf8888726E1Da9Ccd1F13873FEFA7c74F
About Binance Chain
Binance Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Binance Chain is designed to run in parallel to BNB and retains fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible DApps.
For more information on Binance Smart Chain, visit the website here.
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📩 For business & partnership inquiries: contact@label.foundation
