Summary
Hey Moonbeam community, I am proposing on behalf of the Bifrost community project BNCS to register an inscription token called $BNCS as an XC-20 format on Moonbeam. Previously, it was an inscription made by remark, but now it has been tokenized as a Substrate Asset. Registering this token on Moonbeam will enable additional incentivized use cases in conjunction with Bifrost LSTs.
Test on Moonbase
xcBNCS Cross-in Moonbase
xcBNCS Cross-out Moonbase
What is BNCS?
BNCS is a ground-breaking platform that enables the creation of liquid staking LST yield-based inscription markets. It has been developed on the solid foundation of Omnichain Liquid Staking parachain Bifrost and is powered by the exceptional Polkadot ecosystem.
Why it was tokenized?
The community believes that BNCS, as an inscribed token, has limitations in key areas. However, these limitations can be mitigated by tokenizing inscriptions in the following ways:
- Transaction limitations:
By standardizing BNCS, it can be easily transferred on-chain, resulting in faster and more cost-effective transactions, enhancing the user experience. - Low DeFi participation:
Tokenizing inscriptions allows BNCS to seamlessly integrate with DeFi projects, opening up possibilities for staking, lending, and other gameplay options. This expansion of application scenarios in the DeFi field can further enhance the value of BNCS. - Intense competition:
To differentiate BNCS from its competitors and overcome competition pressure, it is important to explore new approaches and bring innovative solutions.
Motivation
The importance of registering xcBNCS on Moonbeam
Currently, all BNCS holders are on the Bifrost parachain, with the majority being users who have utilized Bifrost LST. Bifrost’s vDOT, vGLMR, and other LSTs have already been registered as xc-20 on Moonbeam and are quickly developing practical applications. Therefore, as a registration token serving Bifrost LST, BNCS should benefit any LST user within the Bifrost ecosystem.
According to Subscan’s data, there are currently 22,883 addresses holding BNCS. In the future, with the launch of a liquidity market for BNCS on Moonbeam’s decentralized exchange (DEX), a majority of these addresses may transition into the Moonbeam ecosystem.
The use cases for xcBNCS on Moonbeam are as follows
- Creating trading pairs on Stellaswap or Beamswap DEX.
- Earning loyalty point rewards in LST events: In the future, there may be snapshots of addresses holding xcBNCS, and addresses holding both xcBNCS and xcvToken will receive higher loyalty point rewards.
Links & References
- Website : https://bncs.io/
- Documentation : https://docs.bncs.io/
- Twitter: https://twitter.com/bncs_io