Polis Migrates to Binance Smart Chain, seeks to optimize reward structure
Early this month, the Polis team published an article explaining the need for a new financial structure and reward distribution geared towards driving the growth of the project. Polis also disclosed its plan to migrate to the Binance Smart Chain (BSC) in the article, a move that is being viewed as an opportunity to “amend [existing] design flaw arises” in funding the Polis Foundation.
The movement to the Binance Smart Chain represents an opportunity to properly fund these endeavors through the optimization of the reward structure, as Masternodes will cease to exist and will be replaced by Liquidity Providers.
That being said, Polis has released a guide to help users to migrate their coins to BSC.
For a start, users will need to set up a Metamask wallet. The wallet is available for hardware devices like Ledger and Trezor, with extensions for browsers like Chrome, Firefox, Microsoft Edge, and Brave Browser.
Once the wallet is set up, they will need to use the Official Polis BSC Bridge to perform the swap.
On the exchange side, Southxchange and Stakecube will support the swap. So, users will not have to perform any action. Five other exchanges, including Whitebit, Birake, Uniswap, Crex24, and Blockdex will not support the swap. Users have until March 19 to withdraw their funds.
The move to Binance Smart Chain and the DeFi sector will open Polis to a new wave of opportunities and possibilities.