From its Whitepaper 2.0, XTM is an ERC-20 token, built on the Ethereum Network. As community members, some raised the issue of Ethereum gas fee on transactions and how it can affect XTM withdrawals from Torum ecosystem in the future.
Torum core team, having claimed this complete Crypto ecosystem belongs to the community listened and recently conducted an opinion poll to choose another blockchain to host XTM tokens. The Chains listed were:
Personally, I do believe Polygon Network is a fast Chain but as an Ethereum layer 2 solution, I couldn’t vote Polygon. I still see Polkadot Chain as emerging and more of hype for now, Cardano hasn’t taken off fully and people only shill the coin with Hoskins’s name. I voted Binance Smart Chain and majority of Landers voted BSC too.
The result? Torum XTM expansion into Binance Chain with another contract. Torum XTM thus became Multichain as we can now choose to trade our earned XTM either on Ethereum Chain (EXTM) or on Binance Chain (BXTM)
Importance of XTM going Multichain
Gas fee on Ethereum network is rising daily and stifling trading/swapping of low marketcap coins as gas fee can far exceed the actual trading value.
Just recently, the price of 1UP went up with almost 300 percent and I intended trading about 20,000 of my 1UP. When I initiated a swap on Uniswap, for a trade of about $210, I was charged almost $80 as gas fee! I believed the fee is ridiculous and cancelled the trade. If I were to swap same amount of 1UP token on Binance chain(Pancakeswap), I’ll be charged less than $6 for the transaction as fees.
Torum going Multichain is an attempt at giving each member of this crypto based ecosystem community, oldies and newbies alike equal opportunity to trade and profit off their trade on any of the two chains.
Torum, alongside one of its strategic and technology partner, Blocklime (Blocklime provides personalized blockchain development and services. From research to integrating blockchain solutions, Blocklime specializes in building custom and secured blockchain applications that takes your business to the next level) will integrate a complete DeFi staking platform (Automated Market Maker platform) on Torum social media site. The staking platform will be known as Torum Finance and will have it’s governance token which can only be earned from Torum Finance and will be tradable on DEXes.
Torum Finance will be built on Binance Smart Chain by Blocklime to ensure all community members can participate without having to worry about high gas fee.
The development of Torum Finance will be in three phases as listed below;
Phase 1 – ETH x BSC Bridge (cross-chain transactions)
Phase 2 – Liquidity Farming * Shard-Dust Multipliers Metamask Integration
One more reason you need to buy Binance coin as a lander as you'll be staking your XTM against BNB.
Phase 3 – DeFi x NFT Staking Mechanism
You see why those Shards on Torum matters?
These changes will affect XTM TOKENOMICS and as such, a new Whitepaper to reflect these changes will be coming out soon. As for CEX listing, that is still confidential as of now, and an announcement will be made soon about it.
If you are interested in becoming part of this great initiative called Torum, below is my referral link and we can both share 150 XTM equally and I'm sure you'll love it on Torum.
Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.