Binance Smart Chain Expansion FAQ
VALUE AND gvVALUE TOKENS#
1. What are the benefits of holding the VALUE token on the Ethereum Mainnet network? Give me reasons not to sell. Some are assuming that the VALUE token will be abandoned now that vBSWAP is being created. Can you clarify the use case for VALUE?
$VALUE will always be a governance and profit receiving token of the whole ecosystem if staked in vGovernance (formerly known as the Governance Vault V2). With the new farming token on BSC, gvVALUE holders will get extra rewards at BSC if they choose to bridge their gvVALUE to BSC and stake in gvVALUE-B/BUSD 98/2 pool (there will be more chains in the future)
2. What do I need to do with my VALUE tokens that are staked in vGovernance? Is it OK to leave them in vGovernance?
If you have VALUE but aren't staking in the vGovernance (formerly known as the Governance Vault V2) and you would like to participate in the BSC expansion, you will need to stake your VALUE in the vGovernance to receive gvVALUE.
If you are staking in vGovernance but don't see the correct gvVALUE amount in your wallet, go to vGovernance located here https://valuedefi.io/governance to unlock your gvVALUE from the old contract.
There will be a bridge from ETH to BSC to move gvVALUE and vUSD over.
3. What is the purpose of the “Unlock” button on the vGovernance page? What does it do? How often do I need to execute it? How do I know whether or not I need to click it?
Prior to auto-compound upgrade of vGovernance in November 2020, all gvVALUE was locked in vGovernance contract. After the upgrade, it returned back to wallet. All users who deposited prior to it now have the option to transfer gvVALUE to their wallet at relatively cheap gas cost (depending on ETH network congestion). It is one time action that is available only to users who have their gvVALUE locked in contract.
4. Will we be able to stake value-B on the BSC chain?
VALUE-B is another project's pegged Value token (bearn.fi) and it is not part of Value DeFi's ecosystem.
5. Will I lose any of the gvVALUE benefits (compounded, etc.) if I peg them to gvVALUE-B?
All benefits stay and you get additional rewards from BSC.
6. Will I be able to bridge my gVALUE coins to BSC 1:1 (at a"relative cheap cost")? and have gvVALUE-B ? And vBSWAP is a completely new token not directly related to my VALUE/gvVALUE-B ? If yes, what will be the initial price for vBSWAP and max supply?
gvVALUE will be bridged at 1:1 peg to gvVALUE-B before we roll out our BSC ecosystem. It’s cheap because it’s just a transfer tx. vBSWAP is a profit share token of ValueDeFi at BSC. Farmers get vBSWAP as incentive, vBSWAP holders get farmers' profit as buyback and burn. Max supply of vBSWAP will be 100000 that will be distributed over 104 weeks with reduction in emission by 10% every 4 weeks (e.g. in first 4 weeks total of 10600 vBSWAP tokens will be distributed, for next 4 weeks 9540 vBSWAP etc..)
7. The only thing I’m confused about is the addition of vBSWAP. So swap on BSC will not profit share with value holders but with holders of a new token instead? I don’t understand why we’re getting another profit sharing token for the platform.
vBSWAP token will be distributed to 98/2 gvVALUE-B/BUSD pool stakers as well. gvVALUE holders are able to receive benefits from both chains if they choose to do so. In order to compete on the BSC landscape, incentives have to be given to future users, and since there will be no more VALUE emissions and vUSD has its own purpose now, the optimal solution is to create a new token that is backed by BSC profits.
8. So am I getting this right that I will be able to pull out my gvVALUE and use it on the BSC to farm another token/reward yet still receive my rewards/buybacks/etc in vGovernance vault? Surely my money/value can't be used in 2 places at once can it?
gvVALUE is a token that represents your share in vGovernance, as long as you hold gvVALUE (or gvVALUE-b) you are receiving profit from Value ETH Ecosystem and by bridging over to BSC you will be able to receive additional rewards (vBSWAP tokens) from BSC if you choose to stake it in 98/2 gvVALUE-b/BUSD pool.
PLATFORM AND PARTNERSHIP#
9. What are the long-term advantages of BSC for the project?
Cheaper gas costs on BSC will allow us to demonstrate our unique multistrategy + auto-rebalance technology for vSafe, as well as vPegSwap. There are also plans to upgrade FaaS to create projects from scratch - vLaunch, and to start vLend on BSC. We will also be one of first projects with complete infrastructure on BSC, which should give us first mover advantage
10. Will it be on Heco chain?
BSC is just the first of chains that we will expand to, and depending on ease of integration, several more are under consideration, including Heco.
11. Do I need ETH in my wallet to pay for the gas on BSC?
No, BNB (Bep20) is native currency of BSC, just like ETH is of Ethereum. In order to initiate any transaction on BSC you need to hold BNB (Bep20) in your wallet. You can get BNB by buying it from Binance, FTX, or BKEX.
12. Where can I learn more about BSC?
For those of you who are new to BSC, we recommend the following online resources: https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc
MISCELLANEOUS#
14. What to do I need to do to prepare for BSC?
Set up Metamask wallet for the BSC network (follow the Binance instructions here or Value DeFi instructions here.
Make a transaction to test the network! (In case you are not aware, BSC does not require any ETH for gas. Instead, it requires the BEP20 variant of BNB).
15. Where can I learn more about vPegSwap?
vPegSwap is a Solidity implementation of StableSwap. It allows to trade tightly pegged tokens with much less slippage than standard AMM like Uniswap. We are talking about 100x less slippage. For more details, click here.
16. Why are we creating new tokens?
Only new token that we’re introducing is vBSWAP, which serves as an incentive to BSC users. All other tokens mentioned are just BSC pegged ERC-20 tokens and vBETH and VBBTC have been mentioned before as part of vToken family. As a reminder, BSC is a separate blockchain from Ethereum.