Announcement of the migration to Binance Smart Chain
To better adapt to the current cutting-edge development directions in the Web3 race, CLV Finance has decided to integrate more deeply with Binance Smart Chain (BSC) and establish a robust ecosystem. In the coming days, CLV Finance will close the CLV P-chain and transfer all native and non-native tokens to BSC.
Binance Smart Chain (BSC) is designed for running smart contract-based applications and aims to provide fast, efficient, and low-cost platforms. BSC supports creating decentralized applications (dApps) and allows token swaps, staking, and other DeFi activities. It is compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to start their web3 journey.
Impact on the wallet (product features)
Due to the disclosure of the CLV P-chain, CLV Wallet will no longer support the CLV P-chain and all tokens on it. CLV Wallet is still the game-changing solution and one of the most compatible wallets, designed for the next 100 million crypto users with user privacy as a cornerstone. It also continues to provides a full range of multi-chain and cross-chain solutions, and also supports NFTs and a dApp marketplace.
Benefits that come with the migration
Low Transaction Fees for CLV users: BSC is known for its extremely low transaction costs, making it accessible for all users, regardless of transaction size.
High Throughput: BSC can process a high number of transactions per second (TPS), ensuring fast and efficient operations, which offers the CLV ecosystem a chance for mass adoption.
EVM Compatibility: Being compatible with the Ethereum Virtual Machine (EVM) means that the dApps and products built on CLV ecosystem before can easily migrate to BSC, saving both time and resources.
Robust Ecosystem: BSC has a growing ecosystem of high-quality dApps, ranging from DeFi projects to NFT platforms, which will benefit CLV ecosystem.
Large User Base: Being developed by Binance, the platform has access to a large and engaged user base, which is a plus for dApps looking to scale quickly.
Cross-Chain Compatibility: BSC is designed to facilitate cross-chain transfers, allowing users to move assets seamlessly between different blockchains.
Community Support: There’s a strong community of developers and users, contributing to a rich set of community tools and resources.
Secure and Reliable: BSC incorporates various security protocols and a robust governance model, aiming to provide a secure and stable platform for transactions.
Impact in our Users
Users’ native and non-native tokens will be transferred automatically to the Binance Smart Chain under the same address. After the migration is realized, users can double-check the transfer of their tokens by monitoring the changes on BSC.
When did the CLV Parachain stop its lease? CLV Parachain network stopped on October 24th, 2023 at 7:35 UTC
What do I need to do for my native and non-native tokens on CLV P-chain? Users do not need to do anything about this. Users’ native and non-native tokens will be transferred automatically to the Binance smart chain (BSC) under the same address. After the migration is realized, users can double-check the transfer of their tokens by monitoring the changes on BSC.
Do you need to manually unlock the DOT token you staked during the crowdloan?
If you contributed on the Polkadot platform, your DOT token will automatically be unlocked and returned to the wallet you used to stake. If you staked via a third-party platform, such as a DeFi protocol or an exchange, please check their respective guidelines on how to redeem your DOT token.
What is the next step for the CLV project?
CLV Finance will migrate its ecosystem, which was initially established on CLV P-chain, over to the Binance Smart Chain (BSC). The aim is to forge a deep and collaborative relationship with BSC, leveraging its robust technology and extensive user base to create a more prosperous CLV ecosystem. This would be a completely new era for CLV Finance.
Please contact us via our Telegram channel if you have any additional questions. We will continue to update the FAQ section to ensure all significant questions/concerns are addressed correctly.
Overall, we are excited to start this new chapter and confident that this will benefit our users and partners.
Source : Medium / Oct 24, 2023