Setting up XDN on Binance Smart Chain (BSC)
This section covers how you can move your XDN to the Binance Smart Chain (BSC) and hold your XDN in your favorite wallet to participate in DeFi opportunities.
Note 1: you can use any of the wallets that support Binance Smart Chain. This tutorial will focus on Metamask wallet.
Note 2: the Binance Smart Chain only works with BEP-20 addresses. Please make sure you use a BEP-20 address (beginning with '0x') NOT BEP-2 address (address beginning with 'bnb') to store or transact wXDN, BUSD, BNB or any other coins on Binance Smart Chain.
XDN is now available on Binance Smart Chain - providing the fastest, most-affordable DEX trading experience anywhere in the world, limiting dependence on centralized exchanges.
XDN BSC enables a high-performance matching engine, with hundreds of thousands of trades per second, instant execution, and front-running protection.
Additionally, XDN BSC will save you money, with settlement costs of just about $0.1 - $0.15 per trade, 100-1000x cheaper than on Ethereum. With XDN BSC, you get to keep your profits, rather than giving them away to miners.
Before you proceed, here is what we mean when we say XDN or wXDN:
XDN - refers to XDN on the native XDN chain.
wXDN - refers to XDN on the Binance Smart Chain (BSC)
If you have general curiosity or questions on wXDN / Binance Smart chain, you can refer to following:
Skip this step if you already have a Metamask wallet installed and set up.
- You can follow these steps to get Metamask Wallet set up: https://www.youtube.com/watch?v=Sc8J98m6SZE
Note: If you are using Trust wallet, here is a good reference on how to set it up for Binance Smart Chain:
Log in to MetaMask
Skip this step if you are already logged in.
Step 1: Log in to your MetaMask Wallet and click on “Expand View” to open in a new tab. In the event you have forgotten your password, you can restore your MetaMask Wallet using the secret backup phrase you should have saved during the account creation.
Step 2: Click on “Network” to display all available networks and select “Custom RPC” from the available options.
Click on “Networks” and select “Custom RPC”
Step 3: In the section “New Network” click on “Show Advanced Options” and fill in the following information:
- Network Name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org
- Chain ID: 0x38
- Symbol: BNB
Block Explorer URL: https://bscscan.com
Step 4: Click “Save”. Binance Smart Chain Network is now properly set up in your MetaMask Wallet. Make sure to always have selected the Binance Smart Chain Network before pursuing the next step.
Always make sure that the Binance Smart Chain network is selected in order to make this work.
Step 5: Let's add Wrapped XDN token (wXDN) on the Metamask wallet - so that when you move it into the wallet, it shows in your account. This is very important step - else you tokens wouldn't show even if you have them in the account. Follow the screens below to achieve this.
- Click "Add Token" at the bottom
- Copy and past this value (the wXDN contract on BSC): 0xbea2576f400b070c7cdf11d1cbb49de0c84e3bcf
- Click "Next"
- Click "Add Token" on the next window
- Go back to your account by using back arrow - and you should now see WXDN listed there with 0 amount.
Click "Add Token" to be able to add wXDN to your wallet
Provide the contract address of wXDN token on Binance Smart Chain
You will now see wXDN listed in your account
Step 6: Copy your wXDN Address by clicking on the account name just before the three dots at the top (the area highlighted in blue in this example). This is going to be your wXDN address - which you will use to direct proceedings from your XDN swap. (Please note that it's the same address for that account across networks. So for example, you can use the same address on Ethereum as well as Binance Smart Chain!)
- Make sure that you have XDN in "Swap From field" and wXDN in "Swap To field". If not, then please click on the dual arrow between these two fields to make it that way.
- Put the amount of XDN you want to swap (in picture below, you will get 1,000 wXDN for 1,000 XDN)
- Provide your wXDN address (copy and paste the account address from step 6 above.
- You can choose "Advanced Options" link to provide your email id - if you want a confirmation of the swap to be sent on your email id.
Provide the amount of XDN you are swapping and click Swap
- Click swap and you will see this window:
You will need to send the XDN you are swapping to the address presented in the box above
- Now you need to transfer amount of XDN you are swapping (in this case, exactly 1,000) to the XDN address shown in the screen. So go to your XDN wallet, or the exchange, and send XDN to the address presented. The image below is from BITTREX exchange
- Caution 1: While transferring, please add the 0.02 XDN transfer fees so that the address gets exactly 1,000 XDN (in the case above, we transferred 1,000.02 XDN)
- Caution 2: The address is valid only for that session and changes every time - so please use this address only for this transaction - DO NOT reuse this address for another transaction)
- Once you transfer exactly 1,000 XDN to this address, you will see the following confirmation:
Important Note: After this confirmation, it will take up to 30 minutes for the wXDN coins to show up in your wallet. The reason is - even though XDN chain settles transactions instantly, we want to wait for 10 network confirmations (10 blocks must be processed on the chain) - to ensure 100% security for the conversion transaction. After the required network confirmations are met, you should receive wXDN and you should see in your account as shown here:
Binance Smart Chain (BSC) operates in a very similar way to the Ethereum chain, and the same wallet that you use on Ethereum also works on BSC. Transferring wXDN back to XDN will incur a fee in $BNB--good news is that the fee is much smaller than the gas fee one has to pay on the Ethereum chain. So to swap your wXDN for XDN, you will need a small amount of $BNB (Binance's native coin).
- 1.Get some BNB - BNB is the native token of BSC and is used to pay gas fees. See notes at the end of this page on how to get BNB.
- 3.Click the arrow such that you have WXDN in "Swap From" field and XDN in "Swap To" field
- 4.Put the amount of wXDN you want to swap (in picture below, you will get 1,000 XDN for 1,000 wXDN)
- 5.Provide your XDN address where you want your XDN to be sent.
6. Click swap and you will see this window:
You will need to send the wXDN you are swapping to the address presented in the box above
7. Now you need to transfer amount of wXDN you are swapping (in this case, exactly 1,000) to the XDN address shown in the screen. So go to your Metamask wallet, and send wXDN to the address presented. Follow the screens below to complete this:
Click on "Send"
Send 1,000 wXDN to the address that was presented.
Note: If you have been using your wallet for the Ethereum network, it will take the transaction fees by default. So you may have to change it to the "going fees" at the time for BSC network
8. You will see a confirmation within few seconds after the transfer
Important Note: After this confirmation, it will take up to 30 minutes for the XDN coins to show up in your wallet. The reason is - even though XDN chain settles transactions instantly, we want to wait for 10 network confirmations (10 blocks must be processed on the chain) - to ensure 100% security for the conversion transaction.
After the required network confirmations are over, you should be able to see your XDN in your wallet or exchange. Your Metamask wallet will reflect the amount of wXDN that has left.
Note: You need to buy BNB on the Binance exchange. It is important to note that when you withdraw BNB to your Metamask, it must be sent to the BEP-20 network.