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Gasless Stablecoin Transfers on BNB Smart Chain

Posted on by CryptoCoinstart News Report
Gasless Stablecoin Transfers on BNB Smart Chain
24
Sep
Avalanche 15

Gas-Free Carnival Promotion

As part of its latest initiative, BNB Smart Chain has launched the “Gas-Free Carnival,” a promotion that runs until mid-October or until the allocated $50,000 in gas fee rebates is exhausted. The aim is to incentivize users to transfer stablecoins to BSC or its Optimism-based opBNB Layer 2. The stablecoins included in this promotion are:

  • USDT
  • USDC
  • FDUSD

FDUSD, a 1:1 backed stablecoin issued by First Digital Labs, is currently ranked fourth in market value among stablecoins, following USDT, USDC, and DAI. First Digital is a key partner for Binance, especially after the regulatory challenges faced by BUSD’s issuer, Paxos.

Strategic Partners in the Promotion

To facilitate this promotion, BNB Smart Chain has partnered with several prominent exchanges and wallets:

  • CEX Partners:
  • Wallet Partners:
    • Bitget Wallet
    • Safepal
  • Bridge Partner:
    • Celer and its cBridge

It’s essential to note that the Celer Bridge is the only eligible bridge for this promotion. Given the risks associated with bridging assets, users are encouraged to conduct their own research (DYOR) before proceeding.

Three Ways to Transfer Stablecoins Gas-Free

Now that you’re familiar with the partners involved, here are three methods to transfer stablecoins without incurring gas fees:

Option 1: Withdraw Stablecoins from a CEX Partner

Users can withdraw stablecoins from one of the partnered exchanges directly to their wallets without incurring any gas costs. This process is straightforward:

  • Withdraw from Binance, Bitget, or Gate.io until mid-October.
  • After mid-October, MEXC will also allow free withdrawals.

This option offers a cost-effective solution, especially compared to Ethereum gas fees, which have recently dipped below $1 for basic transactions.

Option 2: Free Transfers to Wallets

Users can transfer stablecoins to either Bitget Wallet or Safepal Wallet without paying gas fees. BNB Smart Chain is allocating $25,000 to each wallet to cover these fees:

  • Bitget Wallet: Promotion runs until mid-October.
  • Safepal Wallet: Promotion kicks in mid-October until mid-November.

Each user can make up to six free transfers per day, with a limit of two transfers per stablecoin (USDT, USDC, FDUSD). Note that only direct wallet-to-wallet transfers qualify; swaps on decentralized applications (dApps) do not.

Option 3: Bridge Assets for Free Using Celer cBridge

Another option is to bridge assets from five supported chains to BSC using Celer’s Bridge:

  • Ethereum
  • Polygon
  • Avalanche
  • Arbitrum
  • Optimism

This promotion allows users to transfer stablecoins from these chains to BSC without incurring bridge fees, thanks to a combination of fee discounts and rebates from Celer, which is contributing $150,000 in base fees.

Why Offer Gas-Free Transactions?

This initiative raises an intriguing question: Why is BNB Smart Chain offering gas-free transactions when fees are already low? The answer lies in BSC’s strategy to attract existing assets from other EVM-compatible chains, enhancing its ecosystem amidst increasing competition from projects like Solana, which is gaining traction in the memecoin space.

BNB Smart Chain aims to remind users that it remains a robust and thriving platform. The current promotions for stablecoins are compelling:

  • 21% yield for FDUSD on Venus Protocol.
  • 4.3% to 5.5% for USDC and USDT on Venus.
  • 17% for FDUSD on AAVE.
  • 7% on Stargate Bridge for USDC and USDT.

For anyone holding USDT, USDC, or FDUSD, now is an excellent opportunity to maximize returns with minimal risk on one of the most established chains in the crypto space.

CryptoCoinstart News Report