Spotlight on Poloniex-Introducing Multi-chain Deposits and Withdrawals on Poloniex
This review is centered on Poloniex's cool multi-chain deposit and withdrawal of the recently launched wrapped BTC token that exists in the Tron network (BTCTRON). By the end of this article, we will understand how the whole protocol works and a sponsored competition with respect to the protocol.
Understanding Bitcoin on Tron and Multi-chain Deposits and Withdrawals
BTCTRON is a type of wrapped Bitcoin token that exists on the TRON blockchain. You can use BTCTRON to send Bitcoin on the TRON blockchain and this special token is tied to Bitcoin value to the ratio of 1:1- This means that 1 WBTC will always be the same value or price as 1 BTC.
A wrapped token is an asset hosted on the Ethereum blockchain with a price representing and the same as the underlying asset, even if it’s not on the same blockchain or on a blockchain at all. Wrapped Bitcoin is a fairly new innovation that effectively brings BTC to the doorsteps of Tron blockchain, arming investors the ability to use their bitcoins on the Tron blockchain without liquidating their assets for other local tokens peculiar to the Tron network. In just a few words BTCTRON charges the owners of digital assets the freedom to explore the Tron blockchain comprising of Defi projects and other lending projects on the Tron network. Poloniex is the only exchange where you can buy and trade wrapped Bitcoin)(BTCTRON).
Multi chain Deposits and Withdrawal
Multichain deposits refer to the ability to swap seamlessly between assets between two different blockchains or networks like the Bitcoin network and the Tron network. This feature allows enables customers to deposit and withdraw assets across blockchains safely and swiftly. A typical example of a multi-chain swap is swapping your BTC to BTCTRON.
BTCTRON is the first implementation of a multi-chain wallet for crypto assets on Poloniex. Poloniex had launched the Bitcoin on Tron protocol on 1st October and users can now swap between Bitcoin and BTCTRON on the same wallet interface making it easy for traders to operate, Customers no longer have to manually swap their BTC for BTCTRON. Instead, they can go directly to their Bitcoin wallet and choose whether you wish to deposit or withdraw Bitcoin or Bitcoin on TRON. Poloniex has also upgraded support for USDT across chains to provide the same user experience.
How to swap my BTC to BTCTRON
image source
- Once you open your Poloniex wallet, click on BTC.
- In the side panel on the right side of your screen, click either "Deposit" or "Withdraw"
- You will then be directed on how to deposit or withdraw BTC and BTCTRON
Note-Customers can swap between BTC and BTCTRON with no fees charged, Zero transaction charges.
Bitcoin on TRON Net Deposit Campaign
Image source
Now a special campaign in celebration of the successful launch of the multi-chain deposit and withdrawal of BTC and BTCTRON. Poloniex is running a 30day net deposit campaign where users can earn APR rewards based on their total net deposits over the campaign period. The top 40 net depositors over the campaign period will earn additional prizes. At the end of the campaign, the net deposits will be converted from BTC to BTCTRON. This campaigns ongoing and will last until November 25, 2020, 20:59 UTC.
Below is the breakdown of the prizes and eligibility
Promotion 1-Customers with the following net deposits stipulated in the table can enjoy the following APR.
Promotion 2-The customers who have the highest net deposits at the end of the campaign period will receive bonus prizes from a pool of 8 BTC!
Rule
- Users will have to make a minimum of 0.01BTC over the campaign period.
- For more information concerning this campaign users are advised to read the terms and conditions
For more information about the Poloniex exchange, you can visit my previous posts on Poloniex:
Spotlight on Poloniex- The killer feature that makes Poloniex stand out-Margin Lending
Spotlight on Poloniex-Exploring the Poloniex Exchange
Spotlight on Poloniex-Making Quick Deposits and Withdrawals on Poloniex.
All the images used in this post were edited from the Poloniex website
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My twitter link to this post
https://twitter.com/NelsonNdukwe5/status/1325214592184676355?s=19
The beauty with BTCTRON is that it is cost-effective as fees Tron network negligible. So with scalability one can also enjoy the low fees. Further, with BTCTRON one won't be reluctant to move it to the DeFi and other investment opportunities.
The ongoing campaign is really very appealing, too lucrative to ignore.
Thank you.
#onepercent #india #affable
Yea the fees structure is very appealing, lol expect that there is no fee structure. Poloniex is really doing a great job as an exchange. .
Yea, the campaign is really lucrative, I know you have joined the Campaign??
Thank you for taking part in the Spotlight on Poloniex Contest.
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The Steemit Team
Thanks so much for this, I am truly encouraged to do better. Steem to the Moon