Migrate Your ERC-20 $BTSG Now to Experience the Full Benefits of the BitSong Mainnet!
Many of you are already aware that we recently launched the $BTSG bridge, which enables the migration of ERC-20 $BTSG to the BitSong mainnet. We’d now like to extend an open invitation to all holders of ERC-20 $BTSG to utilize the bridge and migrate their tokens to the BitSong mainnet.
You can find the full step-by-step guide in our last announcement. Here, we outline the many benefits of holding mainnet $BTSG.
Extra Rewards for Liquidity Providers
If you’re currently using your ERC-20 tokens to provide liquidity to the $BTSG pools on Uniswap, then you’re earning only a share of the transaction fees paid by pool users. In becoming an LP on Osmosis, you can also earn a higher APY and additional rewards in $OSMO and $BTSG!
Furthermore, as $BTSG liquidity migrates from Ethereum to the BitSong mainnet, the revenue opportunities from providing liquidity on Uniswap are likely to diminish over time. In contrast, liquidity on the IBC-enabled DEXs like Osmosis will increase, making them more attractive to traders and providing better returns to LPs.
New to Osmosis? Read our guide to providing liquidity on Osmosis.
If your ERC-20 $BTSG are currently sitting idle in a MetaMask wallet, then it’s an absolute no-brainer to migrate them to the BitSong mainnet. Once they’re migrated into your BitSong wallet, it’s only a few clicks to start delegating them to the Validator network, and you’ll immediately begin to be part of the BitSong Governance and earning rewards at every block.
The rewards are liquid, so you can withdraw them or re-stake them to compound your returns.
Want to learn more about how to get started? Read our staking guide.
Join BitSong Governance
Holding your $BTSG tokens on Ethereum means you can’t participate in BitSong’s active delegated proof-of-stake governance system. Once your tokens are migrated to the BitSong mainnet, you can view proposals and stake your vote from within your BitSong wallet.
New to blockchain governance? Read our governance documentation.
A Smoother UX and a Home for the BitSong Community
Having two instances of $BTSG is somewhat confusing and migrating all tokens to the BitSong mainnet makes portfolio management easier.
Furthermore, as all our development efforts are focused on building the BitSong mainnet an independent, IBC-enabled blockchain, all new features and support are for BitSong native products and assets. While we aren’t excluding any $BTSG holders from our community, our heart and home are now on the BitSong mainnet, and we want to encourage all our community to join us here to get the very best out of BitSong.
So what are you waiting for? Take your ERC-20 $BTSG bags to the BitSong bridge and start maximizing your experience and getting the most out of your BitSong experience!
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