I understand the team is only focused on ETH network/DEFI platforms at the moment and I agree the main focus should remain on that, BUT I also think its a critical time to build out the basics for other platforms, with Binance chain being the 2nd focus.
As IDLE adds assets and works on roadmap milestones for ETH network, we should have small part of the team start working on code or whatever is needed to get things running on binance chain. Several platforms would love to intergrade with IDLE and benefit their users with auto rebalancing.
The space is about to start moving very fast with alt season about to blast off like we’ve never seen. Pros and cons are:
We can use this time to capture tons of new users coming in. Binance DEFI protocols will grow larger than any other chain imo and will have large amount of TVL growth in short amount, as well as high APY users want…which allows IDLE to tap into all of that if done properly.
Have the opportunity to be first mover, being the ultimate rebalancing protocol for binance chain as well. BUT I’m afraid if IDLE doesn’t take advantage of this time, someone will copy code/idea and get foothold into binancechain which will make IDLE lose potential billions of TVL.
If team could give breakdown…
- The amount of time it would take to get it done
- Amount of man power needed
- Amount of $ needed
- Is it possible to complete fairly quick?
- Opinion of why we should or shouldn’t proceed with it.
It looks like league is growing pretty fast, so I’m sure we can figure something out to get this done, if we really wanted to.
If we were to proceed, I would do the following. (Im no dev nor experienced, but this makes sense in my head)
Binancechain already has projects that will catch up to the ETH competition fairly quick.
- BIFI (basically like YFI)
- Venus (basically Compound and Maker)
- Pancake (which are like uni and sushi)
- Cream (which is on both chains eth and binance)
All the above are audited and will be heavy hitters in the space (BIFI is still completing their Certik audit). BIFI is also adding a risk score to their vaults to easily allow users to see if its safe or not. They also have a governance lock mechanism to prevent rugs etc. They look at all code before projects are able to tap into as well, so they’re only getting better overtime.
Binance has their easy to use “Bridge System”. Which allows users/platforms to easily go “IN & OUT” of ETH and Binancechain. Maybe we can use this to easily do batched swaps to to other chain and then from there use the rebalancing algo through those platforms listed above.
We can focus on some key tokens like we do now:
- VAI (venus version of DAI)
Create simple area on website, to allow users to switch between “available assets on ETH” and “Available assets on Binancechain”
I know there’s a lot of stuff that goes on behind the scenes, but I’m just sharing this now to spark conversation and just plant an idea for future use. But once IDLE gets traction, there will be many trying to copy cat. If they do, we lose big potential, so I think its important we take action soon.
By the way, I’m pro all chains and not a binancechain maximalist. But its easy to see where they’re headed. Also, binance makes more than deusche bank and they are funding and doing many things to expand and grow their ecosystem at a tremendous pace. What took ETH years to do, they’re rapid rolling on in short amount of time. I know some say who cares about binance, but I’m just simply saying, they will be a powerhouse in the space whether you like it or not and risking losing first mover advantage for their chain is a huge mistake.