One of the rifts on the Binance Smart Chain involved swapping cross-chain assets on BSC through a pegging system. To solve this issue, Nerve Finance has incentivized BTCB/anyBTC and ETH/anyETH further creating liquidity for these pegged assets.
Nerve Finance and Binance Smart Chain
The launch of Nerve on BSC will enable the protocol to achieve the values of DeFi that come with access to finance without restriction. Nerve is focused on creating a long-lasting effect on the BSC and thus unveiling a value-packed solution to enable the swap between ‘any token.’ By adopting Anyswap bridges, Nerve.fi can now have liquidity pools between anyAssets and Binance pegged assets (Currently BTC and ETH) on BSC. AnySwap provides bridging possibilities to BTC, ETH, USDT and FSN, and other currencies onto Binance Smart Chain. By using the AnySwap Bridge portal, users can access cross-chain liquidity using Any Tokens and wrapped tokens on the BSC with just a few clicks.
Asides from creating a Unique value on the BSC, Nerve also completed a funding round earlier in April raising $3 million from Arrows Capital, CMS Holdings, Alameda Research, Immutable Capital, and Primitive Ventures. The goal of the fundraising is to launch an automated market maker (AMM) on the (BSC). Nerve is also focusing on increasing its community focus and bringing in key community members to act as Multi-signatories for the Nerve smart contracts and treasury. Nerve Finance is focused on fostering partnership to boost its protocol and the funds raised can aid in achieving that goal.
What is Nerve Finance?
Nerve.fi is an automated market maker designed specifically for trading pegged assets and stablecoins the Binance Smart Chain. Launched in February, Nerve initially started with one pool consisting of three stablecoins – BUSD, USDT, and USDC. Nerve has since expanded to include BTC and ETH and other wrapped tokens. Nerve has a BEP-20 token, NRV, on Pancakeswap that incorporates an AMM trading fee of 0.04% and a 0.64% deposit fee to create “sticky liquidity.” NRV is hosted on the BSC and capped at 100,000,000 NRV, mainly rewarded to liquidity providers and stakers. Users can stake NRV for $xNRV and they will get additional NRV, based on trading fees, deposit fees, and emissions.
Source : bsc.news
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