Why we are excited for BEPSwap and what it means for CanYa CanYa Follow Sep 25, 2019 · 4 min read

On the 17 September, the teams at Thorchain and CanYa announced that CanYa will be a launch partner for the release of BEPSwap. The full article is available here.

This partnership has a number of far-reaching benefits for the CanYa ecosystem which we will explore in this blog.

Briefly, what are BEPSwap and Thorchain?

Thorchain is a project trying to revolutionise the cryptocurrency space by incentivising individuals to securely stake their cryptocurrency in liquidity pools. By doing so, the stakers will receive income from their otherwise dormant cryptocurrency, but more importantly, the entire cryptocurrency market will become far more liquid leading to less volatility and greater trading freedom. You can read more about Thorchain here.

BEPSwap is Thorchain’s first product release. Similar to Ethereum’s Uniswap which has $20m worth of assets staked with a daily volume of $2m, BEPSwap is designed for the Binance Chain ecosystem and already has $200m worth of Binance Chain projects ready to stake in its pools. It will provide much-needed liquidity and interoperability amongst the Binance Chain projects.

BEPSwap will have the following benefits for those in the Binance Chain ecosystem:

Token Users: Instantly swap assets in your wallet, or swap and send them to a friend at market prices.

Instantly swap assets in your wallet, or swap and send them to a friend at market prices. Token Holders: Stake tokens in liquidity pools and earn commissions on every trade.

Stake tokens in liquidity pools and earn commissions on every trade. Traders: Monitor pool prices and earn by trading the pools to correct prices.

Monitor pool prices and earn by trading the pools to correct prices. Projects: Connect to BEPSwap to allow your token holders to instantly swap in and out of assets whilst using your DApp. Stake your treasury to instantly give your token deep liquidity and earn the trading fees.

So, what does this mean for CanYa?

Firstly, let's look at the benefits BEPSwap will provide to CanWork.

Onramps and more payment types

The CanYa team plan to have a BEPSwap widget available through CanWork that will allow our users to easily swap BEP2 tokens into our hedged escrow when booking a freelancer. This means anyone from the Binance Chain ecosystem (projects & token holders) can now book a CanWork freelancer without having to hold the $CAN token. This will greatly widen the pool of instantly available clients and reduce the CanWork barriers to entry.

Offramps, stablecoins and in-app widget

Binance chain and the Binance ecosystem are rapidly expanding. One exciting development is Binance’s imminent release of BUSD, a USD pegged stable coin native to the Binance ecosystem. CZ, Binance’s CEO, has stated that this is the start of what will be a ‘many coin’ future where stable coins of all types will be available within the Binance ecosystem.

This is great news for our CanWork freelancers. In the not too distant future, our BEPSwap widget will allow them to swap their hard-earned $CAN into stable assets such as USD, Gold or a raft of other currencies and derivatives. This makes using CanWork as a freelancer much more appealing.

Now let's look at the benefits BEPSwap will provide $CAN holders.

$CAN token holders will benefit from BEPSwap in a number of ways:

Liquidity

BEPSwap will provide deep liquidity for the $CAN token. This will reduce its volatility while providing a significantly improved ability to buy and sell $CAN without large market slippage.

Staking

Currently, $CAN holders will be storing their tokens in dormant wallets. Using BEPSwap will allow our token holders to securely stake their tokens directly from their wallets. This provides liquidity to the market while also earning the staking token holder a passive return on their holdings. To read more about how this works head over to the BEPSwap website.

The future

The BEPSwap Testnet is currently live! $CAN is sitting as the 2nd deepest pool right now:

Once Mainnet is released in a few months our token holders will have all of the benefits available through BEPSwap. Post Mainnet release, the CanYa dev team will start work on the BEPSwap widget for our CanWork clients and freelancers.

Oh, and one more thing…

As stated above, BEPSwap is the first release for Thorchain. Eventually, Thorchain wants to bring deep liquidity pools across the entire cryptocurrency ecosystem! This means that in the foreseeable future our users could book freelancers with any digital asset and, likewise, our freelancers could have almost unlimited off-ramps available to them.

We are very much looking forward to the opportunities that BEPSwap enables, we hope you are too!

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