Smartlands has announced plans for a Binance DEX bridge service to speed up the listing of its native token on the trading platform. Smartlands is based on the Stellar blockchain and trades its own native cryptocurrency, SLT.
The firm announced its bid to get SLT listed on Binance, the largest cryptocurrency trading platform, last week. The bridge service, which will be launched by the end of August, will connect the Stellar and Binance DEX blockchains to facilitate the speedy transfer of SLTs between the Stellar and Binance chains. In essence, the purpose of the chain is to operate as an anchor on the Binance chain. It will swap SLT tokens that are based on Stellar with SLT tokens based on Binance. The tokens circulating on the Binance Chain will be backed by SLT tokens on Stellar in a dedicated account controlled by a smart contract. This will allow SLT to be more easily traded on Binance DEX.
The service is wallet-agnostic and does not require private keys. Public keys are necessary to trade SLT tokens though, with a SLT holder providing a public key on the Binance Chain. They would do this after depositing their desired amount of SLT on a dedicated Stellar account.
Smartlands was the first firm to conduct an ICO on the Stellar blockchain, in 2017. It aims at providing liquidity in the real estate market and giving exposure to investors in the UK property market. The SLT tokens can be linked to “assets in real estate, agriculture, the manufacturing sector, logistics, private equity, and others.” Developers can buy and trade these tokens on the Smartlands platform, and soon on Binance, as well as sell them in a secondary market.