Due to many issues currently facing the Etheruem network, Graphene will now be airdropped on Binance Smart Chain.
The Graphene team was initially planning to airdrop Graphene tokens as ERC-20 tokens on the Ethereum network, prior to the official launch of the Graphene mainnet network. This was intended to allow Graphene holders the benefits of being able to use the GFN token on the Ethereum ecosystem and the ability to trade GFN on Uniswap.
However, the Ethereum network is currently charging high gas fees, due to the lack of scalability to process smart contracts at an affordable cost. This also negates many of the intended benefits to Graphene users, as other ecosystem applications including Uniswap are also experiencing delays and high gas costs. This could make it unaffordable to redeem GFN tokens, especially for Phore holders with smaller balances, where the cost of redeeming GFN tokens could be a significant percentage of the value of their holdings.
The Graphene development team has made the decision to move the Graphene airdrop to the Binance Smart Chain (BSC) as a BEP-20 token. Current costs of executing smart contracts on BSC network are only a small fraction of the costs on Ethereum, the ecosystem has similar capabilities with decentralized exchanges like Pancake Swap, and partly as a result of these factors, it is experiencing mass growth. We want to put Graphene in the best position possible to achieve success and to make it usable and accessible to Phore owners with small and large balances. Based on these factors, as well as the obvious ties with the Binance exchange, we feel this is the best platform for us to conduct the Graphene airdrop.
BSC is compatible with most of the same tools as Ethereum — users can use Metamask for example, which is one of the more popular user tools for interfacing with smart contracts. The process will largely be the same other than the underlying blockchain. We’re excited about the opportunities this presents and look forward to conducting the first Graphene airdrop on the Binance Smart Chain!