BonFi available on Nerve Network!

By NULS | Nerve | 2 Mar 2021

A further expansion of our ecosystem and new blockchain interoperability

Earlier in January, we launched the NULS-BNF Credit Mining (POCM) initiative. This initiative enables a fair reward mechanism for the decentralized network of node operators that verify all transactions on the NULS network. Essentially, we introduced a Proof of Stake (PoS) model where node holders receive NRC20 BNF token rewards as a reward.

Universal cross-chain interoperability

As the next step of our collaboration, we are thrilled to announce that our $BNF token is now available on NERVE Network. Through the NERVE Network, BonFi can leverage a new smart lightning network that only requires a few seconds for transaction finality with low transaction fees. More importantly, NERVE Network is a universal cross-chain protocol that enables the rapid transfer of assets in different structural blockchains. We can use this technology to gain full access and interoperability with other popular blockchain protocols, including Binance Smart Chain (BSC) and Huobi Chain. In this way, we have put ourselves in an excellent position to expand BonFi’s ecosystem utility and capitalize on future market opportunities.

NRC20-ERC20 Token Swap

As part of the NULS-BNF Credit Mining program, we minted BNF NRC20 tokens that are convertible on a 1:1 basis with native BNF (ERC20) tokens. Users are now able to convert their NRC20 tokens to BNF (ERC20) tokens. Program participants can swap their tokens in the following way:

Create a Nerve Network Wallet Address
Transfer NRC20 BNF Tokens from NULS wallet to Nerve Network Wallet
Swap NRC20 BNF Tokens for ERC20 BNF Tokens via the Nerve Dex on a 1:1 basis

We will continue to explore new opportunities with various ecosystem partners to generate new synergies and cross-platform value as we advance.

About NERVE

Nerve is a decentralized digital asset service network based on Nulstar, the NULS’ micro-services framework, which uses NULS’ ChainBox tool to develop a cross-chain interaction protocol. The aim is to break the isolated blockchain value and establish a cross-chain asset exchange network to provide all the necessary underlying support for the Defi application ecosystem.

About BonFi

BonFi is a multilayered open finance liquidity mining service platform complemented by the AI-powered BonVest, a professional cryptocurrency liquidity mining solution. It expands the DeFi financial product offering by combining smart contract staking and a managed cryptocurrency liquidity pool to achieve sustainable benefits for users.