This is super new, so be careful. For advanced users only.
Ravencoin (RVN) is now able hop over to a smart contract chain. Nope, not Ethereum. It’s the Binance Smart Chain (BSC).
First, what does this mean? It means RVN value can be used in smart contracts that let you lend, borrow, or trade. Bitcoin has been doing this for a while as WBTC (Wrapped-BTC) on the Ethereum network, but the Bitcoin fees and Ethereum GAS fees make it impractical for experimentation.
How does this work?
Using a Peg-ins and Peg-outs, you can take your RVN over to a smart contract and use its value. This adds a whole bunch of optionality for RVN holders. A Peg-in is where RVN is locked and moved over to the Binance Smart Chain and you are given newly minted pRVN. A Peg-out is the reverse, where you turn in your pRVN which gets burned, and RVN is given back.
Using this, you can deposit RVN and get pRVN on the Binance Smart Chain (BSC). And you can switch it back when you’re ready.
How safe is this? That’s a great question, and the answer can be found here.
I use the wallet that is built-in to Brave, and they’re going to fully support the Binance Smart Chain (BSC) soon:
Until Brave has it more tightly integrated, you can use this. I was able to easily configure my Brave browser’s wallet to connect to BSC.
First I needed a little bit of Binance Coin (BNB) on BSC. I had a bit of older BNB that needed to be converted to Smart Chain BNB (which is like ETH), so I created a Trust Wallet on my phone, and transferred my original BNB to Trust Wallet. Then converted original BNB to BNB on Smart Chain at 1-to-1 conversion. Then I sent the Smart Chain BNB to the Brave wallet.
Once you’re on this page (https://dapp.ptokens.io/prvn-on-bsc), you’ll connect your BSC wallet. If you’ve done everything right, you’ll see your Brave Wallet BSC address in the upper-right-hand corner.
Click on [Generate New Deposit Address] and you should see a Ravencoin address. Send RVN, and it will convert it to pRVN and put it in the pRVN BEP-20 smart contract.
Here is my Peg-In transaction:
I had to add the TOKEN pRVN to my wallet using [Add Token], and then paste in this smart contract. It fills in pRVN and sets 18 decimals of precision.
I moved 600 RVN over to 600 pRVN on BSC.
Ok, now you have pRVN over on BSC. What can you do? Jump on over to DappRadar to see the rapidly growing list: https://dappradar.com/rankings/protocol/binance-smart-chain/category/defi
Because it has similar smart contracts to Ethereum, you can lend, borrow, and trade on Binance’s Smart Chain, but with reasonable GAS fees. Contracts from OpenDAO should allow you to borrow against your RVN and get a stablecoin. Just make sure you stay sufficiently over-collateralized, or bots can get your RVN at a discount.
Want your RVN back? Just Peg-out using the same page, enter the amount of pRVN to switch back, and the equivalent qty of RVN is sent to the Ravencoin address you supply.
When going back from pRVN to RVN, you get your RVN and the pRVN is burned (by sending to BSC contract 0x0000…000). Anybody can turn pRVN back into RVN.
pRVN Smart Contract on Binance Smart Chain https://bscscan.com/txs?a=0x0c80075886d9e64cc33ca701a4ad1c0d8f0bd651
My Peg-out tests.
Two transactions to Peg-out 1.23456789 RVN each. Ok, full disclosure, I did two because I didn’t think the first one worked because it was slow. The Peg-outs took a few hours, but eventually went through.
RVN is flying to other chains. Watch out world.