OpenSwap Bridge Founder #3 Teddy Cash ($TEDDY)
Dearest Trolls,
We are happy to announce Teddy Cash as our 3rd partner to join the OpenSwap Bridge Founders Program!
More info about our Bridge Founder Program can be found here.
Teddy Cash is a DeFi borrowing protocol that provides interest-free loans using $AVAX as collateral, with the loans paying out in TSD (Teddy’s stable coin). It has a minimum collateral ratio of 110% and is governance free, meaning that everything is decentralized and fully automated. Currently, Teddy Cash is doing a respectable TVL of approximately $2 million.
How This Benefits Teddy and OpenSwap
During the testnet phase, we would be including $TEDDY tokens for users to swap, exposing their project to our testnet users. Meanwhile, Teddy ’s users can also try out this brand new cross-chain swapping solution that OpenSwap offers. This would enable users to easily purchase $TEDDY with USDT on Avalanche and BNB Chain.
One of the unique features the OpenSwap Bridge offers is that we allow users from different chains to purchase a token. For example, $TEDDY is a token that exists on Avalanche . Traditionally, if users from a different chain like BNB Chain, Polygon, and Phantom want to purchase $TEDDY, they would need to convert and bridge their tokens to $AVAX or other supported chains, for gas and to swap for $TEDDY tokens.
With the OpenSwap Bridge, users can simply use the stablecoin (in this case $USDT) they have available and our routers along with the Trolls will be able to deliver $TEDDY tokens directly to the users. Any-to-any swap is also one feature that will be implemented soon, making it even more convenient for users.
What this means for the Teddy Community upon OpenSwap Bridge Mainnet Release
First, the aforementioned enablement of cross-chain swap will of course be available on the mainnet. With OpenSwap’s cross-chain bridge and hybrid smart router integration, $TEDDY will be exposed to liquidity from all other chains we support.
Users can conduct cross-chain swap for $TEDDY tokens directly and be able to access Teddy token’s liquidity. This would mean ultimately building towards a higher volume, benefiting both token holders and liquidity providers.
In the future, when our OpenSwap Bridge supports Fantom and/or Polygon and if Teddy decides to go cross-chain, our project vaults can also serve as middlemen for $TEDDY holders, helping them to bridge their $TEDDY tokens back and forth between different chains.
Quick Guide for our friends at Teddy
- Adding the network to Metamask
Simply click the network button on the top bar and select a network; a prompt will appear on Metamask. Click approve and the network will be added to your Metamask automatically. Change the network to Avalanche Fuji C-Chain testnet so that no actual funds are used.
Currently, our testnet bridge supports Kovan (ETH testnet), BNB ChainTestnet, and Avalanche FUJI C-Chain (AVAX testnet). Other wallets might not be supported as of this moment so Metamask is recommended for trial.
2. Getting testnet tokens
ETH:
https://faucets.chain.link/
https://gitter.im/kovan-testnet/faucet
AVAX
https://faucet.avax-test.network/
BNB
https://testnet.binance.org/faucet-smart
Simply go to these sites and get testnet tokens. We recommend getting some testnet BNB to get started. You will also need these tokens for gas fees later on.
3. Purchase USDT on BSC from Pegged Queue option
4. Select “BSC” as the Source Chain and “AVAX” as the Destination Chain
5. Select TEDDY Token from the destination chain token list
6. Approve and confirm the transaction
7. Review the Record
About Teddy
Teddy Cash is a fully decentralized borrowing protocol on Avalanche offering interest-free loans and high capital-efficiency. Its stablecoin, TSD or the Teddy Dollar, is Avalanche’s first censorship-resistant algorithmic stablecoin fully backed by AVAX.
Medium | Twitter | Telegram | CoinGecko
About OpenSwap
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset cross-chain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.
Medium | Twitter | Telegram | News | CoinMarketCap | CoinGecko | Youtube
