Earlier this year Centric announced that they would be switching over to Binance Smart Chain after spending almost two and a half years on the TRON blockchain. Centric Cash and Centric Rise, which are Centric’s tokens, will move to the BEP-20 token standard which is local to the Binance Smart Chain.
Centric Cash has since been renamed as Centric Swap following the migration. Binance Smart Chain, which launched last year, is optimized for revolutionarily-fast trading and has thus far turned out to be a prevalent choice for decentralized app deployment. The migration which began in July 2021 was completed seamlessly, within twenty-four hours CNS and CNR tokens saved in the Centric Web Wallet were restructured to BSC’s BEP-20 format. Centric catered for users with tokens in external wallets with the deployment of a self-service TRON-to-BSC conversion tool by means of Centricswap.com.
5 Facts to know regarding the migration:
Since the migration, Binance had announced that the crypto currency exchange would go about investing $1 billion to contribute towards the funding and development of the DeFi ecosystem on the BSC. Binance Smart Chain, released a statement on their official twitter account stating “It’s time to accelerate #BinanceSmartChain’ journey towards scaling and mass adoption. We’re announcing the biggest growth fund in the history of crypto – the $1 billion fund to push the adoption of not only BC but the whole blockchain industry.” This will aid in increasing the capabilities of the Binance Smart Chain ecosystem and fast track adoption by mainstream businesses across the financial technology sector. Binance Smart Chain has also partnered with ImmuneFi, which is a security firm that specializes in blockchain safety, to wager “bug bounties” and other incentives to “ethically-focused” hackers and developers.
CNS has displayed a staggering growth, yielding gains of 1000% which is admirable in the world of crypto. This rapid surge in growth ATH gains had occurred in the space of around just a single month. When CNS tokens are procured, traders have to then decide if they wish to swap out CNS for Centric Rise. Once they have entered into CNR they will grain hourly yields of additional CNS which will be received when they swap back from CNR to CNS, this can be done either in part or in full.
CNS is currently being utilized as a globally recognized form of payment with the likes of well-established tour firms like Absolute World and Tourvest Travel Services adopting the payment method. COO of Centric, Tommy Butcher is reported saying “We’re honored Tourvest Travel Services selected Centric as their cryptocurrency partner. We’re looking forward to assisting the team with a strategy to incorporate Centric, eventually including our forthcoming CenPay merchant services solution.” In celebration of the new found partnership, Absolute World, offered Centric holders an exclusive holiday deal.
The collaboration with CroxSwap, a decentralized cross-chain, contributed significantly to the surge of CNS. And has since seen Goldgenie’s acceptance of Centric Swap payments which comes with a long-term strategy to integrate Centric‘s CenPay blockchain-based business payment solution into their organization. Centric has also broadcasted a CNS partnership with the cryptocurrency payment gateway MyCryptoCheckout, CoinPayments and NOWpayments which will allow online businesses to accept CNS payments.
Centric, although currently using Coinpayments as an online payment gateway, is developing their own crypto online payment solution called Cenpay. Cenpay, is designed to work both online and in person, and gets integrated into a merchants preexisting point of sale. Both their ecommerce and in-person payment methods provide zero charge backs, < 2s settlement, instant confirmation and are 100% secure. The payment option will also be available in a lite variant for businesses who expect only occasional payments in CNR or CNS as well as a plus version for those expecting to deal with a larger amount of crypto payments or merely wanting an additional level of convenience.
Throughout the migration procedure, Centricswap.com utilized the MetaMask wallet as an option for the trade-off between CNS and CNR tokens. Since then, six additional wallets are now supported, this includes the incorporation of TrustWallet, and hardware based SafePal. All exchanges that currently list CNS support it on BEP20, with the list expanding to additional exchanges. Centric has advised their users to refer to their website in order to verify which exchanges now list CNS.