Decentralized film financing platform Mogul Productions has announced the launch of a bridge from its native platform Ethereum to the Binance Smart Chain. The bridge will allow users to swap their ERC20 versions of Mogul’s STARS tokens for BEP20 versions, a move designed to increase the token’s accessibility and appeal to the rapidly-growing BSC user base.
Mogul Productions is blazing a trail in a new segment it calls DeFiFi, or decentralized film financing. It has developed an ecosystem centered around the STARS token. Token holders participate in the Mogul Productions platform by using STARS to submit and vote on film proposals to be financed. Participants can also redeem STARS for exclusive rewards such as digital and physical collectibles and movie fan experiences and earn STARS by staking.
To date, STARS have only been available on Ethereum; however, Mogul Productions has now teamed up with Anyswap to develop a bridge that will allow users to port their Ethereum-based STARS tokens into the BSC ecosystem. The bridge enables them to simply convert their existing tokens to the BEP20 format, and they’re then compatible with a vast array of apps running on the BSC platform, including the popular Pancakeswap and Ape Swap.
Mogul’s President, Lisa Sun, has said that the move demonstrates the project’s commitment to being open to everyone. In a press release accompanying the announcement, she states:
“One of our primary goals since Day One was to have STARS accessible to as many people as possible. To meet that goal of onboarding the masses from the film industry, our team needs to identify trends and make our product as accessible to new users as possible.”
A More Accessible Environment
If gaining exposure to users beyond Ethereum is the goal, then the Binance Smart Chain is indeed a logical stepping stone. Despite being a relative newcomer to the blockchain space at less than a year old, BSC has quickly grown to become one of the most popular blockchain development platforms.
According to one analyst, unique addresses grew over 16,800% between December 2020 and June 2021. Currently, PancakeSwap, the most popular dApp running on BSC, is the third-ranked DEX, with more than $3.75 billion in total value locked.
Mogul is one of the latest projects to expand its footprint into more than one blockchain, indicating a growing trend towards accessibility and interoperability within the space. As traffic on Ethereum has grown, the platform has suffered from high fees and slow transaction speeds. As a result, projects have been setting up homes on multiple platforms, with Binance Smart Chain, Polygon, and Polkadot proving to be some of the most popular.
For instance, SushiSwap now operates on BSC, Polygon, and Fantom, among others. Flagship DeFi app Aave also launched on Polygon in April, along with others, including Curve, bZx, and Augur following suit. With each development platform also nurturing its respective native dApp ecosystems, it seems likely that the increasing focus on cross-chain interaction will continue for the foreseeable future.