Introduction to Tycoon and the TYC Token
The Tycoon.io platform is the first social crypto trading platform with an automated execution order based on an acquired strategy. It is also often referred to as “Crypto Trading on autopilot”. But I refer to it as “Copy Trading on Steroids”. The Tycoon platform allows anyone globally to connect with thousands of pro traders and automatically copy the trading strategies in real-time. The TYC is the utility token of the Tycoon trading platform. And it provides incentives to use the Tycoon Platform in different ways highlighted below;
Users can stake the TYC tokens to earn additional TYC staking rewards on your Tycoon account. It also gives up to a 25% fee discount, for example, when purchasing the Tycoon Membership.
Furthermore, it can increase users’ profit share, depending on their membership tier.
Notably, the Tycoon platform is trustless and requires no reliance on a third party as funds are absolutely in users’ custody, thereby adding an extra layer of security for the users or investors.
What is BNB Chain?
The BNB Chain (formerly known as Binance Smart Chain) was established in 2020. About three years after launching the Binance Exchange and BNB Coin. Its creation was motivated by people’s desire to interact with the revolutionary DeFi solutions powered by Blockchain that provide reliable and alternative financial solutions to the current legacy finance system.
The BNB Chain (BSC) is a decentralized, multi-chain, open-source. And a permissionless Blockchain ecosystem that is easily accessible to creators and inventors worldwide. It is a direct fork of the Ethereum Blockchain, an EVM (Ethereum Virtual Machine) compatible platform where other projects can be built. The BNB Chain is very similar to the Ethereum Network since it is a copy of the Ethereum Platform. For example, on the Ethereum Blockchain. Uniswap remains the biggest and most liquid decentralized Exchange. While Pancakeswap is the most liquid and biggest decentralized exchange on the BNB Chain (Binance Smart Chain). Interestingly, Pancakeswap, just like BNB Chain, is also a direct fork of Uniswap DEX.
Binance developed the BNB Chain with the ultimate goal to improve the Ethereum Blockchain in areas such as higher throughput. Better scalability, on-chain governance mechanisms, and lots more. They are also working more on improving scaling solutions and expanding its validator rotation set from 21 to 41. With 20 validators performing the function of candidate block producers. Stay with Tycoon Insights until the end of this article to explain the TYC Integration on BNB Chain.
Why BNB Chain?
As you all know before now that it is only a matter of time before our token (TYC) is listed on other chains. The majority of our investors and users of the Tycoon Platform have been calling for TYC Integration on BNB Chain and other Blockchain. As usual, the Tycoon team always listens and is always open to ideas and suggestions from everyone.
In the Cryptocurrency industry, one of the most critical factors that determine success when trading or investing in a particular project, coin, or token is the accessibility to investors. In other words, for a specific coin or token to have a chance at success, it must be readily available when anyone intends to invest in it or purchase it. Of course, this reflects on the liquidity of that token. Another important factor is how easy and cheap (affordability) it is to transfer that token from Wallet A to Wallet B.
It is no more new to everyone that building on the formerly ever blazing Ethereum network is no more sustainable in its current state. It is evidenced by the migration of notable projects to other Blockchains such as Binance Smart Chain, Solana, Avalanche, Fantom, etc.
The question is, why do we see these migrations away from this once called “supercomputer”? The answer is not far-fetched.
Many projects have migrated from the Ethereum Blockchain to other platforms due to its ever-rising cost of transactions (gas fees).
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Why is TYC integration on BNB Chain functional?
So, we have also decided to extend our token (the TYC token) to another platform, i.e., the BNB Chain (Binance Smart Chain).
Considering this, it will make it easier for our investors to purchase, stake, transfer, or withdraw the TYC token without bearing an extra financial burden and the already existing volatility risk on their assets. Of course, we will still retain the ERC-20 TYC token, and it will be available to anyone that still wishes to use or interact with it on the Ethereum Blockchain. And who knows? With a few upgrades and extra development, such as Eth 2.0, everyone might be happy to transact or interact with the Ethereum Network again.
The Tycoon team and management strongly believe that this will bring a sigh of relief to the thousands of users of the TYC token, and this will not be the last. We are working day and night to increase our partnerships, and you will likely see further integration with other Blockchain products in the future.
Setting up the BNB Chain (Binance Smart Chain)
Suppose you are not using a non-custodian wallet like Trust Wallet or Safepal wallet that already has BNB Chain integration. If you are interested in TYC Integration on BNB Chain, in that case, you will need to set it up manually by simply following the steps below:
People who don’t already own a wallet will need to download and install a Metamask wallet from their iOS or Android store. But, first, those using the Windows PC will need to download the Metamask extension on their Chrome or Brave browsers.
On the download page, they will need to select the installation option, and once the installation is complete, users will be allowed to either import or create a wallet.
Matamask will give different options to users after they have imported their existing wallets or have made a freshly initialized Metamask wallet.
Step 2 for TYC Integration on BNB Chain
Even though MetaMask is an Ethereum-based Crypto wallet primarily used to connect to the Ethereum blockchain. It can also be compatible with other Blockchain DApps such as those on the BNB Chain (Binance Smart Chain), Avalanche, Fantom, and Vela’s ecosystems. You just need to manually change the settings of your Metamask wallet to focus on a specific BNB Chain Network Node(s).
Go to the settings bar on your Metamask and click on the “Network” menu.
Then go to the top right corner to manually add the BNB Chain mainnet. And click “Add Network.” To do this, input the details below.
BNB Chain (Binance Smart Chain) Mainnet
Network Name: BNB Chain
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Block Explorer URL: https://bscscan.com
Once you are inputting the values, click “Save” to secure the network and then return to the main view. After this, the Network has automatically been set to the one you just entered. And the units are no longer denominated in ETH. Still, BNB, which means all transaction fees on the newly added network (BNB Chain) will subsequently be in BNB Coin.
Step 3 for TYC Integration on BNB Chain
Finally, you will notice a Binance icon next to your BNB Coin balance. And it’ll display the “Smart Chain” dropdown menu in the top right corner. You can now connect your Metamask to BNB Chain when this is done. And if you want to switch it to the Ethereum network. Simply select the “Smart Chain” option from the networks menu and select “Ethereum Mainnet.”
Now that the BNB Chain has been added to your Metamask. You can now proceed to add the TYC token and your other favorite tokens. Provided they reside or are available on the BNB Chain using the Metamask wallet.
To do this, find the BNB Chain TYC contract address (0x8dfd366ff98390ea35eaacb35673279218a596a5) and copy it. After copying the TYC contract address, go to your Metamask wallet and click on “Add Token.”
Then, paste the copied contract address into your Metamask address box and select “Next”. Then, complete the process by clicking on “Save.”
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How to deposit TYC (BEP20) on your Tycoon account?
We have tried to explain everything about the TYC integration on BNB Chain. You can now either deposit TYC (BEP20) from any wallet directly to your Tycoon Trading platform account without sweats. Generally, as a rule, regarding token transfers. It is imperative to choose the correct network (BEP-20, ERC-20, etc.) when doing your transactions to prevent loss of funds.
Deposited Tycoon tokens can also be staked (on the Tycoon platform) to earn more TYC rewards. And we will periodically distribute these rewards to your account. For the latest Tycoon updates, stay tuned for more information on our various social media platforms (i.e., Instagram, Twitter, Discord e.tc.).
Final words about TYC integration on BNB Chain
Tycoon likes hearing from you and thinks you know people interested in crypto-related news and info. Please do well to invite them to “Tycoon Insights.” Are you looking for a safe and credible trading platform? Look no further! Tycoon.io remains the best place for your social crypto trading. So register now, connect your Binance API key, and start your journey with Tycoon. Do so now, while it’s still “Free of Charge.” At Tycoon.io, we always aim for continuous improvement while ensuring excellent professionalism. So remember to share this article with others.