How to Use Binance as an On-Ramp for xDai

Yep, indeed you can use is with VPN. I also use it everyday :smiley:

BSC Bridge is the greatest idea ever! No high fees from ETH, really good.

That’s super nice tutorial @mrtdlgc , hopefully we will get more users on honeyswap with this as we progress.

thanks for taking the time to do the tutorial !! very complete :smiling_face_with_three_hearts:

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Finish of the ETH gas!! xdai the cheapeast way for cryptos!

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This tutorial only works for small amounts. You will pay significant fees by swapping BSC xDAI for wXDAI on Component Finance (in my test it was over 2 percent). If you are dealing with a few hundred dollars or more, you’re better off using Omnibridge. This should be disclosed at the very beginning of the tutorial.

I am going to try to send me some dollars from my bsc tokens to xdai. Maybe i will need some help.

Fees on Component are not actually too high, it’s probably due to slippage as Component is actually acting as a typical DEX. And because the demand for DAI (BSC) is probably too low on xDai side, this slippage occurs.
Conversely, when I converted wxDai to DAI (BSC), the slippage there was positive unlike your experience.

Fyi if you people are getting some weird metamask error that says something like:

ethjs-query] while formatting outputs from RPC '{“value”:{“code”:-32603,“data”:{“code”:-32000,“message”:“transaction underpriced”}}}

Try paying more gas like 12 or something like that, it worked for me.

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The user doesn’t really care if he’s being charged a service fee or slippage. The bottom line is that for larger amounts it makes economic sense to use a conventional bridge and avoid BSC.

Well, what I’m saying is that, the slippage could be positive when the user swaps wxDai to DAI (BSC) using Component. Therefore, it’s absolutely depending on the direction of the swap, not about the service fee.

And by the way, this is particularly new stuff and someone in the future will probably run an arbitrage bot, or maybe someone is already running while I am writing this. And this will not be an issue or it may not even be an issue right now.

And I do not think a disclosure is necessary for people who are dealing with services of decentralized finance to be informed about a basic knowledge, which in our case is slippage, which is an inherent “risk” if it’s a risk at all. But yeah, you tried it, you saw that the slippage is huge, and you have the absolute say in approving the transaction or not.

You can also use Bitmax to buy xdai directly for anyone that doesn’t know.

This will be a great on ramp of people from binance that want cheaper faster transactions.

It’s not about an obligation to disclose anything, it’s about common sense. Component is a DEX, which will always come with trading fees, so even without slippage a DEX solution is unacceptable for large amounts. Also, there are ridiculous time and gas costs to coming all the way to this step only to realize that it doesn’t work for your situation and go back to step 1.

I just used this to help me convert some BNB into Dai, then thru Omnibridge and convert to wxdai on Compound. Everything went well. It’s nice to be back over the bridge, fees are low on BSC, but not as low as xDai :grin:

I want to thank you again for the guide, I was very worried I would make a mistake with this transfer and this helped.

The link to omnibridge for BSC-xDai has been changed. I can’t edit the original article, but you can find it here:

Thanks @Efra for informing me.

I think that bitmax is better than BSC-Bridge

Just an update for all looking for any cross chain traffic.
I’m also using the Poly/Matic network as well as the BSC network

This site uses all three networks. It is beta though so use at own risk.

https://www.xpollinate.io/

Remember to Poly/Matic - you need Matic Tokens
BSC - you need some BNB
xDai - you need some Dai
or you will be stuck
Liquidity can be an issue a times but it is getting better. Dai seems to be in better supply vs USDC and USDT

Example , I was able to move 200 dai from BSC to xdai 1 shot
50 USDC from BSC to Matic 1 shot
10 USDT from BSC to Matic 1 shot any higher and I got liquidity errors.

Have fun out there

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It is better to look for another plan. We do not want any plan that leads to any kind of centralized service, neither Binance or Bitmax. 1hive should launch his own market for any fiat/xdai. Imagine a distributed maker/taker market like localbitcoin.com or stablecoinswap.io governed by DAO.

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Excellent, I’ll look to try this soon. Very handy, as Binance is the main ‘easy’ trading wallet for the masses.