Few days ago I wrote an article about a nice project on CORE chain (if you haven't read it yet, go to my page and check: USDTRAIN, a Multichain Auto Reward Protocol Ecosystem on CORE DAO) because I noticed the hype on this chain is pretty good, especially among asian community, But how many of you know what CORE DAO chain is, how it works or hot to use it? So that's why I decided to prepare a comprehensive analysis for everyone in order to help people to understand better this blockchain and maybe making some gains.
What is Core DAO?
The Core DAO is a proposed blockchain designed to serve as the foundation of the decentralized internet, Web 3.
It uses a new consensus mechanism called Satoshi Plus, which combines features of both Proof of Work (PoW) and Delegated Proof of Stake (DPoS) to ensure security, scalability, and decentralization.
The blockchain is Turing-complete and leverage the Bitcoin mining hashrate and Ethereum Virtual Machine (EVM).
The supply of Core tokens has a hard cap of 2.1 billion and a percentage of all block rewards and transaction fees are burned, similar to Ethereum's "Ultra Sound Money" model.
The exact percentage to be burned is determined by the DAO. The block rewards for Core are paid out over an 81-year period to incentivize network participants and compensate miners. Interesting right?
How to Bridge to Core DAO
When it comes to trade and swap on the most famous chains, it is pretty easy because everyone knows how to do that through Uniswap, 1Inch, Sushiswap, Panckaswap etc according to the blockchain of reference. But what about Core DAO if you want to bridge and trade over there?
Like any other chain, even CoreDao has its own "popular" swap where you can buy and sell the tokens/projects launched on its chain: IceCreamSwap
IceCreamSwap is a trusted cross-chain DEX that supports interoperability with the Core EVM blockchain. It is user friendly and lowest fees to bridge to the network.
Here 4 simple steps to get started:
Visit IceCreamSwap and connect your MetaMask or other wallet.
Select the Chain you want to bridge from (e.g BNB Chain) and Core DAO as your destination network.
Select the token you want to bridge and the amount (e.g USDC, USDT or WETH).
Select the address you want to send the amount of tokens you are bridging (you also have the possibility to send them to a different address)
Preview the transaction and select 'Send' and the tokens will arrive in under 5 minutes.
Now you have your tokens on CORE DAO chain and staying on IceCreamSwap you can move on swap section in the left corner of the page to buy and sell your favs tokens/projects.
What are the Fees to Bridge to Core DAO?
The fees to bridge to Core DAO may vary depending on the network you are bridging from. This is because the gas and blockchain costs differ depending on the consensus mechanism of different blockchains.
The cheapest chain to bridge from is BNB Chain, which will cost no more than $5 to transfer popular tokens like USDC or USDT.
Even the fees to swap tokens when you buy and sell are pretty low generally speaking and crazy low if compared to other chains! We are talking about just few cents (right now 1 core is around 2 USD and you can do dozens of trasactions with that!)
To conclude, bridging assets to Core DAO is made pretty easy with the IceCreamSwap native bridge, which is both convenient and cost-effective.
By connecting a MetaMask or any other Web 3 wallet, you can transfer a wide range of tokens from popular chains like Binance chain to Core DAO.
I hope you found this guide / analysis on CORE chain useful and now you are able to trade on it (and hiopefully make some gains!).
If you have any questions please feel free to contact me and don't forget to share, like, comment and of course to follow me! Until the next and as usual DYOR!
#CoreDao #Binance #DEX #trading #crypto2023
