Announcing the pRVN Bridge
Announcing the Ravencoin pNetwork token (pRVN) bridge through Binance Smart Chain (BSC) is now operational! The pNetwork and OpenDAO teams completed the final steps this week in connecting the Ravencoin community with the greater DeFi ecosystem.
Now around 300 bridge seeders, on the low end, are sought in order to provide the initial seed liquidity for this bridge. The stake-based incentivization mechanism pays bridge seeders proportionally based on the total amount of RVN staked. A seeder staking 50% of the bridge’s seed will earn 50% of the bridge’s incentive. This mechanism, and the entire process, will be detailed in a later post.
How to get in on the action
Head on over to the dApp at https://dapp.ptokens.io/prvn-on-bsc if you’re ready to join the fun!
What you need to play
All you need to participate and become a bridge seeder or to use your Ravencoin as collateral for DeFi transactions are:
- A Ravencoin wallet with some Ravencoin
- A MetaMask wallet connected to the Binance Smart Chain network
- To connect the wallet to the pNetwork dApp here: https://dapp.ptokens.io/prvn-on-bsc
Use the following MetaMask configuration to connect to the Binance Smart Chain network:
Next you generate a new deposit address and send your Ravencoin to the deposit address. This is the point you stop and check in with yourself on how much you trust the process, the people involved, and evaluate your risk profile. Once you send the RVN then it is in a custodial wallet and you are relying on the pNetwork team to custody the funds. This sort of custodial relationship even exists with renBTC and other similar tools even though ren uses validator nodes.
Such an ask may seem standard play for those that are already familiar with DeFi this process. For those Ravencoin holders unfamiliar with this part of the DeFi ecosystem I point you towards the next article in this series where I explain in depth the mechanisms involved and talk you through it with an overview video.
The purpose of this article is to announce the presence of this bridge so we can gather interested parties to provide the initial seed liquidity to the bridge. If you are hesitant to act due to wanting to understand the process more then I totally understand. I myself have had to review the process a few times. Once you’ve finished reading the next blog post in this series you will be in a good spot to make an informed decision.