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BNB Spread Arbitrage Contract Official Tutorial
Detailed graphic explanation in Chinese
At Binance, we truly believe that decentralized finance will play a pivotal role in the future.
In order to unlock the mainstream applications of Binance Coin (BNB) , a high-quality wallet is one of the most important portals for our users.
Thanks for the wallets who contributed to improving the Binance Chain user experience!
Now, from the very beginning, in cooperation with designated wallets that support our Binance Chain, we jointly launch Binance Chain smart contracts. Use the arbitrage contract to trade your BNB to ETH, it will generate an additional 8-10% of ETH as your profit, and we promise to provide a total of 100,000 ETH.
Smart contracts currently online are suitable for Trust Wallet
Before the operation, let us first understand what is the Binance platform currency BNB, Binance Exchange.
1: Binance Coin is a token issued by Binance, referred to as BNB, which is a decentralized blockchain digital asset based on Ethereum. The BNB token on the Ethereum blockchain was originally designed to help users reduce their fee burden when trading on the Binance exchange .
BNB powers the Binance ecosystem. As the native token of Binance Chain, BNB has multiple use cases: promoting transactions on Chain, paying transaction fees on Binance Exchange, making in-store payments, etc.
2: Binance is a global cryptocurrency exchange, providing a trading platform for more than 100 cryptocurrencies. Since the beginning of 2018, Binance has claimed to be considered the world's largest cryptocurrency exchange in terms of trading volume. Binance Exchange, with its low transaction fees and high mobility, has gained popularity among cryptocurrency investors. This is mainly because it can easily convert cryptocurrencies to other cryptocurrencies. Transactions between currencies are very convenient. Binance has a multi-layer and multi-cluster architecture, with a high standard of security, and a high transaction processing throughput, which can process approximately 1.4 million orders per second. And can support the transaction of more than 150 cryptocurrencies, including popular cryptocurrencies such as Bitcoin, Ethereum,Litecoin and its own BNB token.
What is a BNB spread arbitrage contract:
Since there are many digital currency trading platforms on the market, for the same digital currency, different platforms may have different prices. Therefore, there is room for arbitrage to realize buying low and selling high. The key is the price difference. Binance uses the latest smart contract technology and massive user big data to implement ERC-20 and BEP2 to earn the difference. The BNB smart contract can be intelligent in the whole process, and the Binance arbitrage contract will be directly exchanged back to ETH in proportion. The price difference is the profit of an arbitrage.
To use smart contracts, follow the steps below.
- Install the above wallet: Trust Wallet
- Add Binance (BNB) to the wallet.
- Send the BNB in the wallet to the arbitrage contract address.
- The minimum sending amount of BNB smart contract is 10BNB
- ETH will be automatically deposited into your wallet (including original value + 8%-10% ETH value increase)
The following will explain in detail how to use smart contracts to obtain revenue
1. Receive ETH:
Open trustwallet wallet (download the latest version of Binance Wallet, if not, please go to Binance Wallet official website to download https://trustwallet.com/binance-coin-wallet/
After creating the wallet, make sure that there is an available amount of BNB in the wallet, and send BNB (at least 10 BNB) to the spread arbitrage address:
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Remarks: The ratio of BNB (quantity sent) ETH is 1:0.042, that is, 10 BNB can receive 0.42 ETH, and ETH will be received within 30 minutes after sending. According to the current price of ETH at around US$1450, BNB is only US$50, (Yahoo! Finance query: https://finance.yahoo.com/quote/BNB-USD/ ), there is about 10% of the space, the current contract ETH is getting less and less, the amount is limited
Profit calculation:
- Suppose the price of ETH is $1450 and the price of BNB is $50
- In your wallet, send 10BNB ($500) to the smart contract and you will receive $500 + ($500×10%) = $550, which is 0.379 ETH, (profit $50)
2. Enter the Binance Exchange to sell:
Binance Exchange official website https://www.binance.com/tw/
Recharge ETH exchanged by smart contract
Click Wallet in the upper right corner, spot wallet.
Click on top up.
Search ETH assets
Just send the arbitrage contract ETH obtained in the wallet to your exchange ETH address.
Then choose to trade ETH/BNB
3. Transaction-Withdrawal-Withdrawal.
In the trading center, choose one-click exchange to find ETH/BNB
How to buy virtual currency with one click for beginners
1. Go to the official website of Binance website https://www.binance.com/tw and select the registration page, and the real-name authentication after registration.
Mobile APP legal currency download address https://www.binance.com/tw/download#
The registration problem is very simple, and then enter the identity authentication
Choose to buy coins.
note:
- The profit margin may fluctuate during the event, but it will not be less than 8%.
- The minimum sending amount of BNB smart contract is 10BNB
- The event will continue until the total contract amount of 100,000 ETH is sent (expected until May 2021).
- After the activity is completed, if BNB is sent to the smart contract, your BNB will be automatically returned to your wallet, and no profit will be generated.
Risk warning: Cryptocurrency investment is subject to high market risks. Binance is not responsible for any direct, indirect or indirect losses caused by trading competition. Please invest carefully.