Sep 6, 2021

2 min read

🚀 Minter Hub Upgrade

The Minter Hub’s first major upgrade is set to go live this fall. It will introduce a record number of new features, some of which we’re ready to reveal today:

1. Lower ‘send to Ethereum’ fees. Revamped fee charging mechanism will allow users to get cash back if the transfer eventually costs less than they paid. The cash back will land into a Minter wallet.

2. Integration with Binance Smart Chain. Because of high loads on Ethereum (the token transfer fee sometimes goes as high as $200), we’re integrating Minter Hub with Binance Smart Chain. This will allow users to move tokens between the Minter and Binance Smart Chain networks, make trades using PancakeSwap, and make use of other BSC-powered DeFi services.

3. Cross-chain decentralized finance. Minter Hub offers not only transfers, but all sorts of operations on the other chains. For example, one will be able to exchange BTC from Minter for USDT from Uniswap. To do that, you won’t have to make several deposits and withdrawals, while you’ll still be able to pay the fee in any coin or token issued on the Minter network.

4. Swap discounts for HUB holders. The HUB token will reduce the fees for cross-chain transfers across Minter, Ethereum, and Binance Smart Chain. Since the three addresses are managed by a single seed phrase, it was suggested to cut the fees for those who hold HUB on any of them. By default, the fee is 1% for any transfer between the networks, but the availability of tokens (regular HODLing) will now grant the following discounts:

1 HUB -10%
2 HUB -20%
4 HUB -30%
8 HUB -40%
16 HUB -50%
32 HUB -60%

For example, if you have 16 HUB on your balance, then when transferring USDT from the Minter network to Ethereum, the fee you’ll pay will be not 1% but 50% less—that is, 0.5%. For the discount to be enabled, the balance of the address that a cross-chain transfer is made from needs to have the necessary amount of HUB on either of the interconnected networks. Example: one may hold 32 HUB on their Minter address’ balance and enjoy the discount when depositing from a similar address on Ethereum (the only difference between the Ethereum and Minter addresses being that the former starts with 0x, and the latter, with Mx). The coins that are locked into the pools will count as well.

5. Support for the native ETH token. The need to convert ETH into wETH will be eliminated. Withdrawals will also be made in the native token (instead of wETH), meaning the reverse conversion won’t be needed, either.