To alleviate the gas issues connected with the utilization of the Ethereum blockchain, Occam.fi has decided to enable BSC IDOs. In other words — the OccamRazer launchpad is now fully compatible for a full execution of IDOs on BSC!
That means OccamRazer users are now able to participate in both Ethereum and Binance Smart Chain IDOs, whilst Cardano blockchain compatibility is still being implemented.
The majority of steps required to successfully participate in an IDO via Ethereum remain the same for BSC IDOs.
However, there are three primary differences that OccamRazer users need to be acquainted with in order to successfully participate in an IDO executed via Binance Smart Chain. Let’s explore them in the article below. We also give a short guide on how to connect your MetaMask wallet for BSC chain here.
1. Fundraising through BNB
Instead of ETH, users must acquire and deposit BNB into their MetaMask wallets, as they will have to provide BNB during the IDO process.
2. MetaMask configuration & Execution on the BSC
The MetaMask wallet of a BSC IDO participant must be configured properly for interaction with the Binance Smart Chain.
To learn how to configure your MetaMask wallet for the BSC IDOs — click here.
During the period that an IDO participant is executing the transaction to secure their allocation — the participant’s MetaMask wallet also must be set to the Binance Smart Chain. This is set by clicking the button highlighted with a red square in the image below — and then selecting Binance Smart Chain by clicking on it.
3. Claiming IDO tokens & Registering
The tokens from an IDO performed on BSC are claimed in the same manner as with Ethereum based IDOs — with one significant difference. While performing the standard claiming procedure, where a user opens the IDO tab of a project and clicks Claim, there is an additional step to be taken.
The user must configure BSC in MetaMask, as well as select the option within MetaMask to use the BSC for transactions. This applies for registering as well. The button ‘Register’ which registers a user for an IDO will only be clickable when the user has set the BSC Mainnet as their MetaMask network.
To learn how to configure MetaMask to operate on the Binance Smart Chain refer to this article.
We hope you found this helpful and we look forward to offering you low-cost participation in IDOs through BSC on OccamRazer!
