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Bridging BELT (BSC) to HBELT (HECO) through Orbit Bridge
A few days ago, we announced the details of our launch of HECO Chain on Belt Finance. With HECO, Belt is entering an exciting new market with high base yield. hBELT, the HECO-bridged BELT token, is a key piece to experiencing and enjoying high yield on HECO Chain.
As we announced, we are implementing cross-chain BELT mining, a feat made possible by Orbit Chain and its cross-chain masterchef. Essentially, a portion of the total BELT token emissions will be bridged over to HECO chain used for liquidity mining on HECO Belt, this is hBELT.
Here are some innovative features about hBELT that you should know:
- BELT bridged over to HECO Chain through Orbit Bridge is hBELT.
- hBELT isn’t a separate BELT token, it is simply the same asset on a different chain. hBELT is emitted as BELT on BSC is locked via smart contract with a 1:1 ratio on BSC. This means that BELT tokenomics, including circulating supply inflation, remains the same.
- You can swap between BELT and hBELT at any time through Orbit Bridge, as it is the same token, it will always have a 1:1 ratio.
- The overall BELT token metrics (circulating supply, inflation rate, etc.) remain the same but the BELT token gains a new field of play with HECO. This adds a new avenue of yield and related buyback & burns with higher TVL.
- Once governance is launched, BELT holders will control the Belt Finance protocol across different chains.
- hBELT liquidity mining will be distributed in the same structure to the BSC equivalent assets (BELT, BTC, ETH, and stablecoins) on HECO. You can view this as incentivizing deposits of more liquidity of that same asset (e.g. BTC) to the Belt Finance protocol, except on a different chain.
- With this same logic to mining distribution, BELT is essentially adding the value of HECO Chain to Belt Finance with hBELT.
Here are the steps required to move BELT from BSC to get hBELT on HECO.
1)BELT to hBELT asset conversion through Orbit Bridge
*To bridge BELT from BSC to HECO (hBELT) cross-chain, you must have MetaMask set up for the From Chain (BSC) you are sending BELT from and the wallet address of the TO Chain (HECO) you are receiving hBELT. It is easiest when you have BSC and HECO set up in your Metamask wallet. Here’s how to set up HECO on Metamask.
1–1) Select Coin (BELT) and Validator Group
Select BELT from the list
Select the BSC Validator Group
1–2) (1) Choose the FROM Chain (BSC) to bridge from. When you choose the FROM Chain, you will need to connect your Metamask wallet (BSC) to Orbit Bridge.
(2) Enter the amount of BELT to bridge and
(3) select TO Chain (HECO) to send it to.
(4) Enter the address to receive the assets in. This address should be your HECO supported wallet address (e.g. Metamask or Huobi Wallet)
After making sure all the entered information is correct, press “Convert Now.”
*Note that because hBELT (HECO) is essentially the same asset as BELT (BSC),
1–3) Confirm the entered information, then confirm the transaction on Metamask.
Check all information in the Bridge confirmation window prior to pressing “Confirm.” Afterwards, press “Confirm” within MetaMask to confirm the transaction, to complete the transfer from BSC to HECO. I am bridging 1BELT
1–5) Add hBELT to your Metamask HECO token list and you now can see that you have HBELT in your wallet!
You can now experience the high yield of HECO Chain on Belt Finance with the hBELT token!