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Issue with shielding BUSD

#1

Hi there,
I had BUSD on Binance and I wanted to shield it on Incognito. When I looked in the ‘Shield’ section on the app, 3 verified (check mark) tokens are shown for BUSD. BUSD (ERC20), BUSD-BD1 (BEP2), and BUSD (BEP20).

I clearly didnt want to use the ERC20 option because of the cost. When I tried the BUSD (BEP20) address, Binance rejected it saying it was not a BSC compatible address. So I used BSUD-BD1 (BEP2), which seemed to work great, meaning Bianace accepted it, and it transferred over to Incognito.

However, now when I look at my assets, it shows that the value of BSUD-BD1 (BEP2) is zero, while the value of BUSD is equal to $1, as we would expect. Also, when I try to trade the BSUD-BD1 (BEP2), it shows I only have about 1/4 the value of what I should have, meaning it allows me to buy only a quarter of the PRV I should be able to buy.

Could you help? @support @rocky

Thank you!

#2

Could you show me some screenshots?
Here’s mine, the price is not the same but it’s close enough.

Screenshot_20210806-103506_Incognito Wallet
Screenshot_20210806-103506_Incognito Wallet1080×2143 102 KB
Screenshot_20210806-103534_Incognito Wallet
Screenshot_20210806-103534_Incognito Wallet1080×2143 101 KB

#3

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#4

@Rocky
Thank you for your help!

#5

In your first screenshot, BUSD-BD1 can not be swap 1:1 with USDC because our pDEX does not have BUSD-BD1 vs USDC pool. As you can see in the lower corner of that same screenshot, the app will find a way to go around that by trade your BUSD-BD1 to PRV then trade PRV to USDC. And because BUSD-BD1 vs PRV pool is small, the slippage is huge which causes huge loss when you trade from BUSD-BD1 to USDC.
There’s nothing we can do since we don’t have any control over the price, it’s pure demand and supply.

I think the easiest way to solve this is to unshield your BUSD-BD1, swap it with USDC or USDT, shield it back into our network then trade for PRV. The fee is high but I really don’t have a better solution.

@khanhj, do you have any other solution which might be better?? please share!

#6

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@Rocky

Thanks for that explanation. I totally understand thin markets and wide spreads.

I guess my bigger was concern is what I circled in this attached image. Zero value for my BUSD holdings. Especially in comparison to the other BUSD below it.

Is there any way to explain that?

Thx!