WeOwn Wallet – How to bridge your token?
- To use the WeOwn Blockchain Bridge, you need a CHX wallet with at least 1,000 native CHX tokens. This minimum of tokens is required because transaction fees are incurred to execute the transaction.
- You should have wallets on both blockchains with enough tokens to cover the transaction fees.
- You are in control of all private keys on both blockchains, safely stored in a secure place.
- You have MetaMask installed and easy access to it.
- You need to have the target mainnet added to MetaMask before you can use the bridge:
- Fortunately, the Bridge process offers a button to add the Binance Smart Chain to Metamask with one click:
Below, we use a few terms that are important to understand correctly:
- wCHX: This token represents CHX on the Ethereum blockchain.
- bCHX: This token represents CHX on the Binance Smart Chain Blockchain.
- Wrapping: This refers to the process of moving CHX from the WeOwn Blockchain to the Ethereum Blockchain or Binance Smart Chain.
- Unwrapping: This refers to the process of moving wCHX from Ethereum or bCHX from the Binance Smart Chain Blockchain to the WeOwn Blockchain.
- Address mapping: To transfer and move CHX Tokens between blockchains, you’ll have to bind your CHX address directly with the corresponding wallet address of the target blockchain. First time round, WeOwn wallet will automatically initiate this process. Once MetaMask opens, please confirm the mapped transaction, which binds your current CHX address with the arget address you select on MetaMask. The binding of CHX to target address is a one-time event.
Please note: Once you have confirmed the mapping between both addresses, it cannot be undone. If you made a mistake with the binding, you need to create a new CHX address, and repeat the steps above.
Please also note: Mapping does not automatically translate to a transfer of funds – it only binds and connects both of your addresses. You are in full control of moving the funds. A transaction fee will be required for binding addresses. So please make sure you have adequate funds available in your MetaMask wallet. There will be no transaction fee required on the WeOwn Blockchain during this process.
High-level Process Description
- Confirm legal disclaimer: Please read the legal disclaimer carefully
- Pick blockchain to bridge: Just pick from which blockchain or to which blockchain you want to bridge the CHX token
- Map addresses: This is a one-time event for each target blockchain address
- Transfer token: This is the actual token transfer from one blockchain to the other
Step by Step Guide Token Bridge Process
Below we illustrate the process of how to transfer CHX to Ethereum wCHX (and back). The process from CHX to Binance Smart Chain bCHX is identical.
1. Map Addresses (one-time event)
- Please ensure you have created addresses on both blockchains. If you have picked “Ethereum” as the target blockchain, ensure that the correct network is selected in your MetaMask:
- On the “Map” screen that appears automatically in case no mapping has been established yet, ensure the correct addresses involved in the transaction are selected:
- If the addresses shown are not correct, please select the correct network and address in MetaMask.
- Hit the button at the bottom of the screen:
- Now MetaMask opens and asks you to confirm the correct target address. In the next step you need to confirm the connection:
- Hit the “Connect” button.
- The wallet now refreshes and shows you the two addresses you’re about to map. If everything is correct, hit the button at the bottom:
- MetaMasks now displays the contract interaction screen and asks you to confirm the transaction:
Please note that no fees apply on the WeOwn Blockchain side.
- Hit the “Confirm” button to bind the addresses
- A success screen will appear in MetaMask and the WeOwn Wallet takes you to the Transaction screen
2. Transfer native CHX token > target Blockchain
- After you have mapped the addresses, the screen to transfer tokens appears automatically. This screen is largely self-explanatory:
- As soon as you have either wCHX or bCHX on your target blockchain, hit the small button to add the new token to MetaMask:
- This will bring up a confirmation window in MetaMask that you should accept by clicking“Add Token”:
- To transfer the tokens, first set the direction in which the tokens are to be transferred. To do this, use the dropdown on the right-hand side of the icon , to change direction
- Now enter the desired number of tokens in the “From” field. The “To” field is filled automatically. If you want to transfer all tokens from the wallet, you can use the button. The fee for the WeOwn Blockchain is automatically taken into account.
- The estimated fees are displayed at the end of the form. You can view the exact details by clicking on the small arrow.
- Now click on “Transfer” to initiate the transfer of tokens.
- In this next step, you will be shown the exact details including the applicable fees. Confirm the transaction by clicking on the button:
- Transaction details can be accessed by clicking the button at the bottom. This will open the WeOwn Blockchain Explorer.
3. Transfer from target Blockchain to WeOwn Blockchain
If you need the other direction, please make sure you have selected the correct “From” and “To” fields. After you have submitted a transaction (see above), the following process will be initiated:
- MetaMask will now open automatically and show you the transaction details. Please check all details carefully. If you now confirm the transaction in MetaMask, including the applicable fees, the transfer will be carried out.
- During the transfer, the following screen is displayed in the wallet:
- At the end of the process, you will be shown a success message including a transaction hash. You can use this hash to track this transaction on Etherscan.
- In MetaMask, the new holding is displayed after the transfer is completed. The process is now successfully completed. Congratulations!