Saturday, November 28, 2020

Shadow Tokens and Uniswap: ELA is Now Available on Ethereum

By Jeremy G.
Edited by Kenneth K

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 The Elastos community once voiced their desire to get ELA onto another major exchange. Recently, ELA was listed on Bittrex, however the 24 HR volume continues to be similar to prior volume.

In this year of 2020, many Ethereum-based projects have listed their tokens on various DEXs (Decentralized Exchanges) at minimal or no cost. Millions in daily volume continues to flow through these various DEXs, enough to regularly challenge the volume of prominent and established centralized exchanges.

Enter Shadow Tokens, a cross chain bridge for ELA. It is essentially a wrapper for ELA where Elastos users can transfer their ELA coins from/to the Elastos network from/to the Ethereum network. Similar cross chain systems are provided by services such as REN protocol, who has an alliance that Elastos is a part of.

Shadow Tokens has an easy-to-use UI which CRC member Michael S recently demonstrated. 

Now that there is a built in application to mint ERC-20 versions of ELA, ELA is listed on Uniswap. Any ELA holder has the ability to mint ELA onto Ethereum via Shadow Tokens and provide liquidity on Uniswap with that newly converted ELA and ETH. 

The following is a walkthrough on how to use Shadow Tokens in both minting tokens onto Ethereum and burning them back onto Elastos. Steps are also provided on how to provide liquidity on Uniswap in efforts to bring ELA to mainstream crypto users and enthusiasts.


Important Notes:

A. There is an Ethereum main chain which is the primary chain that most ERC20 tokens are traded on in mainstream crypto.

B. There is an ELA ETH Sidechain which is an Ethereum chain secured by Elastos, capable of supporting all ERC20 tokens and Ethereum functions but at a much lower gas fee and faster confirmations.

C. There is a native Elastos Chain which ELA is currently stored on. This is a guide primarily for B to C transfers.

 

By bringing more ERC20 tokens and Ethereum based projects onto B, the ELA ETH Sidechain, it will encourage one of the greatest selling points of Elastos, which is a more secure network than ETH itself with lower fees and higher transaction speeds with essentially infinite scalability.



ELA to ETH

  1. Go to the shadow tokens page at https://tokbridge.net/ connect your wallet to the Elastos Side Chain. If it is not imported onto Metamask yet, please refer CryptoName’s guide.  IMPORTANT NOTE: you must follow the linked guide to move your native ELA to the ETH Sidechain before swapping your tokens to the ETH main network.
  2. Insert the amount of ELA you’d like to lock and mint onto the Ethereum network and then select “Next”.
  3. Confirm the ELA amount you are locking and sending to the Ethereum network.
  4. The Metamask window will prompt and ask to confirm the transaction with the gas fee displayed. Make sure you have enough ELA to cover the fee.
  5. Metamask will provide a “Confirmed transaction” message once everything is complete.

 

 

ETH to ELA

  1. If a user would like to burn the ERC-20 ELA back to the Elastos (ETH Sidechain) network, change your Metamask network to the Ethereum blockchain (from the Elastos Sidechain) and toggle the option on Shadow Tokens “From Ethereum to Elastos” in the middle of the screen. Select the amount of ELA you’d like to burn and hit “Next”.
  2. Confirm the amount of ELA you’d like to release onto the Elastos network via Ethereum.
  3. Metamask’s window will prompt you and ask to confirm the transaction. Have enough ETH to cover the transaction. Fees are usually a few dollars due to ETH’s high fees. 
  4. Metamask’s window will prompt you and ask to confirm the transaction. Have enough ETH to cover the transaction. Fees are usually a few dollars. 
  5. Once ELA is bridged back onto the Elastos Sidechain, a “Success” message will appear on the screen. Now, to bring your Elastos Sidechain tokens back onto Elastos’ native chain, you must follow the guide on Cryptoname.

 

ADD LIQUIDITY TO ETH/ELA

  1. Go to the Uniswap page for the ETH-ELA pair. Select “Add Liquidity” on the top right of the screen.
  2. Select the amount of ETH and ELA you’d like to provide in the liquidity pool. An additional approval transaction is needed for each coin before it’s supplied. Have enough ETH to confirm the transaction(s). You must have equal amounts of ETH and ELA in USD value when adding liquidity to Uniswap.
  3. Once the coins have been approved, confirm the amount you’d like to supply in the pool. 
  4. Metamask window will prompt you to confirm the transaction with an ETH gas fee included.

Once all these steps are complete, you have successfully created an ERC-20 version of ELA and provided liquidity in a community built pool on Uniswap, earning fees on all trades of ELA on Ethereum.

To see a hint of the functionality of Elastos’ ETH Sidechain, check out our guide on Tokswap here.

Jeremy
CR Press Senior Writer. Believer in the new Smart Web. In pursuit of true decentralization.