The Etho Protocol is a completely independent blockchain that is fully EVM (Ethereum Virtual Machine) compatible utilizing an Ethash proof-of-work consensus model. Being fully EVM compatible allows for tokens to be deployed on blockchain just like many do on the Ethereum Network (ie erc20 and erc721). Several tokens have actually already been deployed on The Etho Protocol blockchain as you can see on the token tracker from The Etho Protocol Explorer (below).
Utilizing this same concept, wrapped ETHO tokens have been deployed on several other blockchains (ETH, BSC and xDai) allowing for blockchain interoperability, decentralized swapping and many more features to come in the future.
What is a Wrapped ETHO Token?
A wrapped ETHO token is a tokenized version of ETHO on any other blockchain. It’s pegged to the value of the underlying or originating asset it represents (ETHO coins on The Etho Protocol Network) and typically can be redeemed or unwrapped at any point using the blockchain bridging technology deployed at https://bridge.ethoprotocol.com. The process of wrapping or unwrapping is done via this bridge which facilitates the movement of ETHO to wrapped ETHO on these various blockchains.
Sounds complicated? It really is not so here are a few examples…
1) Purchase/Swap for wrapped ETHO on The Ethereum Network and unwrap it by using https://bridge.ethoprotocol.com to move assets back to The Etho Protocol Network.
2) Mine ETHO on The Etho Protocol Network and then wrap the original coins using https://bridge.ethoprotocol.com, moving them to wrapped ETHO on The Ethereum Network to swap or sell on another exchange (ie Uniswap).
The Etho Protocol Blockchain Bridge
In order to move ETHO between networks (wrapping and unwrapping) you need The Etho Protocol Bridge: https://bridge.ethoprotocol.com
Utilizing the bridge requires you to have the MetaMask browser extension installed with the desired networks setup for bridging to be successful. You can follow the tutorial outlined at https://docs.ethoprotocol.com/install-metamask if you have not setup or installed MetaMask yet. Once MetaMask is installed and desired networks are configured we can move on.
The first step to bridging requires us to select The Etho Protocol Network in MetaMask and select the address you would like ETHO wrapped from. Here (see photo below) we have 13999 ETHO available and I am going to wrap 1000 ETHO and move it to The Ethereum Network (the process of wrapping ETHO).
After clicking “Request Swap”, you will then wait to receive a transaction confirmation in MetaMask which then allows the network bridging (wrapping) process to start.
We now see the spinning wheel waiting indicator start showing while we wait for the bridging (wrapping) process to take place. Patience is key here as the bridging process requires transactions to occur and be verified on both blockchains so it is not uncommon for the entire process to take a few minutes. After the process has finished you will then be shown the completion screen (photo below).
For your records you should store the transaction hashes provided for both blockchains. After this screen shows, it means that the wrapping/bridging was successful and completed and now you have wrapped ETHO on the destination network (Ethereum in this example). You can simply change the network in MetaMask to The Ethereum network and showing in the same address your ETHO originated from will be your wrapped ETHO on the destination network. If this is your first time wrapping ETHO you will need to add the wrapped ETHO token to metmask to view the wrapped ETHO in your address. This can be done by utilizing etherscan (for Ethereum) or bscscan (for Binance Smart Chain) with the contract addresses below.
Wrapped ETHO Contract Addresses
You now have wrapped ETHO on the Ethereum Network and can send them to places where wrapped ETHO can be traded or swapped on a DEX like Uniswap.
The same can also be done in the opposite direction. Wrapped ETHO can be unwrapped and moved back to The Etho Protocol Network. Every time you use the bridge to move ETHO between networks there is a small fee to cover the transaction costs on both networks to facilitate wrapping and unwrapping.
Why would someone want to do this?
Becoming a multi-chain asset is the next evolution for ETHO and ETHO assets. Allowing for decentralized swapping on any network and allowing for integration on any exchange as an ERC20 token will allow ETHO and The Etho Protocol Network to reach more users as the project grows. Providing more places and blockchains for users to buy, swap, hold and potentially even stake ETHO in the future helps us all take another giant step forward in decentralizing every aspect of the Etho Protocol Network and project!
Swapping Wrapped ETHO
Ethereum Network (Uniswap): https://info.uniswap.org/#/tokens/0x99676c9fa4c77848aeb2383fcfbd7e980dc25027
Binance Smart Chain (Pancakeswap): https://pancakeswap.info/token/0x0e900aa6ed4244c43d597e6d2f8fb3994303ed99
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