Warp
Last updated
Last updated
Warp supports transfers of tokens across different blockchains, enabling users to migrate tokens, serving as a “bridge” between blockchains. The core value of Warp lies in its ability to create “Warped Tokens” on Binance Smart Chain. This enables token issuers to take advantage of the security and decentralization offered by the blockchain in which the token was originally issued on, while leveraging the cost-effectiveness and the high transaction speed of Binance Smart Chain. Warp will initially support the ETH-BSC migration, with plans to support other EVM-compatible blockchains with high demands in the future.
Additions to the list of supported assets will be decided based on on-chain votings on Grabity Governance. A user must hold a specific amount of GBT tokens to propose a new supported asset, and the proposal will be either accepted or rejected by GBT holders who will evaluate the proposal based on the sustainability and integrity of the asset. Proposals will only accepted from the issuer wallet of the token. Warped Tokens will be minted through Warp by the following process:
Upon the approval of Grabity Governance, tokens will be minted on BSC with the same quantity of supplied tokens on its original blockchain. Newly minted BEP-20 project tokens will be sent to the wallet from which the tokens have been supplied.
Users who wish to migrate their tokens from another chain to BSC must send their tokens to a designated contract address to lock their tokens on its original blockchain.
Once the transaction is approved, the corresponding quantity of BEP-20 project tokens will be minted and sent to the user’s address.
If the user wishes to convert their BEP-20 project tokens back to the original blockchain, they will send the tokens to a contract address which will lock the tokens before allowing the user to redeem their tokens frozen on its original blockchain.
This structure ensures that the protocol will always be able to allow users to swap back and forth between BSC and its original chain, and at the same time, allows users to engage in DeFi instruments built on BSC.
Warp will initially support BSC to ETH transfers only. More bridges will be announced in the near future.
