Breaking down barriers — T-Starter launches cross-chain sales
Today we are excited to announce cross-chain pools, an innovation which allows tokens held on Ethereum or Binance Smart Chain to be used to join a sale pool hosted on Telos, WAX or EOS blockchains.
Why cross-chain pool sales?
Let’s start by considering what it would take for you to join a pool sale using pUSDC when you hold or buy USDC on a centralised exchange;
- First you would need to withdraw the USDC to your Ethereum account.
- Next, you would need to move your USDC to pUSDC on Telos using the Ethereum<>Telos bridge along with the crazy Ethereum gas fees and the added complexity of figuring out how to use the bridge.
- Only then would you be able to join the pool sale.
This is simply too much to expect from most users. If we want more people to join pools we have to have a simpler experience. Cross-chain pools simplify this process.
How do cross-chain sales work?
With our latest innovation you simply (1) withdraw your USDC to your BSC or Ethereum wallet then (2) join the pool using the T-Starter app. The only change you will notice is when Metamask opens to allow you to do the USDC transfer. If the sale is successful you will receive your pool tokens in your Telos account. If the sale is cancelled or fails you will be able to reclaim your USDC.
Let’s have a closer look.
Step 1 — Setup
Open the T-Starter app (https://app.tstarter.io/telos), connect your Telos wallet and select the pool you are planning to join.
Step 2 — Join Pool
Just like any other T-Starter pool, select click the “join pool” button and accept the terms and conditions. When you arrive at the final dialog you now have the choice to pay using;
- pUSDC on Telos
- USDC on Ethereum
- USDC on Binance Smart Chain
Pick the chain holding your tokens and decide how many tokens you want to use.
Let’s look at what happens if you choose to use USDC on Ethereum. Now when you press approve your Metamask will open. Sign and submit the transaction. This is where the magic begins.
The T-Starter cross-chain oracles are watching for “join pool” events on Ethereum and BSC. When a cross-chain event is witnessed they report it to the Telos cross-chain pool contract. The Telos waits until enough oracles have confirmed your transaction before joining the pool on your behalf.
As soon as the oracles have done their business you can check your token allocation.
All you need to do now is wait for the pool to be closed.
- If the pool is successful you will receive your pool tokens in your Telos wallet.
- If the pool is cancelled or fails you can reclaim your USDC on the Ethereum blockchain.
- Acquiring the tokens needed for joining pools on EOSIO blockchains is tedious and creates a barrier of entry for most users. We introduce cross-chain pools to address this issue.
- Cross-chain pools allow tokens held on Ethereum or Binance Smart Chain to be used to join a sale hosted on Telos, WAX or EOS.
- This post demonstrates the process of joining such a pool.