Just a quick question about L0 tokens: suppose i have

Question

Just a quick question about L0 tokens: suppose i have

L1 eth. to convert into L0 eth would i neeed to send that L1 eth to a smart contract that would then mint an L0 eth equivalent?

#blockchain #constellation #cryptocurrency #english

0

28.10.2021

9 ответов

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Black Zetsuu Автор вопроса

yea thats why i said something like a smart contract (not necessarily a smart contract since hgtp uses state channels). but wrapping does occour, as criptix confirmed

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28.10.2021

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Black Zetsuu
yea thats why i said something like a smart contra...

here's Wyatt the CTO demo'ing a cross chain swap with ethereum: https://youtu.be/XpedmSZcUP0

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28.10.2021

criptix | I WILL NEVER PM FIRST

We are talking about different things here right now. If there is an ERC20 token already and the project wishes to switch on the Hypergraph and the L0 standard they obviously need a swap function (for users to swap their ERC20 to L0). What you are talking about are cross-chain swaps - and indeed our cross-chain swaps are not wrapped ;)

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28.10.2021

Black Zetsuu Автор вопроса

criptix | I WILL NEVER PM FIRST
We are talking about different things here right n...

so I know that cross chain swaps can occour either natively or through the L0 global liquidity. lets take an erc20 token for example. A native erc20 swap would result in a fee reduction of 80-70% since the smart contract logic is moved to the hypergraph. near Zero fees cross chain swaps of that same erc20 token, would only be possible through its L0 counter part. What I am asking here is not related to cross chain swaps, but just a general understanding of L0 tokens. sticking to the example of ERC20 token, in order to mint an L0 token you would have to collateralize the L1 ERC20 token. Essentially, wouldnt this mean that an L0 token is just a pegged token (hence L0 tokens are nothing more than wrapped tokens)

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28.10.2021

criptix | I WILL NEVER PM FIRST

Black Zetsuu
so I know that cross chain swaps can occour either...

An L0 zero token is basically the ERC20 counterpart of the Hypergraph. Projects choosing to use L0 tokens and a Hypergraph State Channel can remove Ethereum's gas fee model. Projects could decide to either burn ERC20 tokens out of existence to swap over to L0 or have BOTH standards live along side each other. This has nothing to do with wrapped tokens right now because the whole smart contract logic and functionally of the DApp would be running on the Hypergraph. A wrapped token is basically WBTC or REN.

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28.10.2021

Black Zetsuu Автор вопроса

criptix | I WILL NEVER PM FIRST
An L0 zero token is basically the ERC20 counterpar...

thanks for the reply :).. few follow ups: binance academy (which id say its a fairly reputable crypto source), defines wrapped tokens as the following: "A wrapped token is a tokenized version of another cryptocurrency. It’s pegged to the value of the asset it represents and typically can be redeemed for it (unwrapped) at any point. It usually represents an asset that doesn’t natively live on the blockchain that it’s issued on." this definition of wrapped tokens is consistent with other sources too. As such, I still don't understand how an L0 ETH or L0 BTC for example wouldnt be a wrapped token. I understand that for projects that natively run on the hypergraph, the L0 standard would be their main "version", but that is different from L0 tokens whose projects are running on other network.

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28.10.2021

criptix | I WILL NEVER PM FIRST

Black Zetsuu
thanks for the reply :).. few follow ups: binance...

Ah gotcha - we have different kinds of modus operandi for State Channel because consensus can be modified. That is why the cross-chain swap functionally of Lattice is an good example - we are directly checking the respective chains of the assets and are moving the assets directly on their native chain while facilitating the swap logic on the Hypergraph. Basically L0 trades without wrapped tokens. The other thing i was talking above was a project creating a State Channel on the Hypergraph - definition of wrapped tokens would not perfectly match here because we are not really tokenizing an asset but moving that asset fully on a different network.

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29.10.2021

Andrew👁Seer

This is an amazing thread. Thanks @criptix and Black I love how people coming in from other blockchains need a moment to “wrap” their minds around our cross chain swaps with no wrapping. What a paradigm shift in technology. The takeaway: $DAG will absorb most of the liquidity away from Ethereum and other half-baked projects that can’t scale. Any ERC20 tokens out there with a real vision will clamor to get a L0 token so they can scale their own projects. This is the greatest invention since the internet.

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29.10.2021

criptix | I WILL NEVER PM FIRST · Accepted Answer

criptix | I WILL NEVER PM FIRST

Yup, that would be how it looks like for most ERC20 tokens that would want to swap over to their respective L0 version. Good morning guys ;)

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28.10.2021

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