In this guide we will walk you through how to generate and monitor a swap using Bridge 2.0. The new Bridge will be available on the COTI Pay VIPER Wallet following the release of MultiDAG 2.0 on Mainnet.
Watch our tutorial video to learn more: https://youtu.be/iOxSX1BKKZQ
How to generate a swap using Bridge 2.0:
Go to : https://bridge.coti.io/
For swaps from COTI ERC-20 to Native COTI:
- Select “COTI” under the “Asset” option.
- Select “Ethereum (ERC-20)” under the “From” option.
- Select ”Trustchain (CMD)” under the “To” option.
- Input the COTI native receiving address. It can be copied from your COTI VIPER Wallet under the “Addresses” section.
*Please note! If you input a Huobi (Exchange) address, you will need to enter your Huobi platform “Tag” (identifier).
5. Input the amount you wish to Swap.
6. Click the “Get Address” button to receive an ERC-20 deposit address.
A Bridge address where you will deposit your ERC-20 COTI will appear in the preview section under the QR code. You can also view the estimated received amount after deducting the fees.
7. In the “Preview” section, please carefully review that all Swap parameters are correct.
8. Copy the deposit address you just received and open your ERC-20 wallet (Metamask for example).
9. Within your ERC-20 Wallet, select COTI-ERC20 under the “Assets” section, and click Send. Now you can paste the deposit address that you copied from your VIPER wallet.
10. In the ERC-20 Wallet, input the amount you wish to swap (the same amount that was input in the Bridge), and click confirm.
11. The Bridge will start processing your swap once your transfer reaches confirmation on the source chain.
12. In order to monitor swap progress, you can click the “Monitor” button in the “Preview” section.
For swaps from Native COTI to COTI ERC-20:
- Select “COTI” under the “Asset” option.
- Select “Trustchain (CMD)” under the “From” option.
- Select ”Ethereum (ERC-20)” under the “To” option.
- Select the Source address of your COTI.
- Input the ERC-20 receiving address from your ERC-20 wallet.
*Please note! If you input a Huobi (Exchange) address, you will need to enter your Huobi platform “Tag” (identifier).
6. Input the amount you wish to Swap.
7. Click the “Get Address” button to receive a Native COTI deposit address.
The Max amount section shows the max amount a user can swap at the moment of the swap. It is calculated according to the individual and Bridge daily cap. If the user exceeds the max amount the transaction will get stuck.
8. In the “Preview” section, please carefully review that all Swap parameters are correct.
9. Copy the deposit address you just received and open your COTI VIPER Wallet.
10. Input the amount you wish to swap (the same amount that was input in the Bridge), and click confirm.
11. In the “Send review” section, please carefully review that all Swap parameters are correct and click “Send”.
12. The Bridge will start processing your Swap once your transfer reaches confirmation on the source chain.
13. In order to monitor Swap progress, please click the “Monitor” button in the “Preview” section.
Bridge 2.0 VIPER Wallet app
The Refund Feature
In the bridge monitor section, you can monitor your Swap in real-time. If the swap status results in “Failed,” you will be able to click the info icon in order to review the sub-result status that led to your transaction failing to process.
There are different possible reasons why this happened:
- Your swapped amount exceeded your individual daily limit.
- Your swapped amount exceeded the bridge total daily limit.
- Your Swap breached the swap rate limit.
- GAS price increase prevented your Swap from being processed.
If you initiated your Swap from COTI VIPER Wallet, you would be able to click the Refund button that will be available on your swap record on the bridge monitor screen (applicable only if the source chain is Trustchain). For any other scenarios, you will be able to contact support in order to submit a refund request.
How To Get a Refund
If you initiated your Swap from COTI VIPER Wallet and you wish to claim a refund, please follow these steps:
- Go to the monitor page. Check the swap’s status.
If your swap’s status is “Failed” you will see a red alert sign next to it. If you click on it, it will display an explanation of what went wrong. - Under the “Time” column, you will see a “Refund” button. Click on it.
3. The status will change to “Processing refund” and after the processing ends, the status will change to “Refunded”. Please note that you will only be refunded for the amount you wished to swap, but you will be charged for the fees of each one of the transactions.
Important Notes:
- Some assets have a daily max amount swap limit.
- A new swap rate limit was introduced to prevent bridge abuse.
- If you provide a Huobi address you must provide the Huobi tag, or else, a Bridge address will not be generated.
- Please avoid any unpleasant situations by following Bridge rules.
How to monitor a swap using Bridge 2.0:
- Paste your tx hash or address in the search bar.
- You will be able to see all the transactions associated with the address or tx hash that you provided.
- In case you need more details check the information tag next to each headline or contact support.
The unique multi-chain structure of COTI and the management of its supply through the COTI bridge have caused some confusion regarding its total supply. To clarify: COTI’s max supply is 2B native tokens. All of these tokens were minted back in June 2019 and no additional native COTIs can ever be created now or in the future. In 2019 COTI became “multi-chain”, issuing COTI tokens on ERC20, BEP2, BEP20 and possibly other chains in the future. This becomes possible by allowing some of the original 2B native tokens to be locked in COTI’s bridge, while “wrapped” tokens are created on a corresponding chain, instead.
The way COTI’s bridge works is as follows:
- In case of a token swap from native to ERC20, the bridge generates and dispatches an equivalent quantity of COTI ERC20 tokens to the designated user address. The native tokens will be kept on bridge addresses and will only be moved when a reverse transaction takes place.
- In case of token swap from ERC20 to native, the tokens are directed towards a specific bridge address. Currently, there’s no automated process of burning the returned ERC20 token, therefore once a native token is sent to the bridge, new ERC20 tokens are created.
For example: 100 native COTI, that are locked in the bridge, immediately mint 100 new ERC20 tokens. If these tokens are ever sent back to the bridge, releasing the original 100 native tokens, and then sent again by someone else, additional 100 new ERC20 tokens will be created, while the previous 100 ERC20 tokens will remain locked in the dedicated address.
As a result of this mechanism, the Total Supply in Etherscan, which is the total amount of COTI ERC20 tokens created (at the time of writing is 2.23B), represents the volume of the bridge rather than the actual supply, which is less than 2B. Tokens are locked in over 6,000 addresses, most of them held in the following two addresses:
0xdc816fdad7ff855b31a183983f1f0e8df2ab6bc7
0x1ba5c20964e60fdad441256488810928b83ba581
Please note that the best indication of the total and circulating supply are the ones presented in CMC and CoinGecko.
Watch our tutorial video to learn more: https://youtu.be/iOxSX1BKKZQ
You can always reach out to our support team for further assistance here support@coti.io
Stay COTI!
For all of our updates and to join the conversation, be sure to check out our channels:
Website: https://coti.io
Twitter: https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
Github: https://github.com/coti-io
Discord: https://discord.gg/9tq6CP6XrT
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
