ChainSwap Guide: Sending Cryptocurrency between Ethereum & Matic Network via IGWallet
Our implementation of the ChainSwap feature in IGGalaxy provides you the ability to send your tokens between Matic network and Ethereum, using your IGWallet.
The design of ChainSwap is a user-friendly implementation of the two mechanisms built by Matic, enabling deposits and withdrawals of crypto-assets between the Matic and Ethereum blockchains.
We expect the need for the ChainSwap feature to decrease over time as more options are provided for seamless communication to from and between L1 and L2 networks. An example of this is the recent announcement of Connext Network’s Vector mainnet launch. However, in the meantime, we have provided a simple guide on the current process for this feature in your IGWallet.
What is ChainSwap?
IGGalaxy’s ChainSwap feature in the IGWallet enables users to swap tokens between Matic and Ethereum chains, using either the POS or Plasma bridge.
Why would you want to use the ChainSwap feature?
- Depositing MATIC tokens from Ethereum to your Matic IGWallet to pay the network fee for creating ‘power capsules’ in IGLabs, or generally interacting in IGGalaxy.
- Withdrawing your IG Gold (IGG) tokens from Matic to Ethereum to store in a ledger or to trade.
- Depositing your IGG from Ethereum to Matic so that you can trade on Layer-2 exchanges, which are much quicker and cheaper than on Ethereum.
What are Plasma & PoS Bridges?
A ‘bridge’ is basically a set of contracts that help in moving assets from the root-chain to the ‘child’ chain. There are currently two bridges to move assets between Ethereum and Matic chains: the first is the Plasma bridge; the second the PoS bridge, or Proof of Stake bridge.
Proof of Stake (PoS) Bridge
Matic PoS bridge provides faster exit with one checkpoint interval, secured by a robust set of external validators. The PoS bridge is more flexible and has faster withdrawals than the Plasma bridge.
When using ChainSwap in IGWallet, ALL tokens (except MATIC) are deposited and withdrawn via the POS bridge.
Plasma bridge provides security due to the Plasma exit mechanism ‘piggy-backing’ on Ethereum’s security. However, there are certain restrictions on the ‘child’ token as well as a seven-day withdrawal period associated with all exits and withdraws from Matic to Ethereum via the Plasma bridge.
You can read Matic’s official documentation on the POS and Plasma bridge here.
Please note that you will need some MATIC and Ethereum tokens to cover the transaction fee on the respective chains.
How to use ChainSwap with IGWallet
Step 1: Select the Right Wallet
First, open your IGWallet and select the wallet you wish to carry out a ChainSwap from:
- Select your Ethereum IGWallet if you are depositing MATIC or other approved ERC20 tokens from Ethereum’s chain to the Matic chain.
- Select your Matic IGWallet if you are withdrawing MATIC or other approved ERC20 tokens from Matic chain to the Ethereum chain.
Step 2: The Swap Portal
Select the ‘Swap’ option located in the middle.
This will take you to the ‘Swap Portal’.
Here, you are able to carry out a TokenSwap, ChainSwap and view all ChainSwap transaction statuses.
Step 3: Deposit (Ethereum to Matic Network)
When you have an Ethereum IGWallet selected, and have clicked ChainSwap, you will be depositing your MATIC or other approved ERC20 tokens to the Matic network.
You will receive these tokens on the Matic network in your Matic IGWallet.
Once you have confirmed the details of the token and amount, and confirmed with your wallet password, you will be able to submit the transaction to the network.
Please make sure you have sufficient ETH to cover the gas fee.
Click submit and wait as the transaction is submitted to the network.
Once the transaction has been submitted to the network, your IGWallet will display the following UI.
As previously mentioned, because this is a MATIC token deposit, the Plasma bridge is used. The POS bridge will be used for all other Ethereum-based tokens.
Step 3: Withdrawal (Matic Network to Ethereum)
When withdrawing from the Matic network to the Ethereum mainchain, you will need to select your Matic wallet.
Then click on ‘Swap’, then ChainSwap and you will see the withdraw form pasted below.
Select the token you wish to withdraw and the amount, then enter your wallet password to sign the transaction.
Again, this example shows a MATIC withdrawal, so the Plasma bridge being used. When you see this screen, you must wait for the ‘checkpoint’ to be reached for the transaction to be submitted to the network.
From this point, for withdrawals, the user journey differs depending on what bridge is being used.
Once the transaction has been submitted, you must wait 30 minutes for the next checkpoint if it is a PoS withdrawal, or wait 7 days for the Plasma withdrawal challenge period.
In the instance of a PoS withdrawal, you would not see the next graphic (challenge period) but will still be required to submit your IGWallet password and pay an ETH fee for the final step.
Once the seven-day period is up for Plasma withdrawals, the final step requires you to confirm your IGWallet password and pay the required ETH fee to unlock your tokens on the Ethereum chain.
This following, and final step, is what you will need to do following a PoS withdrawal, too; however, you will not have to wait as long.
- Over the coming months, as Matic’s network gains wider adoption, there will be a significantly reduced need to use the ChainSwap feature to deposit your tokens between chains.
- As Layer-2 DEX’s grow in terms of liquidity, holders will be able to trade their IGG and MATIC tokens directly on these exchanges.
- As more top-tier exchanges support Matic network, there will be the ability to deposit and withdraw to and from these exchanges without having to use the ChainSwap feature. This will also dramatically reduce the fees for withdrawals from exchanges.
It is also important to reiterate that if you are purchasing MATIC or ERC tokens from any third-party wallets/exchanges and depositing to IGWallet, you are usually doing so on the Ethereum chain, and therefore they will appear in your Ethereum IGWallet.
You can purchase MATIC directly on the MATIC network via Transak, which has been integrated into IGWallet.
Need a hand?
Check out some of our IGGalaxy guides in the Help Centre, contact our support team at firstname.lastname@example.org, or ask our friendly community members on Telegram / Discord if you would like extra support!
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