The Definitive Guide on Using the pTokens dApp
pNetwork is enabling blockchain cross-chain composability via its pTokens solution. The project continues to add cross-chain bridges and a growing number of components to achieve better communication between different blockchains.
Thanks to pNetwork’s pTokens dApp, you can easily get onboard the DeFi trend even if you hold Bitcoin, Litecoin, EOS, or other cryptocurrencies hosted by a non-Ethereum blockchain. We want to ensure that nothing stops you from implementing the best yield farming and staking strategies in the DeFi space.
All you have to do is to join the dApp, use your crypto holdings as collateral, and mint the respective pTokens with a 1:1 ratio on the blockchain network you aim for, such as Ethereum or EOS.
As of mid-March, pNetwork runs 38 bridges, which connect various coins and tokens to Ethereum, BSC, EOS, and other chains.
Before guiding you through the pTokens dApp, the main thing you should understand about pTokens bridges is that they enable what we call peg-in and peg-out processes, which represent the basis of cross-chain movement between a native blockchain and a host network.
The peg-in occurs whenever a coin, like Bitcoin, is locked as collateral to enable the minting of its tokenized representation into the host blockchain, such as Ethereum, EOS, Telos, BSC, or xDai.
The peg-out happens whenever a pToken is burnt within the host blockchain, and the underlying asset is released into the native blockchain.
Let us briefly describe how to use the dApp:
- Once you land on the dApp page, you should select the bridge on the left, for example, pBTC on ETH. In this case, you will use your Bitcoin as collateral to mint pBTC on the Ethereum network. This will let you put your Bitcoin to work, as you can leverage many yield farming and staking opportunities, as well as trade your pBitcoin on Ethereum-based DEXes.
- You can see the Dashboard for every bridge. To start the process, you should click on “Issue & Redeem” (1). However, before going any further, you should connect a wallet with the address of your host blockchain, such as Ethereum (2).
You can connect via WalletConnect, Portis, MetaMask or Fortmatic. Nevertheless, to make the most out of the pTokens dApp, we recommend you to connect your Eidoo wallet, our reference wallet.
- If you want to issue pBTC on Ethereum, you should go to the “Issue pBTC” section, where you can run the peg-in process. All you have to do is to check your Ethereum address that is automatically connected by the dApp and send your Bitcoin to the indicated address. You may click on “Generate new deposit address” to get a new BTC address to deposit your BTC to start the peg-in process.
- Any Bitcoin deposit sent to the provided address will automatically mint an equal number pBTC tokens on your Ethereum address. Next, you can easily invest your pBTC on ETH as you wish!
- You can also redeem your pBTC through the peg-out process. Simply go to the Redeem section to indicate the amount and your Bitcoin address. Please, make sure the BTC address is yours — otherwise, the funds may be permanently lost.
That’s it! Using the pNetwork dApp is easy and straightforward.
We shared a peg-in and peg-out example for pBTC on Ethereum, but the process is the same for the rest of the bridges. Here is the full list of them (by total value locked):
pBTC on ETH, pBTC on EOS, PTERIA on EOS, TLOS on ETH, pLTC on ETH, pBTC on TELOS, pETH on EOS, PNT on EOS, pLTC on EOS, pLRC on EOS, pYFI on EOS, pLINK on EOS, pBAT on EOS, pMKR on EOS, pZRX on EOS, pREP on EOS, pDOGE on ETH, pANT on EOS, pOMG on EOS, pPNK on EOS, IQ on ETH, pDAI on EOS, pUNI on EOS, pBAL on EOS, pSNX on EOS, pUOS on EOS, pCOMP on EOS, pBTC on XDAI, pBAND on EOS, pBTC on BSC, pEOS on ETH, pEOS on POLYGON, PNT on BSC, pOPIUM on BSC, PTERIA on BSC, pDEFI++ on BSC, pBCP on BSC and CGG on BSC.
You can monitor the Total Value Locked (TVL) figure of all the pTokens dApp bridges on the pTokens website:
pNetwork gives users exposure to many yield farming and staking options through Steroids, Curve, and DeFiBOX.
Isn’t it a great time to invest in DeFi? Join our community to get updates on pNetwork bridges.
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🦜 Want to join our flock? Connect with us on Twitter and join the conversation in our pNetwork Telegram and Discord.
💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.
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