Tutorial of Transactions at QuarkChain
This article introduces how to initiate transactions on QuarkChain. The introduction in this article is based on the Devnet and test QKC (tQKC for short), but all the processes are the same in the mainnet. In the third part of the article, we will introduce you to the new product “Gas Liquidity Pool” and how to use native tokens as gas fee to make transactions.
Gas Liquidity Pool
After multi-native tokens are created successfully, they can be used to pay for the gas fee directly, while ERC20 has to rely on ETH for gas fee payment only. Miners can provide liquidity for the multi-native tokens.
1. You need to have a QuarkChain Mainnet address. If you do not have one yet, please read the following tutorial and create one.
2. You need to have tQKC, even a small amount is OK. Please follow the steps at the tutorial above to request some free tQKC if you don’t have any. Screenshot as follows:
There’re three types of transactions we will introduce:
- You have tQKC, and you want to use tQKC as a gas fee to make a transaction.
- You have a QuarkChain native token, and you want to use tQKC as a gas fee to make a transaction.
- You have a QuarkChain native token, and you want to use native token (instead of tQKC) as a gas fee to make a transaction.
- You have tQKC, and you want to use tQKC as gas fee to make transaction.
The process is quite simple. First, visit QuarkChain Devnet at: https://devnet.quarkchain.io/wallet, and input the receiver’s tQKC address and amount, then click “Generate Transaction”. If you use MetaMask, you will be asked to confirm signature at this step. Then it will show your transaction details, confirm and click “Submit Transaction”. Wait till the transaction succeeds.
2. You have a QuarkChain native token, and you want to use tQKC as a gas fee to make a transaction.
In the previous “Ice and Fire — Native Token” bidding campaign, the participants minted 9 native tokens successfully. In this article (link), we also introduced how to mint native tokens. Once minted, the native token owners can send other native tokens.
Compared with sending tQKC, there will only be one more step to go. When you visit https://devnet.quarkchain.io/wallet, you need to switch to the specific native token you want to send at the upper right dropdown list. The left process is the same with sending tQKC.
3. You have a QuarkChain native token, and you want to use native token as a gas fee to make a transaction.
You may already noticed that, you can use native token as gas fee to make transaction:
However, if you submit a transaction, it won’t succeed. You will receive the following failure message:
This is because you need to provide gas fee liquidity for your native token by depositing tQKC to the liquidity pool. Once you set it up, you can use it as a gas fee to send native token.
Step 1: Visit auction website: https://quarkchain.io/native-token-devnet/#/, search the native token name at the top of the page, and it will redirect you to the native token information page. Here you can see that you can set up Gas Liquidity Pool for each shard.
Step 2: In the shard you selected, click “Set Rate”, and then input the exchange rate and the gas reserve amount (no less than 100 tQKC).
Click “OK”, and then you can see that the details in shard 0 changes as follows:
Step 3: Go back to QuarkChain Devnet: https://devnet.quarkchain.io/wallet, select the token name at the dropdown list, select the right shard you set gas liquidity pool up in the step 2, and input the receiver’s address and amount.
Now you click the “Generate Transaction” button and submit the transaction, you will find the transaction is successful!
- You need to set up a gas liquidity pool for the specific shard if you want to make transactions in that shard.
- Gas liquidity pool setting is not limited to the native token owners and holders, anyone can set up a gas liquidity pool for any token and any shard.