Elrond bridge is live now
Welcome to a new era.
Since Elrond and Utrust joined forces, our teams have been working relentlessly to make this day happen. Our native token, UTK, is finally leaving the Ethereum blockchain, with all of its limitations to our growth, and joining the Elrond family.
This move was indispensable to achieving our vision.
If you haven’t read about our updated tokenomics, now is the time. Our plans are as broad as our ambition, and this is the move that will allow us to put them all in practice.
So how will it work?
If you have your funds on Binance, you don’t need the bridge
It really is that easy!
All you have to do is make sure that you withdraw your UTK balance to the Elrond Network on the Binance WITHDRAWAL page.
It’s (almost) business as usual.
When you are withdrawing directly to your UTK address on the Maiar App, just make sure to select the Elrond eGold network. Info on how to set up your Maiar App here.
If you have them anywhere else, however, here’s how the Ad Astra Portal works:
The bridge itself is simple
When a UTK bridge transaction from Ethereum to Elrond is performed, the amount transferred into the bridge is locked in the smart contract. It becomes unusable, it’s gone. The exact same amount, however, will be immediately minted into the Elrond blockchain as a sparkly brand new UTK2.0 ESDT token, and transferred to the receiver address.
The tech behind it may be complicated, but from our standpoint it’s the simplest thing in the world.
The swap ratio, as we have announced before, will be 1:1. For every UTK 1.0 you transfer, you get a UTK 2.0.
And the steps to use it are simple as well
First step: Get a Metamask wallet (if you don’t have one already)
We wanted to make this bridge available to you as fast as possible, and with 100% assurances that it was as robust as every other product we put before you.
Our priorities were clear: we wanted to make it safe, and we wanted to deliver fast.
In this case, that meant streamlining options.
If your funds are not on Binance and you don’t want Binance to do this automatically, the first thing you need to make sure of is that you have your UTK in a Metamask wallet. If you have your funds in a custodial wallet, an exchange (other than Binance), our own HOLD app or anywhere else, you will have to move them to Metamask first.
Second step: Set up your Maiar App account (if you don’t have one already)
The second step is, of course, to ensure you have the Maiar app ready to receive your ESDT tokens.
This is super simple. All you need is a smartphone with a SIM card, running either iOS or Android. You can download the app for free from the App Store or Play Store and all you need to then do is follow the instructions.
More info here.
Third step: Bridge bridge bridge
The bridge itself is very simple:
- Go to the Ad Astra Portal;
- Select “Ethereum” from the drop menu marked “FROM”;
- Select “Elrond” from the drop menu opposite, marked “TO”;
- Select “UTK” as your asset;
- Enter the amount you want to transfer (double check this is correct);
- Click the “Connect source wallet” button;
- Sign into the Metamask wallet where you have your UTK;
- Sign into the Maiar app account where you want to receive the bridged UTK;
- Click the “Confirm Swap” button;
- Click “Confirm” on the popup you will see on your Metamask app;
- Wait for the Ethereum TX to process;
- Click confirm on the second Metamask popup (yes, there will be two);
- Wait for the Ethereum TX to process;
- Done!
If you’d rather watch it as a tutorial video, you can find it right here, on YouTube.
The executed/ pending bridge transactions can be found in the “Explorer Swaps” section. You can just search for your Ethereum/Elrond address or tx hash.
If you are concerned about costs, don’t be! Every bridge crossing will be rewarded 0.02 $EGLD on the Elrond Network side. We want everyone to be able to do this as seamlessly as possible.
NOTE: You can revert this process by swapping the fields marked “FROM” and “TO”.
We are starting big
The bridge hasn’t yet started and we are already working on the features in our updated tokenomics.
Check out our public roadmap for progress on those.
But we’d be remiss if we didn’t start you off with some stuff ready to go from the very first moment.
Staking, metastaking and metabonding are ready to deploy
Until the third of June, we will be releasing one new feature every day.
As long as they are already open, you will be able to start taking advantage of these features from the moment you move your UTK2.0 tokens to the Maiar Exchange.
If you have any questions about how to go about those processes, we have included a handy dandy little FAQ right here, where you will find all the information you could possibly need.
If you still have any doubts after checking the FAQ, don’t hesitate to ask on Twitter (@Utrust) or on Telegram (@utrustofficial).
We are verified on both platforms, so make sure you are in the right place!
Elrond CEO Beniamin Mincu recently tweeted that mountains were being moved.
He was right.
And we’re moving them together.
