The WIN Bridge is coming soon!
What we're covering in this article:
- What is the Bridge?
- Why do we need the Bridge?
- What is the Gas Fee?
- What is the Bridge Fee?
- Why is my WIN balance different from the amount that I included in my Bridge transfer?
- Is there a WIN balance minimum amount required to make a bridge transfer?
- Is there an ETH gas fee to use the WIN Bridge?
- How long will it take for the Bridge to process my transaction? (How long before WIN ERC-20 will show up in my Connect wallet?)
- What is the WIN contract address?
- Where can I see my new WIN ERC-20 rewards in Etherscan?
What is the Bridge?
The bridge is a tool that lets you take your WIN rewards, which currently exist on the Win blockchain, and exchange them for ERC-20 tokens on the Ethereum network.
Why do we need the Bridge?
The Win blockchain is a "sidechain” or a “private blockchain” concurrent to the Ethereum blockchain. WIN digital rewards are generated on this sidechain or private blockchain. While they may have more utility on the Win blockchain in the future, bridging them to the Ethereum network may increase their utility. It may also expand the functionality and possibilities of the Win blockchain beyond its confined environment.
When you bridge your digital rewards to the Ethereum blockchain, your WIN tokens become WIN ERC-20 tokens. WIN ERC-20 tokens can then be sold and traded through external exchange platforms. By establishing a bridge to the Ethereum network, the Win blockchain gains the ability to connect with a wider ecosystem, unlock additional functionalities, bolster security measures, and enable seamless interaction with external networks and applications. This connection broadens the scope of applications and potential use cases for private blockchains like the Win blockchain, leveraging the robust infrastructure of Ethereum's public blockchain and paving the way for enhanced innovation and integration within the decentralized ecosystem.
Learn how to use the WIN Bridge here.
What is the Gas Fee?
The Gas Fee is a small fee required for every transaction to be executed on the Win blockchain platform.
This fee is not taken from the total WIN you are converting; it is in addition. Therefore, you must leave enough WIN in your WIN wallet to cover the gas fee. Tip: Using the MAX button when entering the amount you intend to convert will take the Gas Fee into consideration and leave enough WIN in your WIN wallet to pay this fee.
What is the Bridge Fee?
This is the price paid to transfer tokens from the WIN blockchain to the Ethereum Mainnet. This is a necessary fee and is given to the blockchain nodes to process the transaction. A bridge fee in blockchain is a small charge for using a bridge to transfer assets or data between different blockchain networks, helping cover transaction processing and verification costs. The Bridge Fee is 1000 WIN.
This fee is taken from the total WIN you are converting during a bridge transaction. For example, If you convert 1500 WIN to WIN ERC-20 tokens, your total converted balance will be 500 WIN ERC-20.
Why is my WIN balance different from the amount that I included in my Bridge transfer?
The Bridge Fee of 1000 WIN comes out of the balance of WIN tokens converted to WIN ERC-20 tokens. For example, If you convert 1500 WIN from WIN tokens to WIN ERC-20 tokens, your total converted balance will be 500 WIN ERC-20.
Is there a WIN balance minimum amount required to make a bridge transfer?
The minimum balance when converting WIN to WIN ERC-20 is 1000 WIN. Please be aware that this minimum balance will only cover the Bridge Fee. In order to successfully convert WIN, it’s recommended to have over 1000 WIN available.
Is there an ETH gas fee to use the WIN Bridge?
There is not an Ethereum Gas Fee charged to Bridge WIN rewards to the Ethereum blockchain.
How long will it take for the Bridge to process my transaction? (How long before WIN ERC-20 will show up in my Connect wallet?)
While transactions may process faster, it can take up to 24 hours for the conversion to complete and reflect in your Connect wallet. Connect has no control over this process.
What is the WIN contract address?
The WIN ERC-20 contract address is 0xb10CB07CA2CDac77FbB5707f6690301f9d036F45.
Where can I see my new WIN ERC-20 rewards in Etherscan?
WIN ERC-20 can be viewed under ERC-20 Token Transfers
1 WIN = 1 WIN ERC-20