[ioTube] Converting ERC20 Tokens from Ethereum to IoTeX

ioTube is the cross-chain + multi-asset bridge to connect IoTeX to the blockchain universe! ioTube will enable new assets and liquidity from other blockchains to flow into IoTeX and position IoTeX to deliver unique IoT assets to other blockchains in the future.

Convert your ERC20 assets and bring new liquidity to the IoTeX Network now at: https://tube.iotex.io

Send ERC20 tokens from Ethereum to IoTeX Blockchain

The purpose of this operation is to lock a certain amount of an ERC20 token on Ethereum, and create an equivalent amount of IoTeX version (XRC20) of the same token on the IoTeX blockchain.

1. Make sure you have Metamask Plugin installed in your browser

2. Open and connect to ioTube dApp

  • Open https://tube.iotex.io

  • Click the “Ethereum” Tab to select Ethereum Blockchain as the source network

  • Click “Connect Wallet” link to allow IoTube to connect to your Metamask wallet

  • Confirm the connection in Metamask

3. Select the ERC20 token you want to send to IoTeX

From the dropdown, select which ERC20 token you want to move convert from Ethereum to IoTeX. If your favorite token is not listed, feel free to submit your request to the team.

4. Select the amount of tokens you want to move

  • Select the amount of ERC20 tokens you want to move

  • Click “APPROVE

  • Confirm the Approve transaction in Metamask

  • Please Notice that the destination wallet address can be unlocked on the destination blockchain using the same private key of the sender address

  • Click “CONVERT” and sign the transfer in Metamask:

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After the transaction is confirmed on Ethereum, your ERC20 tokens will be “locked” in an Ethereum smart contract, while the same amount of the equivalent XRC20 token will be “minted” on the IoTeX blockchain. This means the circulating supply of the ERC20 token you converted will stay the same, taking into account versions from both Ethereum and IoTeX blockchains!

Congratulations! You just moved some liquidity from Ethereum to IoTeX!

5. Check the destination account on IoTeX

The destination address for the converted XRC20 tokens can be unlocked utilizing the same private key as the sender address on Ethereum. You can use ioPay to unlock the destination address and check the new token balance:



OR you can just check the balance on the IoTeX Block Explorer at https://iotexscan.io:



Convert XRC20 tokens from IoTeX to Ethereum

You can also perform the opposite operation, sending converted XRC20 tokens from the IoTeX blockchain back to Ethereum:

  • If you are on Desktop, then make sure you have ioPay Desktop open and unlocked when accessing tube.iotex.io

  • If you are on Mobile, then open tube.iotex.io directly inside the ioPay Mobile Wallet (in the Discover tab)

  • Follow the same steps as listed about to convert ERC20 assets to IoTeX, except make sure to select IoTeX as the source network (i.e., IoTeX will be listed on the left as shown below). You will be asked to sign the APPROVE and CONVERT transactions which you will do in ioPay (not Metamask)!


Questions?

Please reach out to us on Telegram with any questions: https://t.me/IoTeXGroup

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