TomoChain Wrapped Tokens
1. What are TomoChain Wrapped Tokens?
TomoChain Wrapped Tokens are tokens hosted on the TomoChain public blockchain, issued by TomoBridge Pte. Ltd. and backed by an equivalent amount of the underlying assets or currencies from a different blockchain.
There are two types of TomoChain wrapped tokens including TRC20 wrapped token and TRC21 wrapped token.
TomoChain wrapped tokens can bring more liquidity from other blockchain networks, and allow the token holders to benefit from the fast transactions and low fees of the TomoChain blockchain. TomoChain wrapped tokens can be transferred, traded, integrated into other dapps just like the native tokens on TomoChain.
Essentially, these two types of wrapped tokens are TRC20 and TRC21 standard tokens respectively. Check below for the differences between TRC20 and TRC21 tokens.
TRC20: TRC20 is an equivalent token standard of ERC20 built on top of the TomoChain blockchain. TRC20 token holders would need to hold a small amount of TOMO to cover the extremely low transaction fees.
TRC20 wrapped tokens can be easily integrated into other Dapps and get listed on exchanges. More Dapps and projects on TomoChain are expected to integrate and utilize TRC20 wrapped tokens in the future.
TRC20 wrapped tokens can be traded on LuaSwap (TomoChain version).
TRC21: TRC21 creates a frictionless experience for non-crypto users by allowing token holders to pay transaction fees by the token itself without having to hold any TOMO in their wallet.
TRC21 wrapped tokens can be traded on LuaSwap (TomoChain version).
TRC20 wrapped token vs TRC21 wrapped token
| TRC20 Wrapped Token | TRC21 Wrapped Token |
Trade on TomoDEX | × | √ |
Trade on LuaSwap | √ | √ |
Transaction Fee | In TOMO | In Transaction Token |
Due to the different blockchain networks, users can only swap their TomoChain wrapped tokens to/from the other blockchain tokens via a designated bridging portal.
Swapping other blockchain tokens to TomoChain wrapped tokens is known as "Wrap" or “Deposit”. Swapping from TomoChain wrapped tokens to other blockchain tokens is known as “Unwrap” or “Withdraw”
The meaning of “Deposit” here is different from traditional centralized exchanges.
In simple words, NO you shouldn’t.
There are a few different scenarios including but not limited to the following:
a.) If the receiving address is your own wallet address
The TomoChain and Ethereum networks share the same wallet address, which means if you have access to the address of one network, you can access the same address of the another. All you have to do is to switch the network on your wallet.
Let’s say you sent a TRC21 token to an ERC20 address, then you can retrieve your funds by following the steps below (similar process the other way around):
- 1.Log into your ERC20 wallet
- 2.
- 3.Switch to the TomoChain network to retrieve your funds
If the wallet you use doesn’t support multiple networks, below is an alternative solution:
- 1.Log into your ERC20 wallet and export the Private Key. (It has to be the Private Key, not Mnemonics)
- 2.
b.) If the receiving address belongs to a third party (ex. an exchange)
In this case, the third party team is now holding your funds. You have to contact them directly for the funds recovery.
Most exchanges would provide this service for a fee. But each company is different and it depends on their own policy.
c.) If the receiving address belongs to TomoBridge
Please contact with us on Telegram channel at https://t.me/tomochain or post your detailed request on TomoChain Forum at https://forum.tomochain.com/ to report your issue with the TomoBridge
Last modified 2mo ago