Last week POA Network launched Ethereum Classic Bridge (ETC Bridge) and the wrapped Ethereum Classic token (WETC). Which means that users can now effectively trade ETH / ETC via Saturn Network by making use of POA's TokenBridge! And if you have a dApp browser like Saturn Wallet that easily supports both networks, then it is not too difficult at all.
This scenario assumes you are starting with ETC, but you can start with ETH and simply do the steps in reverse! Just start at Step 2.
Step 1 - Use ETC Bridge
You can find the Ethereum Classic Bridge interface here, this allows you to swap ETC coin for WETC (an ERC20 compliant ETH token). When you use the application, the amount of ETC you send is locked in a smart contract & a corresponding amount of WETC is minted on Ethereum. If someone does the process in reverse, then the sent WETC is burnt and the user receives the equivalent ETC.
It is important to note this is a semi-trustless solution for trading ETH / ETC as the bridge is controlled by a 3-of-4 multisignature transaction, and the gatekeepers are selected by POA admins. So you cannot really call it completely decentralized, though I would say it remains much safer than using a centralized platform.
- Once you are logged into Saturn Wallet, make sure you have the Ethereum Classic network selected. Also note that to use the ETC bridge, you will need a minimum of 1 ETC(plus gas fees) available.
2. Access the ETC - WETC Bridge using the following link: https://wetc.app if you have logged into Saturn Wallet correctly, you will see your wallet address in the top right & the application will display your balance also. Simply decide how much ETC you wish to swap, and click Transfer.
3. Once you click Transfer, you will be greeted with a popup window that outlines the fees for using the bridge. If you are happy, click Continue.
4. This will prompt Saturn Wallet to show you a notification to submit your transaction. It seems like the app is also setting the gas price to 20 GWEI by default, but any seasoned Saturn trader worth his salt will tell you this is complete overkill on Ethereum Classic! So we will be manually setting 0.01 GWEI - gotta save somewhere, right?
5. After a couple of minutes, your ETC will start to make the journey from Ethereum Classic to the Ethereum Network.
And it will let you know once the transfer is complete!
7. You can confirm this is true by swapping Saturn Wallet over to the Ethereum network. Note how we now have some WETC tokens:
If you need to swap your WETC tokens to ETC. You simply open the TokenBridge while Saturn Wallet is connected to the Ethereum network and you will see everything has been inverted.
Then follow the same process that we just outlined. That was pretty easy! Now we know how to use ETC Bridge - all we need to figure out now is how to trade WETC on Saturn.
Step 2 - Trade WETC / ETH on Saturn
Now that we have our WETC tokens, we can proceed to sell them for ETH on Saturn effectively completing an ETC to ETH trade. Or if you are joining this tutorial now, then you can buy WETC tokens with ETH to then swap to ETC via the POA bridge outlined in Step 1.
- Find WETC on the ETH Assets list, and open up the WETC / ETH orderbook by clicking Trade. If you are lucky, you may find an existing Buy order that you can sell to, but this WETC market is very new so you will probably have to create your own order & wait for it to be filled up. You can do this by clicking create order on the right.
2. Now choose which direction you are going, I have WETC tokens to sell for ETH so will create a Sell Order.
3. As WETC is an ERC20 token and this is the first time creating a sell order from this wallet address, we will need to submit an ERC20 Approve transaction first. You can learn more about why this is required here.
This will open a notification from Saturn Wallet, just to be safe, remember to check ethgasstation and set the gas price accordingly. Once you are happy click submit.
4. With the ERC20 approve transaction confirmed, fill in the order details to complete how much WETC you wish to sell and at what price. Click Sign Transaction once you are happy with your order details.
Again you will need to confirm this transaction in Saturn Wallet by clicking submit.
5. Once your transaction has been confirmed, your order will have successfully been created and will be displayed in the orderbook for everyone to find. You will also be greeted with a receipt, which allows you to share your order link around various social platforms!
Success! You now know how to trade ETH / ETC on Saturn using POA TokenBridge.
Though some may look at this process to trade between ETH / ETC as a little long-winded, the bonus is added security - which you can't really put a price on! Following these two steps, you can trade ETH / ETC without needing to deposit or withdraw your funds into a centralized exchange, or having to trust a third party with all your personal details. Of course, we will have to hope some WETC market makers emerge for this type of trading to really catch on & become useful!
Future is bright!
Hope you enjoyed our latest article about trading ETH / ETC on Saturn with POA TokenBridge! Be sure to follow us on Twitter, subscribe to our newsletter & join our community forum for more great content!