Another Sweet Transfer Option: ERC-20 Version of the DFI Coin
For those of you who would like to have more variety in our display case, we have a very special new treat on offer. We have now created another way for you to send your DFI coins — not only over the DeFiChain network, but also directly over the Ethereum network.
We are constantly trying to expand our offering and improve the interoperability of our products, making them more accessible and tastier to a wider audience of retail and institutional investors. As a result, we have integrated DFI's ERC-20 standard token on our platform and will be available from today.
We are bringing Native DeFi to the Ethereum Blockchain. To accomplish this, we first need to transform the DFI Coins into an ERC-20 version of the DFI Coin. This is done by a process called "wrapping" and runs automatically in the background, making it easy and intuitive for you to transfer DFI into/out of the Ethereum ecosystem.
To better understand how DFI can be transferred around the two ecosystems, we would like to demonstrate it by walking you through an Uniswap to DeFiChain transfer.
Transfer of DFI From Uniswap to DeFiChain via Cake DeFi
In the first step, you’d have to buy the DFI coins on Uniswap. For this purpose you should go directly to the Uniswap trading site here. You should then see the following page (as shown in Figure 1).
Using the button in the upper right corner you can connect your i.e. Metamask wallet to Uniswap. After you have successfully done that, you can jump into the fun part, and start buying some DFI. Then simply select from either ETH or USDT — which you can use to purchase your DFI.
Next, you have to choose which coin you’d like to buy by clicking on the blue ‘Choose Token’ button. Since DFI has only recently been added to Uniswap, the coin doesn’t yet automatically show up in the list. Hence, you have to specify the coin by entering its unique contract address (see Figure 2): 0x8fc8f8269ebca376d046ce292dc7eac40c8d358a.
Next, you have to click on the blue ‘Import’ button and confirm that you trade at your own risk (see Figure 3).
In the last step, you can now buy DFI and confirm the purchase with your Metamask wallet (see Figure 4).
Unlike with DeFiChain, you have to be prepared to pay high gas fees on the Ethereum blockchain. In the example below (Figure 5), you can see that the gas fees alone are US$ 50. That’s just for swapping ETH into DFI; on top of that you also have to subsequently pay gas fees for the transfer to Cake DeFi.
In order to send your newly purchased DFI into the DeFiChain ecosystem, respectively onto your DeFiChain Wallet App, you’ll have to go via Cake DeFi. As such, you have to log into your Cake DeFi account and go into your DeFiChain wallet. There you’ll be presented with two network options: DeFiChain or Ethereum. Please choose the address which can be found under the Ethereum network and copy it into your clipboard (see Figure 6).
Lastly, you’ll have to go back to your Metamask wallet and send the DFI coins to the address saved to your clipboard. Your previously purchased DFIs are now in your Metamask Wallet - you just can't see them yet.
To change this, please scroll down in your coin list, directly in your Metamask Wallet and click the "Add Token" button and then the "Custom" button. After that you only have to enter the contract address already mentioned above (see figure 7): 0x8fc8f8269ebca376d046ce292dc7eac40c8d358a.
Once again you’ll have to pay gas fees, but ultimately your DFI should then be on its way to Cake DeFi. From there it’s simple to send them to any other DFI address in the DeFiChain ecosystem by choosing the DeFiChain network button in your DeFiChain wallet. The transfer also works into the other direction. However, make sure that you always choose the right network!
At Cake, our team of bakers values your input and feedback above all. You’re the secret recipe to our cake and the reason we continue to innovate and improve our offering to generate tastier rewards and returns.
For discussion & questions, you can join our official telegram group here.