EOS EVM Trustless Bridge Frontend v0.9.0-rc1
Pre-release
Introduction
The latest update to the Trustless Bridge Frontend introduces the ability to seamlessly transfer USDT (EOS) tokens between the EOS Native environment and the EOS EVM environment using a simple user interface. This release focuses solely on enabling USDT (EOS) token transfers within the EOS ecosystem with future releases planned to expand library of ERC-20 standard tokens available for use.
Read on for details.
New Features
Deposit EOS to an EOS EVM Address
Users can deposit USDT (EOS) from their EOS Accounts and Centralized Exchange Accounts to their EOS EVM Address. While the actions to perform a deposit take place either via a wallet or exchange that supports USDT (EOS), the Trustless Bridge Frontend can be used as an instructional guide for these functions.
Transfers are sent to the EOS EVM Contract Account with a memo to specify the destination EOS EVM Address.
- EOS EVM Contract Account:
eosio.evmin - memo: destination EOS EVM Address
Note: The Trustless Bridge requires that the memo field be populated with the destination EOS EVM Address. Failure to specify a memo will cause the transaction to be rejected by the contract with no transfer having taken place.
Note: The destination EOS EVM Address will receive the transferred tokens less an ingress fee denominated in USDT.
Depositing from a Centralized Exchange Account
The ability to deposit USDT (EOS) to an EOS EVM Address directly from a centralized exchange removes user onboarding friction by eliminating the need for a user to possess or create an EOS Account. This is helpful for users unfamiliar with the EOS Account creation process, resource management conventions, and the cost of EOS Account creation.
Depositing from an EOS Account
Users that already possess an EOS Account may deposit USDT (EOS) to an EOS EVM Address by sending to the EOS EVM Contract Account and populating the memo field with the intended destination EVM Address.
Withdraw EOS from EOS EVM Address
Users can withdraw USDT (EOS) from their EOS EVM Address to their external EOS accounts by using the bridge with a connected EOS EVM Wallet. Once connected, the user may specify the balance of USDT they wish to send along with the intended destination EOS Account. Use of the memo field for this function varies by the nature of the destination EOS Account.
Note: While the destination EOS Account will receive the full balance of USDT specified in the transfer, an egress fee denominated in EOS is charged for the withdrawal. The egress fee is paid by providing a non-zero value in the EVM transaction that calls the
bridgeTransferfunction of the ERC-20 compatible token contract for USDT within the EOS EVM. The function will be reverted if the exact egress fee is not provided as value alongside the function call.
Withdrawing to an EOS Account
Withdrawing to an EOS Account only requires the destination EOS Account and a specified balance of tokens to send. The memo field can still be specified and will be included as part of the token transfer, but it is not required.
Withdrawing to a Centralized Exchange Account
Withdrawing to a Centralized Exchange Account requires both the destination EOS Account of the exchange and the appropriate memo field used as a unique identifier within their system of record. Exchanges that support EOS will supply users with both the EOS Account (sometimes referred to as "EOS Address") and memo (sometimes referred to as "EOS memo"). In order to access these values, navigate to the "Receive EOS" option within your exchange of choice.
Note: Both an EOS Account and EOS memo are required to receive tokens. If you send tokens without an EOS memo they may not be credited to your account.
Note: The Trustless Bridge requires that an exchange recognizes inline actions generated within a transaction to successfully withdraw from an EOS EVM Address. Utilizing an exchange that does not support inline actions may lead to a temporary loss of tokens requiring manual intervention by the customer support team of the exchange
Localization
Using the language dropdown, user may now switch between English, Chinese, and Korean with official translations of the Trustless Bridge interface.
Centralized Exchange support for inline transfers
A commonly reported experience for users of EOS EVM is that their exchange does not support inline transfers for withdraw functions, which has led to their temporary inaccessibility of tokens without manual intervention. It is a known issue that if a token transfer is not observed or recognized as an inline transfer by a centralized exchange, the tokens might become temporarily inaccessible. This is because the exchange's systems may not immediately update the user's account balance to reflect the deposit, which can lead to confusion and frustration. Inline transfers ensure that the transfer and the associated balance update happen seamlessly and simultaneously, avoiding any potential disruption in the user's ability to access and trade their tokens.
Withdrawal address blocklist to protect user token access
Because of the known issues with exchange support for inline transfers, several notable exchange accounts are blocked from use for withdrawal functions within the bridge frontend. These accounts are only blocked to protect user tokens from being temporarily unavailable. As official support rolls out and is confirmed (such as OKX above) these accounts will be unblocked for user withdrawals.
Impacted accounts
These accounts are currently blocked for withdrawals using the Trustless Bridge Frontend:
binancecleoseosbndepositgateiowalletbybitdepositbitgeteosdepkucoindoteos
Other Exchange benefits
Simplified Bookkeeping
For exchanges, supporting inline transfers means they can maintain accurate and up-to-date account balances for users. This simplifies their internal bookkeeping processes and helps prevent discrepancies in user account balances.
Enhanced User Experience
By supporting inline transfers, exchanges can provide a smoother and more seamless experience for their users. Users can execute token transfers without needing to perform separate transactions or engage with customer support.
With inline transfers, users can easily track the status of their transactions and token transfers within a single transaction ID. This makes it simpler to monitor and verify their activities on the blockchain.
Further details on changes since last release
Contributors
Special thanks to the contributors that submitted patches for this release:
Full list of changes since last release
PRs
Full Changelog: v0.8.0...v0.9.0-rc1
