âī¸Cross-Chain Capabilities
ExoWorlds has worked to build its own Cross-Chain capabilities for Digital Assets. VeChain, Binance Smart Chain, Ethereum.
Exoworlds has two types of cross-chain systems. One is for cryptocurrencies, like EXO and GCRED, and the other is for NFTs, like the ExoWorlds Planet NFTs. Currently, the supported blockchain networks are VeChain, Binance Smart Chain, and Ethereum.
Utility Tokens
The cross-chain utility token system works on the burn-mint method. Below is a step by step when a user initiates a cross-chain crypto transfer:
Tokens are burned by the user and token smart contract from Chain A.
The smart contract and backend listen to the burn event and when it's successfully burned, it issues a mint order on the Chain B smart contract.
The exact amount of tokens burned are minted and transferred into the user's wallet on Chain B.
Digital Assets
The cross-chain digital asset system works on the lock-unlock method. If the digital asset does not exist in the target chain, then it's lock-mint. Below is a step by step when a user initiates a cross-chain transfer:
A digital asset is locked by user inside the bridging contract in Chain A.
When locking is confirmed, an order is issued to the bridging contract in chain B to unlock the digital asset of the same ID. If the digital asset does not exist yet on Chain B, a mint occurs.
There is a fixed fee for bridging that includes the gas fee used by the admin wallet during the locking, unlocking, and/or minting.
The digital asset is sent to the user's wallet on chain B.
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