crownIcon Mint Crypto Bums Now & Earn NFTonPulse Marketplace Fees! smileIcon

by starburst
May 27, 2023

PulseChain Gas Bridge for PLS and ETH bridging

Table of Content

Latest News

Gas Bridge is running its third round helping users in bridging ETH to PulseChain and getting PLS and vice versa. It’s a trustless way of allowing all those who didn’t sacrifice for Pulse Chain to get some PLS to pay for the fees and start transacting on chain. It’s a limited time offer lasting only for a limited time so hurry up!

What is Gas Bridge and how does it work

Richard Heart wrote on his Twitter: “

There’s millions of people who can’t use their free airdropped Ethereum ERC20 coin copies on PulseChain because they can’t get native, unwrapped PLS anywhere. A bridge to native PLS would be amazing! I hear there’s one being tested on testnet as we speak.”
 

The PulseChain Gas Bridge offers a solution to the challenge faced by individuals who did not participate in the PulseChain sacrifice but desire to acquire PLS tokens.

So far, those who didn’t participate in the sacrifice, had very few options as even after bridging their assets through Pulse Ramp they didn’t have PLS to make their first transaction on PulseChain. Free faucets giving out PLS take often too long or run out of funds so here Gas Bridge offers yet another solution.

The service is offered by Tanto Nomini, the founder of Maximus DAO.

The Gas Bridge serves as a trustless platform that enables the seamless conversion of ETH into PLS through a cross-chain dual-contract escrow system managed by the Escrow Agent.

To use the Gas Bridge, users deposit their ETH into the Ethereum escrow contract if they want PLS tokens, while those who possess PLS and wish to obtain ETH deposit their PLS into the PulseChain escrow contract. Once the deposit period is closed, the Escrow Agent calculates a redemption ratio based on the quantities of ETH and PLS deposited.

Using this ratio and the list of depositors, the Escrow Agent creates two Merkle Trees containing addresses and their corresponding redemption amounts. The Merkle Tree of ETH depositors is added to the PulseChain escrow contract, and the Merkle Tree of PLS depositors is added to the Ethereum escrow contract. The Escrow Agent then activates the redemption process by running specific functions on both escrow contracts.

Users can redeem their ETH or PLS tokens by executing the redeem function. It is possible to run the redeem function on behalf of another address, and doing so makes the executor eligible for inclusion in the Pool Party airdrop. However, it’s important to note the associated risks, such as the potential failure of the Escrow Agent, fluctuations in the redemption rate, and the possibility of not having someone run the redeem function on behalf of the user.

It’s crucial to carefully consider these risks and take personal responsibility for any outcomes before using the Gas Bridge.

During the previous rounds some part of the people had to wait for their funds that have been successfully relayed afterwards:

“Due to a nuance in how the system protects against double relays, a small handful of people who participated in the first round and the second round from the same address will need to be manually relayed after all the other transactions get relayed. so if this is you, hold tight” wrote Tanto Nomini.

https://twitter.com/TantoNomini/status/1661194129857204224?s=20

The first two rounds

The first two rounds of Gas Bridge ended with success. The first round ended with a premium of 8.96% and the second round ended

Some users reported that they didn’t receive the funds but they were relayed right after. Sometimes the users can’t see their funds straight away because they’re visible under “internal transactions” on etherscan.io so it’s good to check there, first.

Who Are We?

As members of the PulseChain community, HowToPulse.com mission is to make the onboarding process as simple as possible.
We did the research for you providing top quality information, tools, news and updates about PulseChain, HEX and PulseX

Ask us a Question