Does anyone know if there are examples of wrapped DOT or other Substrate chain coins on high-traffic, low-cost networks such as Solana or similar?
I’ve been searching the Web for existing examples and can’t find anything.
The reason I ask is transaction fees on some of those networks are very low and it appears some DEXes have a solution for crowdsourcing liquidity, so once a wrapped coin becomes available, community participants can provide liquidity if they wish, making this a low-maintenance solution for the contract issuer. At least that’s how I understand it.
If that’s the case then a template for wrapping a Polkadot SDK token on (say) Solana would be a one-time effort across the ecosystem and require no follow up or resources from Polkadot.
Disclosure: I own some Solana tokens, but I don’t care that it be Solana. I bought it recently because I realized that among half a dozen networks I could use to transfer wrapped assets, Solana fees are 30-80% less than any other network. But I wouldn’t mind using wrapped Polkadot SDK tokens on any other network with similar characteristics. Some other networks are 30% more expensive than Solana, but even after that still 60% less than Ethereum and therefore still a big improvement.
Does anyone know if there are examples of wrapped DOT or other Substrate chain coins on high-traffic, low-cost networks such as Solana or similar?
Another way to make Substrate tokens available to a wider audience (meaning users without Substrate-compatible wallets) without bridges may be on the Supra network.
If there are wrapped DOT, KSM ERC20 tokens that would work as well. The official support page isn’t particularly helpful, it basically tells me “JFGI” which is how I found the page, but there’s no useful answer.
Does anyone know which non-scam DOT and KSM ERC20 tokens exist out there?
I own another Substrate token which does have the official Ethereum-wrapped representation so my personal problem is largely “solved” because Supra can wrap ERC20.
What can’t be done yet is native access to Substrate chains, but as we can see from the demo video above, if bridgeless Substate integration becomes available then ERC20-wrapping wouldn’t be necessary and near instant access to Substrate tokens and NFTs would become fast and affordable.