Plethori’s Avalanche Bridge: Instructional Article

December 29, 2021

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Plethori are about to launch their much anticipated ETH <> AVAX bridge, enabling PLE holders to bridge between the two DeFi power hubs with ease. For more information on the Avalanche blockchain and all of the advantages that it presents, please refer to our Avalanche Blockchain article.

How to Bridge Your PLE

Step 1: Add the networks to your wallet
First and foremost, you must ensure that your wallet supports both the Ethereum AND Avalanche C-Chain networks, and import the PLE token contracts on both Ethereum and Avalanche. Read HERE for instructions on how to add Avalanche C-Chain to your wallet.

PLE (ETH): 0x3873965e73d9a21f88e645ce40b7db187fde4931
PLE (AVAX): 0x47aa3650cff9930f277d4670db138da818e1a3ca

Step 2: Access bridge
Next, navigate to the bridge directly from within Plethori’s website (https://plethori.com). Simply click “Bridge” in the top menu to access the web app.

NB: Mobile users should use their mobile wallet browser (i.e. Metamask or Trust Wallet browser for Step 2).

Step 3: Connect your wallet
Desktop: Connect your wallet in the top right hand corner of the app. Mobile: Click “Transfer” button to Connect Wallet, and use Wallet Connect rather than Metamask option, regardless of which wallet you are using.

Make sure your wallet is connected to the correct chain (Ethereum if bridging to Avalanche, and Avalanche if bridging to Ethereum).

Step 4: Approve
Simply click the “Approve” button. You will only need to do this the first time you bridge your tokens (once from ETH>AVAX and once on the return journey). This transaction is paid with gas fees (ETH) from your wallet. It gives permission for the Bridge contract to use your PLE.

NB: The fees for bridging are charged in PLE, if you do not have a sufficient PLE balance to cover the cost of the gas fees, then you will not be able to proceed to the next step.

Step 5: Transfer
After the Approve transaction is complete, it is time to bridge your tokens. Simply click the “Transfer” button. This will open your wallet, where you will then be asked to SIGN the transaction. Now wait for the bridging process to complete.

Your PLE has now been bridged. Make sure you have imported the correct Token contract for the Chain you have bridged to:

ETH: 0x3873965e73d9a21f88e645ce40b7db187fde4931
AVAX: 0x47aa3650cff9930f277d4670db138da818e1a3ca

How does it work?

The bridging itself occurs off-chain.

The user must click approve for their PLE to be used by the bridging contracts (one on ETH and one on AVAX). Once approved, the user must sign the transaction, permitting the bridging to occur.

As the bridging itself occurs off-chain, the process is controlled by Plethori’s controller wallet. This wallet therefore pays the gas fees incurred. This cost is calculated in PLE, and subtracted from the amount the user receives when bridging.

2 PLE Bridge Flow Diagram

ETH>AVAX:
When a user bridges their PLE (ETH) from Ethereum to Avalanche, their PLE (ETH) is sent to the ETH-Bridge contract. This then sends a message to the AVAX-Bridge contract to mint X number of PLE (AVAX) (bridged number minus the value of the gas fees).

AVAX>ETH:
As PLE (ETH) is non-mintable and non-burnable, the process is slightly different. When a user bridges from Avalanche to Ethereum, the AVAX-Bridge contract burns their PLE (AVAX), and sends a message to the ETH-Bridge contract to distribute the PLE (ETH) held there to their wallet (bridged number minus the value of the gas fees).

Let’s look at an example:

User X holds 100 PLE on the Ethereum network, but wants to bridge to Avalanche to take advantage of the rapid and inexpensive transactions. They will use Plethori’s bridge to transfer their tokens to the Avalanche network.

User X pays the initial approval transaction fee directly using ETH. They then click transfer to bridge their tokens.

User X’s 100 PLE are sent to the ETH bridge contract. The AVAX bridge contract receives the message, and mints 99 PLE tokens on AVAX (100 minus the gas fees which are charged in PLE).

User X then decides to bridge back to Ethereum. They must approve the spend on the Avalanche side (one-time only approval transaction for each side).They click transfer, and bridge their tokens back to Ethereum. All 99 of their PLE (AVAX) tokens are burned, and they receive 98 PLE (ETH) tokens on the Ethereum network (98 minus the gas fees).

For any additional help or questions relating to the use of the bridge, please get in touch via Plethori’s official telegram group.

About Plethori

Plethori is a Crypto ETF creation and trading protocol that allows users to invest in a wide range of Crypto ETFs comprising assets from sectors driving the crypto space. Plethori’s ETFX provides the framework for users to create and manage customized ETFs, earning a percentage of the transaction fees each time their fund is traded.

Offering the world’s most popular financial product within an innovative and gamified platform, Plethori are focused on facilitating mass adoption and accelerating the decentralization of the global economy.

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