How to bridge EMT between Ethereum and EOS?
EMT on SushiSwap
Emanate token (EMT) exists on two chains: EOS and Ethereum. The supply on EOS will be soon bridged to Ethereum and Polygon. Ethereum will become the main network for EMT token, while Polygon EMT will provide traders with a low-fee experience.
Anyone who is currently staking EMT on EOS will not be affected, subscriptions will remain in place but any new users will not be able to stake, as this function will be removed. Startin the Emanate Beta, holders of EMT on Ethereum or Polygon can get access to PRO features without staking — just hold EMT in your wallet. This feature will go live 22th of April.
All users, who want to migrate EMT from EOS to Ethereum (Polygon is behind the corner) can do this themselves using the bridge. Also, we are working on a redeem solution, using which small holders can send their EOS to us and we can send them the equivalent on Polygon 1:1. Details on this in development but this is expected to go live 29th of April.
To migrate tokens between chains users must use The Bifrost bridge. It is provided by the DAPP network and can be used to send EOS based EMT tokens to Ethereum. The bridge will help with high-level arbitrage, and the Emanate exposure to a larger community of traders, artists and music lovers.
PLEASE NOTE: the EMT ERC-20 token and transfer process is only really suitable for medium-large sized wallets, due to the following:
- It costs around 27 EOS to bind your ethereum and EOS address (the number can fluctuate higher or lower)
- The bridge takes 0.2% of your EMT as a transaction fee
- Gas is currently high for transactions, trading and liquidity pool participation (get in when it will become suitable for you)
The EOS/ETH bridge keeps the max supply in check. The EMT ERC-20 contract is a proxy contract, designed to be upgradeable as the Emanate journey continues
PLEASE NOTE: There is no need to bridge right away — if you have EMT tokens staked for your subscription, you will not lose it. The team is working on a solution to make the bridging cost low.
2) Bind your EOS and Ethereum wallets
3) Select the amount to bridge across and check the fee
4) Submit the transaction on both chains and wait a few minutes
