New & Existing Tokens
Implementation Types
The Chain-Agnostic Token standard has two implementations when being transferred from one chain to another.
New tokens: Burn & Mint
Existing tokens: Lock & Mint
With both implementations, no tokens are escrowed in third-party bridging contracts.
| Token Types | Description | |
|---|---|---|
Burn & Mint |
Not yet deployed on any chains | Each time tokens are transferred from one chain to another, it will burn the amount on the origin chain, and mint the amount on the destination chain. |
Lock & Mint |
Currently deployed on one chain | When tokens are transferred from the Home Chain to Chain B, it will lock the amount on Home Chain, and mint the amount on Chain B. When tokens are transferred from Chain B to A, it will burn the amount of Chain B, and unlock the amount on Home Chain. This approach is necessary for existing token contracts since the original token cannot be modified to support re-minting. Instead, a 'lock' is created in a proxy contract owned by the token issuer. Chain-Agnostic Tokens are not held in third-party bridging contracts, ensuring that there is no risk to the funds in case vulnerabilities exist in bridges. |
With both implementations, additional chains can be added at any stage.
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