Hi guys. I’m part of the team for Prospero which is one of the Avalanche grant recipients, excited to be a part of this community! My questions below refers to points brought up in the Road to the Avalanche-Ethereum Bridge article and the The Avalanche-Ethereum Bridge: What You Need to Know article. My questions refer to WAVAX and WETH too.
I’m trying to understand what part WETH and WAVAX will play in the Avalanche-Ethereum bridge. I believe the bridge will allow users who want to use their Ethereum/ERC-20/ERC-721 tokens to interact with contracts on the c-chain. The bridge works by locking a user’s original Ethereum token into a wrapped Ethereum token called WETH. Then new AVAX/WAVAX is minted to be used on the contract on the c-chain that you wanted to interact with. If you sent in straight ETH, then the ETH is converted right to AVAX. But say you sent in an ERC-20 token like DAI or an NFT like a crypto-kitty, then that is locked up in WETH and converted to WAVAX. WAVAX issues one ERC-20 WAVAX token for each AVAX deposited. Each WAVAX is later redeemable for an equal amount of AVAX. Similar to WETH, 1 ETH = 1 WETH.
So say I sent in Ethereum to the Avalanche-Ethereum bridge to interact with a c-chain contract that uses AVAX as gas, would it look like this?
Ethereum -> WETH -> AVAX -> c-chain contract using AVAX as gas
Now say I had sent in DAI to interact with a contract on the c-chain that uses DAI, would the conversion look like this?
DAI Token -> WETH -> AVAX -> WAVAX -> Contract that uses DAI on c-chain
Say I cloned crypto kitties on the c-chain and I wanted to send a crypto kitty NFT to that contract, would the process look like this?
Crypto Kitty NFT -> WETH -> AVAX -> WAVAX -> Crypto Kitty Clone Deployed On c-Chain
Is any of this accurate?
Also, to get that WAVAX/AVAX out my original ETH asset, I just reverse the process above, correct?
Is the AVAX minted in the Avalanche-Ethereum bridge burned when it is converted back to it’s original Ethereum/ERC-20/ERC-721 token?
If I deploy a solidity smart contract on the c-chain then this contract can only use AVAX or WAVAX. Is that statement correct?
Lets say I deploy an ICO on the c-chain like this project. Normally, I’d send Ethereum to an ICO contract and receive ERC-20 tokens. Would the process look like this using the Avalanche-Ethereum bridge:
Ethereum -> WETH -> AVAX -> ICO Contract On c-chain creates ERC-20 token Wrapped in AVAX (WAVAX) -> AVAX -> WETH -> ERC-20 Token back to me in my ERC-20 compatible wallet