Avalanche-Ethereum Bridge Questions

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.

  1. 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?

  2. Also, to get that WAVAX/AVAX out my original ETH asset, I just reverse the process above, correct?

  3. 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?

  4. If I deploy a solidity smart contract on the c-chain then this contract can only use AVAX or WAVAX. Is that statement correct?

  5. 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

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WAVAX is only there so you can send AVAX over the bridge to Ethereum as an ERC-20. WAVAX can also be used in other contracts on C-Chain that expect ERC-20s. It has no other role in the bridge, gas and fees are paid in AVAX proper. Similar for WETH, it is only used to ‘convert’ ETH for use where ERC-20s are expected. When you send WAVAX over the bridge, you receive WAVAX. Same for WETH, or DAI, or any other token. No conversions between tokens happens while ‘crossing’ the bridge. Conversions from WETH to WAVAX would need to be done on a DEX, like Pangolin, for example.

As far as minting/burning is concerned. Side of the bridge from where the token originates (so, Avalanche for WAVAX, Ethereum for WETH, DAI and others) does the locking/unlocking, and the other side does the minting/burning.

C-Chain contracts can use whatever they want, so if you deploy a contract that expects ERC-20, you can use any such token in it, DAI, WETH, WAVAX.

Not sure about the specifics of that particular contract, but I would expect it to work exactly like it works on Ethereum, just substituting AVAX where ETH is used on Ethereum.

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