Introducing wKOIN - KOIN ERC-20 on Hive-Engine

in #koinoslast month (edited)

Ok, so, a few days ago I started buying some KOIN on uniswap, this dapp rocks but the ETH fees, less...

I decided to create an oracle to allow people to trade the KOIN ERC-20 token on Hive-Engine. The wrapped token is called WKOIN and you can already trade it: https://hive-engine.com/?p=market&t=WKOIN

I built a small UI to easily allow one to wrap (KOIN to WKOIN) and unwrap (WKOIN to KOIN) their tokens: https://app.wkoin.buzz

Here's a quick guide on how to use it:

To use this app you will need to have Metamask and Hive-Keychain installed in your browser.

Deposit:

To deposit KOIN you'll first need to register the Ethereum address that you'll be sending the KOIN from:

  • enter your Hive account in the field "@"
  • enter your Ethereum address in the field "Ethereum DEPOSIT address"
  • hit the button "Register / Update Address".
  • this will open Metamask and ask you to sign a message. The message should show your Hive account.
  • after signing with Metamask, Hive Keychain will ask you to sign and broadcast a message. This message contains your Ethereum address as well as the signature from Metamask. This is used to link your Ethereum address to your Hive account.
  • wait to receive a confirmation from the @koin.app account before depositing KOIN. The confirmation is sent as a Hive transfer. It will tell you if your Ethereum address was successfully associated with your account or not
  • once you get the confirmation from @koin.app, head back to https://app.wkoin.buzz
  • enter you Hive account again and hit the button "Get Account Info", this should auto populate your "Ethereum DEPOSIT address"
  • you can now enter the amount of KOIN you would like to deposit in the field "Amount of KOIN to deposit"
  • hit the button "Deposit KOIN TO WKOIN", this will open Metamask with the pre-populated information to finalize the deposit. Double check that everything looks good and sign it.
  • wait
  • wait
  • wait
  • wait 35 confirmation to receive your deposit in WKOIN (minus 1% fee: with a minimum of 0.00000001 KOIN and a maximum of 1000 KOIN)
  • you will receive the WKOIN from @koin.app once your deposit is confirmed

Withdraw:

Withdrawing WKOIN to KOIN comes with a fee but this fee is mainly because of the network fees that are tight to the Ethereum blockchain. (+ a fee to cover the conversion from Hive to ETH)

  • enter your Hive account in the "@" field
  • hit the "Get Account Info" button, this will auto populate your WKOIN balance
  • choose the amount of WKOIN you want to withdraw/unwrap
  • enter the Ethereum address where you would like to receive the KOIN tokens
  • hit the button "Withdraw WKOIN to KOIN", this will open a popup and ask you to confirm the withdrawal, it will show you the fees that you'll have to pay in order to cover the network/conversion fees.
  • "Confirm" and then broadcast the transaction in Hive-Keychain
  • once your withdrawal has been processed you will receive a Hive transfer from @koin.app with the Ethereum transaction id in it.
  • wait
  • wait
  • wait
  • finally receive your KOIN on the Ethereum blockchain

Is this thing secured?

  • it is a centralized service (the wrapping/unwrapping part). Yup, that sucks, but we don't have a better way to do it in a decentralized way on Hive

  • for those who don't know me, I am behind the steem/hive-pegged process used by the Hive-Engine team. I was in charge of the @steem-peg and then the @honey-swap accounts for around 2 years, meaning that I had access to the active keys of these accounts

  • all the keys used in this project (Hive and Ethereum) have been generated offline with my own program

Note: This is a personal project, it's not supported by the Hive-Engine team.

Note 2: There will be a snapshot of the WKOIN balances at the same time as the KOIN ERC-20 tokens. The KOIN tokens from the KOINOS mainnet will be airdropped to those who would have not withdrawn their WKOIN in time.

If you have any questions, feel free to ping me on Discord (Harpagon#4087)

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Finally someone wrapped a koin in the right direction :)
ETH to HIVE

i agree, this is great.

Though am not sure if I will trade KOIN at HIVE, but this is a SUPER addition to the KOIN ecosystem. It increases the reach and accessibility tremendously. I suspect, many HIVE users are not familar with Ethereum and Uniswap, and all the complexity around it to set it up.

I do hope, the KOINOS team will start their marketing as well; Something what is need to get the newly minted KOIN distributed to a wider audience and through that align better with the initial aims of the KOINOS team: the be as decentralised as possible.

Thanks for this addition!

Hive whales want moar tokens. No promotion and decentralization.

You may be right; Sadly so.

I am not participating in the KOIN mining, but it is great to see this.

As @dalz said, it is a new direction, going ETH to Hive.

Looking to feed into us as opposed to all going outside.

Nice one, I’ll be sure to pick up some wKoin and suppprt the project

Very cool.

Guau amazing proyect.

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Nice 👍

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Hive engine not working.

There might be a small delay I sent some over and been about 40 mins.