Cross-Chain Process

BRC-20 to ERC-20

Reserved Address:

Upon connecting their Bitcoin wallets to Chord Finance, users are presented with a designated Bitcoin address, specifically reserved for holding their BRC-20 tokens.

Token Inscribe and Transfer:

Users begin the process by transferring their BRC-20 tokens to the reserved Bitcoin address. Before proceeding with the transfer, it's essential for users to check if their BRC-20 tokens have already been inscribed. If not, the initial step for users is to complete the inscription of their BRC-20 tokens. This inscription is a necessary prerequisite.

On-chain Confirmation:

Once the BRC-20 tokens are transferred, they undergo a block confirmation process in the Bitcoin mempool. Users can easily track their transaction status in their transaction history. After the transactions are confirmed, a"Withdraw" button becomes visible, enabling users to proceed with the next phase of the transfer.

Minting Process:

The minting process is initiated when a user clicks the "Withdraw" button. At this point, Chord Finance's backend generates the signer's signature, which is essential for the transaction. This signature is then provided to the smart contract on ZetaChain. Following the verification of the signer's signature by the smart contract, the corresponding ERC-20 token will be minted on ZetaChain.

ERC-20 to BRC-20

Token Transfer:

Upon connecting their EVM compatible wallets to Chord Finance, users can select any BRC-20 tokens they wish to transfer to the Bitcoin network. This initial step allows users to view the balance of their bridged BRC-20 tokens, which are represented as ERC-20 tokens.

To begin the transfer process, users must input the specific amount of BRC-20 tokens they intend to receive. Additionally, they are required to enter the recipient's Bitcoin address where the tokens will be transferred.

Receive BRC-20:

As soon as Chord Finance's backend detects an on-chain transfer event, it initiates the token transfer process. This process begins with the reserved Bitcoin address, which handles the essential steps of inscription and transfer of the BRC-20 tokens. Under typical conditions, this procedure is completed within one hour.

However, it's crucial to understand that the actual time for the tokens to arrive can vary based on several factors. These include network congestion on the blockchain, fluctuating fee rates, and other variables that influence transaction speeds. Chord Finance is designed to efficiently manage these processes, but these external factors can affect the timing of the final token transfer. Users should be aware of these potential variations when engaging in cross-chain transfer with Chord Finance.