Naomi
@afrochicks
guys i have been in crypto for 3 years and things are still TOO complicated please let me test your products and give honest feedback on how to make it at least sound simpler cos i have an actual crypro use case which i know your products can solve but im tired of feeling stupid all the time here π
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Naomi
@afrochicks
7. token migration i love degen but dont understand how the migration to solana worked i tried to bridge and gave up also would the price of degen on solana be the same price as on base?
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gFam.live (UrbanGladiator)
@gfam
Bridging is technically really hard. You basically have to take a token from one blockchain and represent it on another... but you can't do it in a way that copies it or else you're doubling the supply. So you kind of have to cut and copy instead of copy and paste. A token absolutely will have different prices on different chains - and bots are constantly trying to make money on arbitrage (buying a token that's cheaper on one chain/exchange and selling it or the same amount on a chain it's more expensive). 9000 $HUNT
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kbc
@kbc
You know more about it than I
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m_j_r
@m-j-r.eth
you might like @vitalik.eth 's take on bridging: https://old.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/ the prices are supposed to be as close to each other, but this is only as robust as independent 3rd-parties arbitrage any discrepancy.
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Joshua Hyde γ
@jrh3k5.eth
*Theoretically*, the price of DEGEN can and will remain consistent between Base and Solana. HOWEVER, nothing guarantees that they remain consistent - I've seen (a very minority case) of tokens have different values on different chains. It's usually about what the market prefers. If DEGEN folks decided to just abandon the token on a chain (and I have ZERO reason to believe they would do this), the value of DEGEN on that abandoned chain would drop to zero while the other chains would be unaffected (unless the abandonment shook confidence in the entire coin, which could cause the token to drop in value across those chains, too). It's why USDC had a depeg - you were still able to redeem it for 1 USD on places like Coinbase, but confidence in the token was shook by closure of Silverbank, which caused it to depeg on the open market from 1 USD.
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