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Careful When Using Degen Chain Bridge Or How I Lost 785,000 DEGEN Bridging from Degen Chain to Base 🤦‍♂️ A thread 🧵⬇️
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1/ Today, I wanted to increase my amount of locked DEGEN in the Vault, so I bridged 900k DEGEN (in 2 transactions) from Degen Chain to Base. I received only about 115k DEGEN back on Base. When I realized what happened, I was confused by two things: 1. Firstly, the amount I received was much lower than I expected (an 87% slippage!!!) 2. Secondly, the bridge transaction concluded in a few minutes, even though the Degen Chain Bridge UI states it’s going to take 7 days. Let’s investigate further what happened…
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2/ If you go to the Degen Chain Bridge website (https://bridge.degen.tips/) and prepare a DEGEN bridge transaction from Degen Chain to Base, you will notice the vast difference between the sending and receiving values (in this example, 90k DEGEN vs 38k DEGEN):
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3/ This is where I failed in my due diligence because I assumed I would receive on Base the same amount of DEGEN that I sent to the bridge. So, I didn’t pay attention to the receiving number in the UI. Why did I assume that? 🤔 Because it is the norm with canonical bridges (e.g., the official bridges of L2/L3 chains) that you receive back the same amount as you send. Heck, even most commercial bridges will bridge you the same amount (minus a small fee).
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4/ Instead, I was more focused on the part that said the bridging process would take 7 days (which is expected from canonical bridges of optimistic chains, which Degen Chain is). And the part which said the bridging would cost me a small application fee. This was unusual for a canonical chain, but I was fine with it. In my case, the application fees for both transactions together were about 1400 DEGEN, which wasn’t too bad. In the example above (bridging 90k DEGEN), the bridge fee is 164 DEGEN:
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5/ But this does not explain the vast difference between the send value and receive value (in our example: 90k DEGEN vs. 38k DEGEN). Why would you receive so little back? 🤔 When I researched what happened with my bridge transactions, I noticed that the DEGEN I bridged was first swapped to ETH on the Degen Chain. Then, this ETH was bridged to Base, where it was swapped back to DEGEN and sent to my Base address.
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6/ So in our example (bridging 90k DEGEN), if you submit the bridge transaction, the first thing that happens in the background is that 90k DEGEN gets swapped to 0.069 ETH. If you check CoinGecko, you’ll see that 90k DEGEN should give you 0.164 ETH instead:
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