$DEGEN

1/ Degen Chain Bridge Is Now Fully Operational

TLDR: I have just completed a test 10 DEGEN transaction with a 1-week waiting period and received the entire amount (10 DEGEN) on Base without any slippage.

However, there is a UX quirk that you need to be aware of to complete the claim process after the 7-day period is over.

So, please continue reading... 🧵⬇️

1/ Degen Chain Bridge Is Now Fully Operational

TLDR: I have just completed a test 10 DEGEN transaction with a 1-week waiting period and received the entire amount (10 DEGEN) on Base without any slippage.

However, there is a UX quirk that you need to be aware of to complete the claim process after the 7-day period is over.

So, please continue reading... 🧵⬇️

https://bridge.degen.tips/

Full-stack web3 developer, learn more about my projects here: https://github.com/tempe-techie 

TLDR:

(Just saw some incorrect takes, mainly on Twitter, about my thread, so here's a TLDR in one cast.)

First a few definitions:
- Canonical bridge: a native/official bridge with no slippage (always bridges funds 1:1).
- Commercial bridge: unofficial bridge with slippage.

What happened:
- Degen Chain Bridge website was a frontend for the canonical bridge up until a few weeks ago, when it suddenly switched to using a commercial bridge in the background.
- The website frontend did not reflect this change. It still made it appear as though it was using the canonical bridge.
- Also, the switch from using the canonical to the commercial bridge in the background was not announced publicly.
- This led to people (including me) getting rekt when bridging (due to extremely high slippage).
- After my thread, the website switched back to using the canonical bridge in the background.

2/ First, a few definitions:
- Canonical bridge: A native/official bridge with no slippage (always bridges funds 1:1).
- Commercial bridge: An unofficial bridge with slippage.

As you heard last week, there was a problem with the Degen Chain Bridge. You can read more about it in this quoted cast:

Full-stack web3 developer, learn more about my projects here: https://github.com/tempe-techie

2/ First, a few definitions:
- Canonical bridge: A native/official bridge with no slippage (always bridges funds 1:1).
- Commercial bridge: An unofficial bridge with slippage.

As you heard last week, there was a problem with the Degen Chain Bridge. You can read more about it in this quoted cast: https://warpcast.com/tempetechie.eth/0x311eedc6

4/ As mentioned, the canonical bridge will always bridge the full amount, without any slippage. 

The trade-off is that you need to wait 7 days (for security reasons). 

If you don’t want to wait that long, you can use a commercial bridge such as Relay. However, in that case, you won’t receive the full amount you’ve sent to the bridge due to slippage and relay fees.

You need to figure out for yourself what is more important in a given situation: the speed, or the amount bridged.

5/ If you use the canonical bridge on the Degen Chain Bridge website, be aware of a small UX quirk.

After 7 days have passed since you initiated the bridge action on Degen Chain, you’ll need to return to the bridge website to complete the bridging action and claim the funds on the Base chain.

However, you may have difficulties finding the Claim button.

How to find it? See the next cast ⬇️

6/ How to find the Claim button?

The solution is to set the From field to DEGEN on Degen Chain, and the To field to DEGEN on Base chain. Then wait a few seconds, and a small dropdown section will appear above.

If it says “pending”, the 7-day waiting period has not completed yet, so you’ll need to wait until it ends. 

If it doesn’t say “pending”, then you can claim the funds. Open the dropdown and click on the Claim button.

7/ I’m pretty sure there are some people who did not complete the bridging, because they forgot to claim funds on Base (or were unaware they needed to do it). 

So make sure to check the Degen Chain Bridge website, set the From and To fields as shown in the previous cast, and see if the claim dropdown appears.

If it appears, you may have some forgotten funds to claim.

8/ Bonus: Why the 7-day waiting period?

Degen Chain is an optimistic chain. That’s a technical term meaning it is an L2 or L3 chain that stores a newly created block to the layer below without verifying its validity (storing it “optimistically”).

Instead, there’s a 7-day period during which anyone can submit proof that a block has been invalid. Once the 7-day period is over, a block is considered valid if no one has challenged it.

This is a very simplified explanation, but the point is that the 7-day waiting period is there for security purposes, and it only applies to optimistic chains.

3/ Long story short, the Degen Chain Bridge website is back to using a canonical bridge underneath, so there’s no risk of slippage anymore.

When you bridge from Degen Chain to Base, you will get the full amount back on the Base chain. I have tested this with a small amount (10 DEGEN). 

I initiated the bridge tx a week ago, after Degen Chain Bridge switched back to using the canonical bridge. The bridging action was completed today (7 days later) when I successfully claimed 10 DEGEN on Base.