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Tempe.degen 🎩 pfp
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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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Tempe.degen 🎩 pfp
Tempe.degen 🎩
@tempetechie.eth
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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@tempetechie.eth
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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Tempe.degen 🎩
@tempetechie.eth
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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