tokens – Implementing Same ERC20 Token on Both BSC & Ethereum Networks: Best Practices

bsccontract-deploymenterc-20tokens

I'm developing a ERC20 token to deploy on BSC network. But the client requests that the token should be on both BSC & Ethereum networks. I did a research and found out these methods.

Binance bridging (Looks like this is only for the binance listed tokens, so not applicable)
Deploying on both networks on the same contract address (But the two tokens balances, prices, holders will be independent)

Is there any standard way of doing this, possibly with capabilities of syncing two contracts somehow? Any resource or suggestion on this would be very helpful.

Best Answer

You need to deploy compatible token contracts on both networks, ideally not ERC-20 but ERC-677, and then set up a two-way bridge on both networks.

You should look into ChainSafe's Chain Bridge or POA Network's Token Bridge. I would recommend an AMB with an ERC-677-to-677 module.

Make sure the bridge mode is set to AMB_ERC_TO_ERC:

BRIDGE_MODE=AMB_ERC_TO_ERC

With regards to having the same contract address on both networks, this is easy: just use the same private key with the same transaction nonce to deploy the contract.

Related Solutions

Web3J BSC – How to Point Web3J to Other Networks Like BSC

If you are using the smart contact wrapper then you usually need to give one of the available transaction managers as a parameter and then give the chain Id when you initialize it

Web3j web3 = Web3j.build(new HttpService("https://bsc-dataseed.binance.org/"));
long chainId = 56;
FastRawTransactionManager txMananger = new FastRawTransactionManager(web3, <your-credentials-instance>, chainId);
MyContract contract = new MyContract(<address of contract>, web3, txManager, new DefaultGasProvider());
contract.transfer(........);

if you are not using the web3j wrapper and build your transaction manually then:

Web3j web3 = Web3j.build(new HttpService("https://bsc-dataseed.binance.org/"));
long chainId = 56;
RawTransaction rawTransaction = RawTransaction.createTransaction(<address-nonce>, <gas price as big integer>, <gas limit as big integer>, <contract address>, <endcoded function of contract>);
byte[] signedMessage = TransactionEncoder.signMessage(rawTransaction, chainId , <you Credentials>);
String hexValue = Numeric.toHexString(signedMessage);
EthSendTransaction transactionResponse = web3 .ethSendRawTransaction(hexValue).sendAsync().get();

ERC-20 vs BEP20 – Can a Token Have the Same Contract Address on Both?

Contracts cannot interact across networks. Contracts can interact with other contracts, but only at the same network. The example you gave, 0x474021845c4643113458ea4414bdb7fb74a01a77, is a contract in both Ethereum and BsC because the address of a contract is deterministic and based on the account that creates the transaction and some other info, so in principle you indeed can deploy the "same" contract on both networks (the same code at the same address), but they can't communicate between, at least not directly. In principle, this can be done by some dApp, that makes some kind of bridge. But keep in mind that they can't interact directly.

Best Answer

Related Solutions

Web3J BSC – How to Point Web3J to Other Networks Like BSC

ERC-20 vs BEP20 – Can a Token Have the Same Contract Address on Both?

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