News > How do I use the ChainSwap in my IGWallet?
The ChainSwap feature in IGGalaxy offers you the ability to send their tokens between Matic and Ethereum chains, using your IGWallet.
The design of ChainSwap is a user-friendly implementation of the two mechanisms built by Matic, enabling deposits and withdrawals of crypto-assets between the Matic and Ethereum blockchains.
We expect the need for the ChainSwap to decrease over time, however, in the meantime, we have provided a simple guide on the current process for this feature in your IGWallet.
IGGalaxy has officially migrated to Matic network!
IGGalaxy’s ChainSwap feature in the IGWallet enables users to swap tokens between Matic and Ethereum chains, using either the POS or Plasma bridge.
Why would you want to use the ChainSwap feature?
A ‘bridge’ is basically a set of contracts that help in moving assets from the root-chain to the ‘child’ chain. There are currently two bridges to move assets between Ethereum and Matic chains: the first is the Plasma bridge; the second the PoS bridge, or Proof of Stake bridge.
Proof of Stake (PoS) Bridge
Matic PoS bridge provides faster exit with one checkpoint interval, secured by a robust set of external validators. The PoS bridge is more flexible and has faster withdrawals than the Plasma bridge.
When using ChainSwap in IGWallet, ALL tokens (except MATIC) are deposited and withdrawn via the POS bridge.
Plasma bridge provides security due to the Plasma exit mechanism ‘piggy-backing’ on Ethereum’s security. However, there are certain restrictions on the ‘child’ token as well as a seven-day withdrawal period associated with all exits and withdraws from Matic to Ethereum via the Plasma bridge.
What’s the difference between PoS and Plasma bridges?
You can read Matic’s official documentation on the POS and Plasma bridge here.
Please note that you will need some MATIC and Ethereum tokens to cover the transaction fee on the respective chains.
First, open your IGWallet and select the wallet you wish to carry out a ChainSwap from:
Select the ‘Swap’ option located in the middle.
Select the “Swap” option located in the middle.
This will take you to the ‘Swap Portal’.
Here, you are able to carry out a TokenSwap, a ChainSwap as well as view all ChainSwap transaction statuses.
IGWallet Swap Portal.
When you have an Ethereum IGWallet selected, and have clicked ChainSwap, you will be depositing your MATIC or other approved ERC20 tokens to the Matic network.
You will receive these tokens on the Matic network in your Matic IGWallet.
Once you have confirmed the details of the token and amount, and confirmed with your wallet password, you will be able to submit the transaction to the network.
Please make sure you have sufficient ETH to cover the gas fee.
Click submit and wait as the transaction is submitted to the network.
Once the transaction has been submitted to the network, your IGWallet will display the following UI.
As previously mentioned, because this is a MATIC token deposit, the Plasma bridge is used. The POS bridge will be used for all other Ethereum-based tokens.
When withdrawing from the Matic network to the Ethereum mainchain, you will need to select your Matic wallet.
Then click on ‘Swap’, then ChainSwap and you will see the withdraw form pasted below.
Select the token you wish to withdraw and the amount, then enter your wallet password to sign the transaction.
Again, this example shows a MATIC withdrawal, so the Plasma bridge being used. When you see this screen, you must wait for the ‘checkpoint’ to be reached for the transaction to be submitted to the network.
From this point, for withdrawals, the user journey differs depending on what bridge is being used.
Once the transaction has been submitted, you must wait 30 minutes for the next checkpoint if it is a PoS withdrawal, or wait 7 days for the Plasma withdrawal challenge period.
In the instance of a PoS withdrawal, you would not see the next graphic (challenge period) but will still be required to submit your IGWallet password and pay an ETH fee for the final step.
IGWallet ChainSwap Plasma withdrawal: challenge period.
Once the seven-day period is up for Plasma withdrawals, the final step requires you to confirm your IGWallet password and pay the required ETH fee to unlock your tokens on the Ethereum chain.
This following, and final step, is what you will need to do following a PoS withdrawal, too; however, you will not have to wait as long.
ChainSwap: Final step for Plasma withdrawals.
It is also important to reiterate that if you are purchasing MATIC or ERC tokens from any third-party wallets/exchanges and depositing to IGWallet, you are doing so on the Ethereum chain, and therefore they will appear in your Ethereum IGWallet.
Over time, more exchanges and third-party wallets will support Matic network as we’ve stated above. This will enable you to deposit tokens into your Matic IGWallet quickly, and with significantly less fees.
To keep up to date with developments, please follow us on our various social media channels:
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