Recently, the Portion DAO voted to fully commit to Palm network adoption by sending all Portion token ($PRT) distributions (royalties, artist rewards, collector rewards, early supporters, & liquidity mining) out via the Palm network for 0 gas fees and low carbon footprint.
Maybe you’ve sold an NFT on Palm or received a Portion token ($PRT) distribution on Palm, and want to take your WETH or $PRT back to Ethereum mainnet. To do this, you'll need to use the Palm Token Bridge.
In this guide, we will show you how to use the bridge to transfer your crypto from Palm back to Ethereum mainnet.
Note: Palm is an Ethereum sidechain. This means assets that exist on Palm are compatible with Ethereum, and vice versa. We’ve connected the two chains by a bridge that facilitates the movement of tokens. The Palm bridge is built on top of Chainsafe’s Chainbridge implementation. It supports the movement of wETH, PRT, DAI tokens, as well as select NFTs. The bridge enables users with supported crypto assets on Ethereum mainnet to transfer those assets to the Palm Network, and vice versa.
The bridge works by acting as an intermediary between mainnet and Palm. It creates exact copies of an incoming token onto the other network using registered smart contracts, while simultaneously preventing use of that same token on the originating side.
How to Transfer Your Crypto from Palm to Ethereum Mainnet
Step 1: Connect Your MetaMask Wallet
To start, go to app.palm.io and connect your MetaMask wallet. At this time, the Palm Network only supports MetaMask connections. Because the Palm Network is a custom network, you will need to add network connection details to MetaMask before you can transact on it. You can toggle between Ethereum mainnet and Palm by selecting the dropdown in your Metamask wallet as shown here:
Step 2: Initiate Transfer
To view your balance of DAI, WETH, or PRT that you have on Palm, go to the Create page on Portion and click your Profile icon in the top right. Make your your MetaMask wallet is connected and on the
palm network. Then you'll be able to see your palm token balances.
Once your wallet is connected, ensure the bridge is set up so that your origin network is
Palm and the destination network is
mainnet. Then select which crypto asset (DAI, WETH, PRT) to transfer and choose the amount you would like to send.
Step 3: Pay Bridge Transfer Fees
When you transfer tokens from Palm to Ethereum mainnet, you will need to pay a 100 DAI Bridge Fee and a 1 DAI Carbon Offset Fee. The amount of DAI will be calculated on a regular basis and will reflect an average of gas fees on mainnet rather than a real-time price.
Note: You can buy tokens such as DAI directly on the Palm Network with fiat, via your bank card or credit card, or through Apple Pay. (Wyre, our partner for buying DAI directly on the Palm Network, does not operate in every state or country. Different marketplaces on Palm may support different fiat onramp providers.)
You will be able to review all fees before proceeding. Start the transfer, and accept the various MetaMask wallet prompts to authorize the transactions. From there, just wait a few moments while the asset transfer takes place.
Step 4: Transaction Complete
Once the transaction completes, you can check MetaMask to see your new DAI balance on Ethereum mainnet.
This is just the first phase of ongoing development on the Palm Token Bridge, so stay tuned for more updates to the bridge experience.