Since 2016, Portion has been building a platform to support the diverse spectrum of creative communities; creating a place for NFTs before the term NFT existed in mainstream culture. Built by Artists for the Artists, Portion is always innovating to ensure the barriers to entry are reduced, whilst increasing opportunities for all. Today, Portion is running on both Ethereum and the newly introduced Palm: offering creators the opportunity to mint and sell their work, sustainably.
The Palm network was built to make blockchain creativity accessible; to remove barriers to entry by limiting gas costs and providing a 99.99+% reduction in energy consumption versus Proof of Work systems. Palm’s goal is to support the next generation of artists, and power the creative marketplaces of the future: starting with Portion.
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 Palm team is adding support for additional ERC-20 tokens and NFTs rapidly.
If you’re looking to move any of these digital assets onto Palm, the bridge is an easy option. Similarly, maybe you’ve sold an NFT on Palm, and want to take your DAI back to mainnet. You need a token bridge. When you transfer assets using the bridge, you will receive an equivalent amount of your supported asset on Palm, plus a top up of free PALM to pay gas fees on the Palm network (as applicable).
Note: if you prefer, you can always buy tokens 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.)
Welcome to the Palm Token Bridge
The Palm Token Bridge enables users with supported crypto assets on Ethereum mainnet to transfer those assets to the Palm Network, and vice versa. Once NFTs are issued on the Palm Network, users can also use the bridge to transfer supported NFTs to Ethereum mainnet (and back to Palm).
How It Works
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.
For example, say you’re looking to transfer a DAI token that’s been minted on mainnet. Here’s how the Palm Token bridge works:
- Initiate a bridge transfer and approve the required MetaMask transactions
- MetaMask interacts with the bridge smart contracts which lock the DAI tokens on mainnet
- The bridge smart contracts have relayers which listen out for events on the mainnet side of the bridge. These call the DAI smart contracts’ “mint” function on the Palm Network side.
- The DAI smart contracts will mint the tokens on the Palm Network and transfer them to the user’s wallet.
If a DAI token is sent back to mainnet, the Palm side will “burn” the corresponding token so it’s no longer available on Palm, and the Ethereum mainnet side will unlock the token that had previously been locked up. This ensures that there’s always the same number of DAI tokens in circulation, avoiding the problem known as “double-minting”.
Built for affordable transactions
As with all blockchain transactions, there are fees required for use of the Palm Token Bridge, on both Palm and Ethereum networks.
Users who are coming to Palm from mainnet will pay for mainnet gas fees in Ether when they initiate the bridge token transfer. On the Palm side, their gas fees for minting the corresponding token will be subsidized. Users who transfer assets to Palm will have their accounts “topped up” to a maximum of 0.5 PALM to ensure they have enough to be able to transact on Palm.
Users who are transferring tokens from Palm to Ethereum mainnet will need to pay for gas on Palm Network, gas on Ethereum, and a carbon offset. Gas on the Palm Network will be paid in PALM. Gas on Ethereum will be collected in DAI. 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. The carbon offset will also be paid in DAI.
Built for sustainability
In keeping with Palm’s commitment to being the most sustainable and scalable NFT ecosystem, we are offsetting the environmental impact of moving assets back to mainnet Ethereum. Our partner Patch makes this possible. Patch provides carbon estimates for assets on mainnet and also provides vetted projects we will fund. The specific projects will be decided by the community.
If you have existing crypto assets on Ethereum mainnet, you can use the Palm Token Bridge to transfer those assets instead of purchasing new assets on the Palm Network. Additionally, you can purchase crypto assets through an exchange like Coinbase, Kraken, Binance, or others, and then transfer those assets to the Palm Network using the bridge. Here are the steps:
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.
Step 2: Initiate Transfer
Once connected, ensure the bridge is set up to transfer from Ethereum mainnet to Palm, then select DAI as the crypto asset to transfer and choose the amount you would like to send. 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 3: Transaction Complete
Once the transaction completes, you can check MetaMask to see your new DAI balance on the Palm Network (and enjoy those aforementioned free PALM for future transactions).
And if you’re looking to transfer assets off of the Palm Network, the process works the exact same way, except (obviously) without the PALM token top up.
This is just the first phase of ongoing development on the Palm Token Bridge, so stay tuned for more updates to the bridge experience. Soon, you’ll be able to use this same bridge to transfer NFTs on and off of the Palm Network as well.