Here I’d like to address some of the most frequently asked questions recently about wrapping/unwrapping and what TRC21 token is.
If you have any other questions about wrapping/unwrapping, please leave your comment below.
1. What is TRC21 Token?
TRC21 is a new token standard used on TomoChain network that is different than BTC or ERC20 on Ethereum.
TRC21 tokens are issued on TomoZ Protocol to bring users a much more friendly trading experience with a blazing fast speed, and extremely low gas fees that can be paid by the transaction token itself. It will also be supported by TomoP Protocol to enable a bunch of privacy features.
By nature, we can divide TRC21 Tokens into 2 types:
Native TRC21 Token: The tokens that are originally issued on TomoChain blockchain, like TOMO, AIS, TIIM, and etc.
TRC21 Wrapped Token: The tokens that are issued on other blockchains originally, and then reproduced on TomoChain network by locking a same amount of the native asset into a smart contract or multi-signiture wallet, like BTC, ETH, USDT, YFI, and etc.
A TRC21 Wrapped Token is hosted on TomoChain public blockchain, issued by TomoBridge, and backed by an equal amount of the underlying asset or currency. TRC21 Wrapped BTC, for instance, is a token worth the same as native BTC at any given moment.
All the tokens listed on TomoDEX are TRC21 Tokens.
2. What does it mean by "Wrap/Deposit" and "Unwrap/Withdraw"?
Due to the different token standards, you can only swap your TRC21 Wrapped Token to/from the other blockchain tokens via designated bridging portals.
Swapping other blockchain tokens to TomoChain’s TRC21 Wrapped Tokens is known as to "Wrap" or “Deposit”.
Swapping from TomoChain’s TRC21 Wrapped Tokens to other blockchain tokens is known as to “Unwrap” or “Withdraw”
The meaning of “Deposit” here is different from traditional centralized exchanges.
On TomoDEX, users are always in direct custody of their funds. Which means you trade directly with the funds in your wallet without having to put it into the exchange’s account.
3. How to swap TRC21 Wrapped Tokens to/from other blockchain tokens?
4. Can I sent my TRC21 token directly to an ERC20 address, or vice versa?
In simple words, NO you shouldn’t.
TRC21 (by TomoChain) and ERC20 (by Ethereum) share almost the same address structure. The Private Key that you have for either address can be used to access the same wallet address on the other network.
In other words, the address for TRC21 and ERC20 tokens is the same, with which you can selectively access either asset depending on the network that you are on.
That also means the transaction can be sent through when you transfer your TRC21 Token to an ERC20 address, and the same vice versa, with the token standard remaining unchanged.
So yes, the transaction can be signed and sent through. But this is probably NOT what you want to do if you look to swap your TRC21 Wrapped Token to/from the native tokens from other blockchains.
5. What should I do if I mistakenly sent my TRC21 Token to an ERC20 address without wrapping/unwrapping, or vice versa?
There could be a few different scenarios:
a.) If the receiving address is your own wallet address
As explained in Q4, these two token standards share the same address and all you have to do is to switch the network.
Let’s say you send your TRC21 Token to an ERC20 address, then you can retrieve your funds by following the steps below (similar process the other way around):
- Log into your ERC20 wallet and export the Private Key. (It has to be the Private Key, not Mnemonics)
- Log into your TomoWallet with the Private Key to recover your fund. (Instead of TomoWallet, you can also choose to log into TomoDEX or TomoBridge so you can unwrap directly from there)
Note: some wallets may not come with a Private Key when you created your address, like Trust Wallet. Then you might need to contact the wallet developer to help you export your Private Key.
For Trust Wallet users, please follow this guide to export your Private Key: https://community.trustwallet.com/t/how-to-recover-funds-sent-to-a-wrong-public-address/145
b.) If the receiving address belongs to a third party (ex. an exchange)
In this case, the third party team now is holding your funds. You will have to contact them directly to help you look into their account and refund it for you.
Most exchanges are willing to do it for their users for a fee. But each company could be different and it depends on their own policy.