Cross-Chain
The WanChain Bridge allows users to bridge SKILL between the following networks.
Cardano < > Base
Skill Bridge Benefits
Interoperability: Skill Bridge enhances the interoperability of SKILL tokens, allowing users to move their assets seamlessly across different blockchain networks.
Flexibility: Users have the flexibility to choose their preferred blockchain for investing in Skills Labs.
Efficiency: The process is designed to be safe and user-friendly, ensuring a smooth experience for all participants.
By providing the Skill Bridge, Skills Labs aims to provide a more flexible ecosystem for new and existing users.
Bridging and Wrapped Tokens
The total supply of SKILL tokens is capped at 10,000,000 (10M) and has been initially minted on the Cardano blockchain. As we expand the Skills Labs ecosystem, SKILL tokens will be wrapped and minted on new blockchains when the original SKILL tokens on Cardano are sent to bridges. This ensures that the total circulating supply remains constant across all chains and prevents any forms of inflation across the ecosystem.
Wrapping & Burning Proccesses
When users transfer raw SKILL tokens from Cardano to another blockchain using a bridge, the following wrapping process is followed:
Minting on New Chains: Wrapped SKILL tokens are minted on new chains (e.g. Binance Smart Chain, Solana, Base) when the corresponding amount of original or "Pure" SKILL has been deposited into the bridge from Cardano.
Burning and Redeeming: If a user sends wrapped SKILL tokens back from any of these chains to Cardano, the wrapped tokens are burned, and the equivalent amount of raw SKILL is sent from the bridge to the users Cardano wallet.
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