Why does $PYR use two blockchain networks?
VulcanVerse has its own unique token $PYR that can be used as a settlement, staking and gaming utility token. $PYR powers the entire Vulcan Forged dApp ecosystem.
Vulcan decided to make the MATIC network the new home of the PYR token. The MATIC network (also known as the Polygon network) allows us to have fast transaction times with extremely low transaction fees!
PYR tokens however exist on both the Ethereum Mainnet network as an ERC-20 token (hereinafter differentiated as PYR|ETH) and on the Matic Mainnet network as a PYR-MATIC token (hereinafter differentiated as PYR|MATIC)
This is possible because the MATIC network is a layer 2 blockchain that actually sits INSIDE the Ethereum blockchain.
These two network systems allow a large user base to have access to $PYR. Regardless of whether they prefer to transact in centralized exchanges (CEX) such as KuCoin, Binance, or Bittrex, or they prefer the freedoms that decentralized exchanges (DEX) such as Quickswap, and Uniswap offer.
However, this does not come without some new challenges that users may not otherwise have faced prior. With the two network system, a Bridge is now necessary to move $PYR from one network to another. This bridge is only required when you have PYR|ETH (ERC-20) tokens.
The VulcanForged Marketplace resides in the MATIC Network, where it’s necessary to transact using PYR|MATIC.
The MATIC bridge allows us to convert our tokens from an ERC-20 (PYR|ETH) token to a MATIC (PYR|MATIC) token and back.
It is crucial to understand that tokens from the Matic network CANNOT be freely transferred to the Ethereum network or Vice versa. ALL TRANSACTIONS BETWEEN THE TWO NETWORKS MUST GO THROUGH THE BRIDGE.
Currently, PYR|ETH tokens can be obtained using KuCoin and Uniswap, while PYR|MATIC tokens can be obtained through the VulcanForged On-Ramp via Credit Card, or through QuickSwap.
In this article, we will cover various methods of obtaining $PYR through both networks.
Last modified 1yr ago