Aventus Launches New Lowering DApp
February 08, 2023
We are excited to announce that we have today launched our new Lowering DApp, which allows holders of any tokens created on the Aventus Network (including AVT, PIP and VOW), to move their tokens from the Aventus Network to Ethereum.
This forms part of our mission to make interacting with the Aventus Network as easy, decentralised and autonomous as possible.
Lowering from the Aventus Network to Ethereum enables users to cash out staking rewards through exchanges, or cash out tokens earned from one of the ecosystems building on the Aventus Network.
The new Lowering DApp follows the Lifting DApp, launched in 2022, which allows users to migrate tokens from Ethereum to the Aventus Network in order to take advantage of the Aventus Network’s high speed, low transaction fees and interoperability with the entire Polkadot ecosystem.
How does it work?
Lowering your AVT from the Aventus Network to Ethereum is a two-step process, involving connecting your Polkadot wallet (like polkadot.js) to the DApp, and then claiming your funds on Ethereum by connecting an Ethereum wallet (like Metamask) to the DApp.
Aventus Developer Relations Engineer Emmanuel Ngubo takes you through each step on desktop and mobile in these videos, and there are also written instructions at the bottom of this post.
Additionally, for developers, there is also the option to action Step 1 programatically, and Step 2 within the DApp:
- Click ‘Connect your Polkadot wallet’.
- Select which Polkadot wallet you want to connect.
- Authorise the connection via the extension pop-up.
- Ensure you are using the mainnet if you want to transfer real funds.
- Select the amount of AVT you want to lower. There is no cap on the amount of AVT you can lower and you can select a whole amount or any fractional amount.
- Enter the Ethereum address you want to transfer your AVT to.
- Accept and sign the pop-ups that appear on your screen to authorise the transaction.
- You will receive confirmation that your transaction has been submitted. Your gateway Unique User ID will be automatically copied to your clipboard at this stage, so you can paste this somewhere secure or write it down manually.
- The funds will be claimable on Ethereum within 24 hours.
- Any time within that 24 hour period, you can check whether your funds are ready to claim on Ethereum by clicking ‘Claim’.
- Input either your Aventus address (or public key) that your funds came from OR your Ethereum address that your funds are going to. This will query the gateway for any lowers on these accounts and let you know whether your funds are ready to be claimed.
- If your funds are available, click the ‘claim’ button to claim your funds.
- Connect your Ethereum wallet (e.g. MetaMask) and confirm the transaction. Your transaction has now been submitted, and you can now view the status of your transaction on Etherscan.
If you have any questions or concerns, please do not hesitate to reach out to us at email@example.com or via our Telegram channel.