FAQ
Bridge Operations
Are you going to launch your own token on the LUKSO chain?
We are investigating if and in which way we will launch our own token on the LUKSO chain, stay tuned.
How does it work, do you require users to supply liquidity on the LUKSO side of the bridge?
For our initial product, user-supplied liquidity is not required as the bridge facilitates direct swapping of LYX for wLYX. When converting back to LYX, wLYX is burned, and the user receives their original LYX deposit.
Will it be possible to exchange tokens on the LUKSO chain with SigmaSwap?
Yes, our goal is to enable swapping of tokenpairs on the LUKSO chain as a DEX in a later stage.
Can I trade my wrapped LYX on Uniswap?
Yes, our goal is to enable swapping of tokenpairs on the LUKSO chain as a DEX in a later stage.
Technical and Security
Is the bridge centralized or decentralized?
Our bridge is centralized and we think that this also is the best practice for bridges. however, our bridge is managed by a DAO and all changes to the backend will need to have a voting consensus by the DAO to be implemented. Check the security section in our docs.
Decentralized bridges can be more vulnerable to security risks. Because they often rely on complex smart contracts and decentralized mechanisms for cross-chain communication, they can be susceptible to bugs, exploits, or vulnerabilities. If one part of the bridge is compromised, it can lead to significant losses.
Is the bridge secure?
We self-audited our code and did conducted extensive code testing to make the code is fully secure, next to that we have let it reviewed by experts outside our team to make sure they can review it completely objective.
Next to that our backend is handled by our DAO, so that if one of our operator keys gets lost the bridge will remain safe. We can vote to remove this operator key from the DAO and add a new operator key.
We use HashiCorp Vault as an extra security layer for our keys in the backend, you can read more about the security measures we took in the security section in our docs.
What usecases does wLYX have?
wLYX can be used to trade at the Ethereum network with the value of 1 LYX, you can transfer value from the LUKSO to the Ethereum network and always switch back to the LUKSO network whenever you like.
Can we swap LYX directly for ETH or LYXe?
Yes, this possibility will be added soon.
What token standards (e.g., ERC-20, ERC-721) will be supported by the bridge?
The bridge will support LYX native token and native Ethereum or ERC20 tokens.
Is the team experienced?
Our team comprises individuals also involved in building Stakingverse. Our developers are highly experienced and well-regarded in the LUKSO ecosystem. More about our team can be found at Stakingverse About Us.
What is the expected transaction speed for transfers across the bridge?
It takes about 3 minutes to bridge your tokens and mint them on the destination network.
How is bridge downtime managed and communicated to users?
If there are any updates or issues we will communicate this via our X account
What happens if my transaction somehow failed or crashed during processing.
Whatever happens during your transaction, you are always able to recover that transaction by use the Claim Recovery button in our swapper UI. It can take a couple of minutes before the recovery option is available. Even if our backend servers were down during your swap, you are able to recover your transactions after we restart the backend servers.
How can users track the status of their transactions on the bridge?
You can track your transactions by checking your Universal Profiles or EOA address in the block explorers.
Are there any geographical restrictions for using the bridge?
No, there will be no restrictions