Syscoin Bridge

SYSCOIN BRIDGE

Transfer SYS back and forth between the Syscoin and NEVM Blockchain

Connect Wallet:

PaliWallet

Metamask

HOW DOES IT WORK?

Token portability backed by cryptographic proofs.
Move tokens back and forth between the Syscoin Native (UTXO) and Syscoin NEVM blockchains.

An industry-first, zero-counterparty bridge.

Burn tokens on the Syscoin native or NEVM blockchains

Burning tokens provably removes them from the circulating supply on one chain. The proofs that result from this will be used to mint tokens on the adjacent chain.

Mint tokens on the NEVM or Syscoin native blockchain

Using the proof of burn from one chain, new tokens can be minted into the adjacent chain. This results in a 1:1 representation of the tokens on the new chain and empowers them with all the capabilities of that chain.

FAQ

What is Syscoin?

Syscoin is a decentralized modular blockchain that brings together Bitcoin's secure PoW, Ethereum's flexible EVM, & scalable computation via Rollups (ZK & Optimistic). All of these best elements are combined into a single plug-and-play network making an ultra fast, scalable, low gas smart contract platform w/ proven security. The blockchain trifecta. Succinct technical description: Syscoin is a modular coordinated dual-chain EVM platform designed to give Rollups optimal L1 data availability, & Bitcoin auxpow settlement enhanced w/ multi-quorum finality that resists MEV attacks & selfish mining.

What is an SPT?

Syscoin Platform Tokens (SPT) are cryptocurrency tokens that can be created quickly and easily on Syscoin Platform by anyone. This can be done using Sysmint or Syscoin QT using command-line.

What is SYSX?

SYSX is both an SPT and NEVM ERC20 token, backed by SYS at 1:1 ratio. You can burn your SYS and mint SYSX on the Syscoin chain, allowing you to utilize high throughput ZDAG transactions. You can then burn your SYSX (SPT) and mint a SYSX (ERC20) token, allowing you to utilize all the functionalities of the NEVM Chain, such as Smart Contracts. This mint/burn process can also be done in reverse order; it works in both directions.

How does the SYSX bridge work?

The basic structure of how SYS bridge works is SYS <-> SYSX (SPT) <-> SYS (ERC20). The automated process will 1) burn your SYS for SYSX (SPT), 2) move your SYSX (SPT) across the bridge and lock it, then 3) mint the SYS ERC20 to your NEVM address. The same process occurs in reverse if moving SYS from NEVM to the Syscoin native UTXO blockchain. The total supply of SYS remains the same.

Does the NEVM run on Ethereum?

NEVM is a separate and distinct standard Ethereum Virtual Machine that is integrated into Syscoin in order to leverage the PoW security of Bitcoin and the benefits of holistically modular blockchain architecture. NEVM stands for Network-Enhanced Virtual Machine.

Will SPTs be transferable to NEVM?

Any Syscoin SPT can be transferred to the NEVM layer, and back, as needed. This is a trustless and decentralized process.

Will this mean I can use Ledger, Myetherwallet, Metamask etc?

Your SPT will become compatible with all major service providers that serve EVM once it is moved across the bridge to NEVM.

Syscoin supply will remain the same?

Yes. SYS + SYSX (SPT) + SYS (NEVM) = Total Circulating Supply. This supply is maintained via mint/burn as tokens move across the bridge in either direction.

What counterparty or custodian related risks and/or limitations do I incur when using Syscoin Bridge?

None. You maintain full possession and control of your funds at all times. Furthermore, market demand (such as with atomic swap) is not required to take advantage of Syscoin Bridge. These benefits are made possible by first-class integration with the NEVM layer through a custom opcode (sysblockhash and utilizing dual smart contracts and SPV proofs on both sides.

Can I have SYSX in my Syscoin wallet?

SYSX is an SPT. You can use Pali which is integrated into this site. Syscoin QT can also be used if you are competent with command line interface.

Do I need gas to execute the smart contract, and if so how much?

You will need SYS gas on the NEVM to cover the costs of executing NEVM smart contracts. These costs will vary depending on the NEVM network. You can utilize the Syscoin Authenticated Faucet to get a small amount of SYS for gas: https://faucet.syscoin.org

Do I need SYS to execute SPT transactions, and if so how much?

SYS is required to execute any transaction within the Syscoin network, including SPT transfers. Exact transaction costs depend on network conditions. Syscoin transaction fees are relatively inexpensive, especially in the case of SPTs which utilize Syscoin’s ZDAG protocol. Typically, thousands of SPT transfers can be funded with a single SYS, due to the unique fee market of the ZDAG network within which users usually do not require having PoW confirmation within an immediate block.

Why have an SPT on Syscoin if I can have an ERC20 token?

This delivers multiple advantages. SPTs use a UTXO storage model which is more efficient for simple transfers and can also leverage the innovations from the Bitcoin script system. SPTs are also ZDAG enabled, which means they benefit from high-speed and high-throughput token transfers with low fees. ZDAG’s probabilistic security (offering global consensus in ten seconds or less) enables you to determine the security/speed trade-off most ideal for your particular use case. Further, each SPT transaction settles onchain with Bitcoin compliant proof of work. SPTs can also tap into Syscoin Core's option to call external APIs for the implementation of Notary and offchain business rules. All of this is especially attractive for point of sale applications, stablecoins issuers, and CBDCs. You can learn more about Syscoin ZDAG here:https://syscoin.org/z-dag. The overall vision is to offer both UTXO and account based (ERC) representations of tokens which leverage future innovations from the Bitcoin and Ethereum ecosystems respectively. Users can choose which model they wish to hold their tokens in trustlessly.

Can other ERC20 tokens be migrated to the Syscoin chain?

Yes, by burning and minting via the bridge, resulting in an SPT. This is currently active for SYSX. A reference implementation of the smart contracts necessary to enable your particular ERC20 with Syscoin Bridge is available here: https://github.com/syscoin/sysethereum-contracts

How is this initiative different from others?

Syscoin Bridge is the first two-way interoperability solution without counterparties, a permissionless and trustless solution that leverages the security of each respective blockchain. This allows us to consider the SPT supply mechanism as a fractional supply across multiple blockchains. Users on Syscoin by extension will be able to leverage the vast toolset of Ethereum whilst NEVM users can leverage Syscoin’s cost effective and efficient asset specific transactionality. You can read more about the technicals here:https://github.com/syscoin/sysethereum-docs

SYSCOIN BRIDGE

Transfer SYS back and forth between the Syscoin and NEVM Blockchain

HOW DOES IT WORK?

Token portability backed by cryptographic proofs. Move tokens back and forth between the Syscoin Native (UTXO) and Syscoin NEVM blockchains.

FAQ

Contact Us

Token portability backed by cryptographic proofs.
Move tokens back and forth between the Syscoin Native (UTXO) and Syscoin NEVM blockchains.