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Interchain Tokens are a special kind of token that allows users to transfer value across different blockchains.
Existing solutions, like cross-chain bridges, create problems like fragmented fungibility (bridged tokens are nonfungible with versions on other chains) and loss of custom functionality. Interchain Tokens solve that problem, extending tokens' fungibility and custom functionality into deployments on multiple chains.
Interchain Tokens are a groundbreaking development in the world of blockchain, creates a truly interoperable ecosystem.
The Axelar Interchain Token Portal is a helpful tool that simplifies the process of creating and deploying ERC-20 tokens, providing support for standardized and canonical tokens.
This tutorial will walk you through the step-by-step process of creating, registering, and deploying an Interchain Token using the Axelar Interchain Token Portal and interacting with the token across multiple blockchains.
You will need Avalanche Fuji testnet faucet tokens; you can get some here if you don't have them.
Step 1: Create and deploy an ERC0-20 token
In this step, you will create and deploy an ERC-20 token on a testnet environment. The tutorial will walk you through the process of deploying it on the Avalanche Fuji testnet using the Axelar Interchain Token Portal testnet. However, you can deploy it on any supported chain without limitation; it doesn't necessarily have to be on Avalanche.
Go to https://testnet.interchain.axelar.dev/ to create and deploy a new token. Click the
Deploy a new Interchain Token button.
Provide the necessary token information in the fields:
Decimals and preferred
Amount to mint.
Please be aware that the default for
Amount to mintin the user interface is set to 0, but it should not be left at 0. If you do not select advanced settings and change
Amount to mintto a nonzero number, the token will remain stuck, and to mint later won’t be allowed. I recommend adding a default token based on your preference but ensure it is not set to 0.
Next, click on the
Hooray! You have successfully deployed and registered your token successfully. Next, click on
Go to the token page!
Step 2: Register and deploy an ERC-20 token as an Interchain Token on Polygon and Moonbase
Choose the blockchain on which you want to deploy remote tokens. In this tutorial, you will deploy to Polygon and Moonbase testnet, respectively.
Next, you should see a display similar to the one shown below, indicating that the token has been registered and is currently being deployed to the selected remote chains, in this case, Polygon and Moonbase testnet.
Once successfully deployed, which may take a few minutes, you should see something similar to what is displayed below.
Step 4: Interact with the Interchain Token
In this section, you will interact with the interchain token you just deployed via the Axelar Interchain Token Portal user interface.
To interact with this, you can send balances across these networks, and that's precisely where the magic happens.
Send Token from Avalanche Fuji Testnet to Polygon Testnet
To send tokens from the Avalanche Fuji testnet to the Polygon testnet, click the
send button and enter the desired amount of tokens you want to send, as shown below.
The token was sent successfully, and the balance on Polygon is now updated, as shown below.
Send token from Avalanche Fuji testnet to Moonbase testnet
In the previous step, you successfully sent 200 units of your ERC-20 token to the Polygon testnet. Now you will do a similar process to send the token to Moonbase.
The token was sent successfully, and the balance on Moonbase is now updated, as shown below.
Hooray 🥳 With Axelar, you have successfully created, registered and deployed an interchain token using the Axelar Interchain Token Portal and interacting with the token across multiple blockchains.
You can learn more about Interchain Tokens and how they are created and managed by the new Interchain Token Service. It allows you to send tokens cross-chain, build asset bridges, build asset transfers into your Interchain dApp, and take on many other use cases.
This post covered the step-by-step process of creating, registering, and deploying an interchain token using the Axelar Interchain Token Portal and interacting with the token across multiple blockchains.