Chain-key Ethereum CKETH

1. Summary

Ranks

Liquidity

79

Developer

-

Social

11

Momentum (beta)

0

Stack Rank™

-

Price

$2,765.81 +2.1%

Market Cap

$2.88M (#2424)

Supply

789.00 / 789.00

Tags

Internet Computer Ecosystem

More Metrics

Price
52W High price	$4,091.11
52W High date	12th Mar 2024 (11 months ago)
All Time High (ATH) Date	13th Mar 2024 (11 months ago)
ATH Price	$4,190.39
% From ATH	-39.91%
All Time Low (ATL) Date	5th Jul 2024 (7 months ago)
ATL Price	$0.01
% From ATL	21500462.79%

Supply & Trading Volume
Trading Volume (24h)	$7,412.00
Total Supply	789.00
Circulating Supply	789.00

Less Metrics

Description

Chain-key Ethereum, abbreviated as ckETH, is an Internet Computer (ICP)-native token that represents Ether (ETH), the native token of Ethereum. This digital twin of ETH on the Internet Computer blockchain is designed to address specific challenges associated with using Ethereum, particularly high transaction fees (or "gas fees") and usability issue...

Read More

Chain-key Ethereum, abbreviated as ckETH, is an Internet Computer (ICP)-native token that represents Ether (ETH), the native token of Ethereum. This digital twin of ETH on the Internet Computer blockchain is designed to address specific challenges associated with using Ethereum, particularly high transaction fees (or "gas fees") and usability issues.

Depositing ETH to Get ckETH

To convert ETH to ckETH, users must call a smart contract's deposit function, specifying their Internet Computer principal alongside the ETH amount. The smart contract then registers an event for each deposit, which the ckETH minter canister periodically checks. The canister mints the corresponding amount of ckETH to the user's Internet Computer principal after verifying the deposit events.

Converting ckETH to ETH

To convert ckETH back to ETH, users must first approve the ckETH minter canister to take the desired amount of ckETH. Then, they can call the canister to request the conversion, specifying an Ethereum address to receive the ETH. The canister burns the ckETH from the user's wallet and constructs a native Ethereum transaction to send the ETH. Users are responsible for covering the gas fees on the Ethereum network.

Communication with Ethereum

During the initial phase of Ethereum integration, the ckETH minter communicates with Ethereum via providers that support the Ethereum JSON-RPC API using HTTPS. However, future plans include using native Ethereum integration where IC replicas run Ethereum nodes.

Smart Contracts and Usage

ckETH operates like any other ICRC-1-compliant token, allowing developers to write smart contracts that interact with ckETH on the Internet Computer. This can include minting, using, and converting ckETH, as well as advanced functionalities such as creating and managing Ethereum wallets, interacting with Ethereum smart contracts, and processing large volumes of data.

Additional Facts

Chain-key Ethereum aims to provide faster and cheaper transactions due to lower gas fees on the Internet Computer. It is designed to be user-friendly and can help mainstream users adapt to blockchain technology more seamlessly.

Show Less