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Transfer

Users can use the transfer function for a swift transfer of assets to another DeGate account. Users will need to specify a receiving address and the transfer amount when initiating a transfer. Once the transfer transaction is signed, as soon as the node has verified the transfer request, assets will be credited to the receiving address and the same amount will be debited from the sending address. At the same time, the operator will continue to process the transfer request, perform transaction batching, block generation, undergo the zero-knowledge proof generation process, updating of the asset information on the merkle tree, and roll up the transaction to the blockchain.
Transfer Process

Transfer Fee

Users are required to pay gas fees when performing a transfer. Currently, DeGate supports gas fee payments in ETH, USDC, and USDT. For the transfer of assets other than ETH, USDC, and USDT, payment in the to-be-transferred asset is not supported for the gas fee payment.

Transfer to New Account

The transfer function can transfer assets to any DeGate account, including to an address that has yet to register for a DeGate account. However, there will be a higher gas fee when the transfer is to a new account. There will be a prompt to notify users that they are transferring to a non-registered account.

Transfer Restrictions

  1. 1.
    Self-transfer does not work.
  2. 2.
    For each transfer, the transfer amount cannot exceed 7 significant figures. This is the requirement for the circuit's calculation precision.
For example, an account has 123456.78 DG. The user will not be able to enter 123456.78 and will only be able to enter 123456.7 with the remainder of 0.08 DG.
In the case of tokens with a large number of tokens, like SHIB, the transfer amount of 12345670000 is supported.

Differences against Withdrawal

  1. 1.
    A transfer is the asset change between two DeGate accounts, the assets remain in DeGate smart contract throughout the entire process. As for a withdrawal, assets will be transferred out of DeGate smart contract to a specific Ethereum mainnet address.
  2. 2.
    A transfer is instantaneous while a withdrawal is only processed when the rollup is completed.
  3. 3.
    The gas fee for a transfer is significantly lower than a withdrawal.