So I built Cryptoraves. Its a dapp that lives on Layer 2 for anyone who wants to launch an ERC20 token using only Twitter(!). A part of that project’s vision is for L2’s role to be a sort of incubator for “fledgling” tokens, and when some of them are matured and ready to fly they can migrate on to the Ethereum Mainnet.
As a proof of concept, I tried this out with my own @cartosys Cryptoraves token. I did this by exporting to Mainnet and listing it on the vayladex.nl exchange using their fantastic “list your own token” feature — I do LOVE zero barriers!
And I learned so much in the process I want to show you how it all worked, just for fun:
1.) Back in October I sent this tweet:
You can too, BTW. See, Cryptorave’s system picks these up via the Twitter API and knows to instantly launch a billion brand new ERC-20 tokens. In this case with MY handle attached. And so I tweeted them around to friends, colleagues, etc. Which is a lot of fun, BTW! As a result I must not-so-humbly brag that I’m currently ranked #4 on our Leaderboard (although I fear i will inevitably be knocked further down at the rate many savvier folks are advancing up the ranks).
2.) Anyways, all of Cryptorave’s transactions are performed on Loom’s Layer 2 Basechain. This allows us to provide the barrier-free experience for our Twitter users. Now Layer 2 is great, but my Token has its own yearnings to explore, and even though I consider it far too young, I understand its ambitions to go out into the wide world of Layer 1. So decided to help it do so.
3.) The Loom Transfer Gateway. <- This is the portal into the bustling streets of Mainnet through which my fledgling tokens must pass. It took some focused coding , but I hacked together a manual system for withdrawing some of my tokens out of L2. I consider this the beginning work towards Automatic Mainnet import and export, which is one of our major future roadmap features.
4.) Ok, now that my tokens left the L2 nest they quickly made their way over to Vayladex’s neck of the woods where getting listed couldn’t have been simpler:
And to see the full process through, I went ahead and used a business account to buy half of the tokens I listed there for 0.1 ETH. So as a side note, with the present value of ETH @ $149 that TECHNICALLY puts my marketcap at $14,800! A million are still listed at the time of this writing so get in there while its early, kids. 🤣
Conclusion: Perhaps history in the making? Well at least I think the small steps above illustrate that potentially many future tokens can grow their value on L2 platforms to then be later traded on an L1 secondary market. And the process can go both ways of course! Native L1 tokens can be deposited into L2 as well. Sky is the limit! What’s your use case?
- Hey! If you have an ERC20/721 token/project that you’d like showcased on Twitter just like Cryptoraves tokens are, feel free to DM me there.
- Also, if you’d like your own Cryptorave’s token to be made available on L1 in the meantime, HMU as well and I can set you up.
Rave on!
