TERN Available On Ethereum For Cross Chain Accessibility
TERN is Ternio’s own cryptocurrency that was launched on the Stellar blockchain in 2018. For the past two years the Ternio team has worked hard to bring adoption and utility to TERN with BlockCard. TERN is as good as cash and can be spent (with BlockCard) at over 50 million merchants worldwide! While we have seen a dramatic rise in the amount of TERN holders, we have regularly been asked about why the TERN token was not available as an ERC-20 option.
Ethereum is the second largest cryptocurrency platform by market cap and blockchain platform that many digital assets base their coin/token on. By launching on the Stellar blockchain we have unfortunately excluded a large number of cryptocurrency users or companies who may not be familiar with the Stellar protocol as well as its use of tags/memos. This has resulted in a limiting amount of supporting wallets and exchanges that could readily support TERN and thus accessibility to our products.
As of June 2020, there are over 100M Ethereum wallets and that number grows by over 100,000 per day. Our ultimate goal is to drive adoption of TERN and usage of Ternio products like BlockCard. That is why we are happy to announce that we will be making an ERC-20 version of TERN available. This will immediately make TERN available on many exchanges and wallets that support ERC-20 tokens.
Furthermore, we will be burning a corresponding amount of TERN on the Stellar blockchain to ensure that the overall circulating supply does not change. There are 1 billion total TERN created, and we will be burning 10% of the TERN on the Stellar chain to account for the corresponding amount of TERN issued on Ethereum.
Where are the TERN Block Explorers?
TERN on Ethereum: https://etherscan.io/address/0x24283732c3df91ee1e4354a3934c14b88b2d9a51
What do I need to do as a TERN holder?
Nothing. Fundamentally nothing will change, but there will be less TERN available now on the Stellar blockchain and exchanges. This may create some increased demand due to a lack of overall supply in the Stellar ecosystem. However, this is not financial advice and markets operate at their own discretion. We anticipate many new TERN holders from the Ethereum community, so ask that our existing community help educate them on all aspects of Ternio’s products.
Will the ERC-20 Version of TERN work on BlockCard?
Yes. It will take time for the liquidity and availability of any new asset to establish itself on the Ethereum blockchain. Once that happens for the ERC-20 version of TERN, then it will be implemented as a depositing asset on BlockCard sometime in the future. When depositing on BlockCard, users will be promoted to select which version of TERN they want to use (Stellar or Ethereum based).
How can you tell the difference between an ERC20 TERN address and a Stellar TERN address?
Stellar wallet addresses:
These typically have the prefix “GA” or “GB” and contain memos or tags.
A memo is a message included with a transaction. Exchanges or wallets may require users to include memos with their deposits. Stellar wallets require 1.5 XLM to be opened. Therefore an exchange may only use one or a few Stellar wallets for receiving deposits. The memo enables a company to distinguish one user’s deposit from another.
Ethereum wallet addresses:
These have the prefix “0x” and contain hexadecimal characters (0-9, a-f, A-F).
Are transaction costs different for TERN on Ethereum vs Stellar?
Yes. To send TERN on the Stellar Blockchain costs fractions of a penny ($0.0002) and takes approximately 3-5 seconds to settle. To send TERN on the Ethereum blockchain can cost anywhere between $0.10 to $2.00 and take on average 6 minutes to process. At the current time, the average Ethereum transaction is $0.58. You can find the current ethereum fees here.
What are the costs for swapping between TERN on Ethereum vs Stellar?
The only costs associated with swapping between Stellar and Ethereum versions of TERN are the Ethereum gas cost for transaction and possibly a fee charged by exchanges. Please check with the exchange to find out the fee (deposit, trade, and withdrawal) associated with using their platform.