Interchain Tokens are a special kind of token that allows users to transfer value across different blockchains.
Like cross-chain bridges, existing solutions 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 created via the Interchain Token Service – a groundbreaking development in the world of blockchain that 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 ERC-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 Fantom 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 Fantom.
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: Token Name, Token Symbol, Token Decimals, Total Supply to mint.
Please be aware that the default for Total Supply to mint in the user interface is set to 0, but it should not be left at 0. After setting total supply to mint later won’t be allowed unless you turn on the Is Mintable option.
Next, click on the Register & Deploy button.
Optional: You can choose the chains where you would like to deploy the Interchain Token.
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 Avalanche, Polygon and BNB Chain
Choose the blockchain on which you want to deploy remote tokens. In this tutorial, you will deploy to Avalanche, Polygon and BNB Chain, respectively.
Select the chains to be deployed on and click Register token on 3 additional chains button.
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, Avalanche, Polygon and BNB Chain 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 Fantom Testnet to Polygon Testnet
To send tokens from the Fantom testnet to the Polygon testnet, click the Transfer button and enter the desired amount of tokens you want to transfer, as shown below.
The token was sent successfully, and the balance on Polygon is now updated, as shown below.
Send token from Fantom testnet to Avalanche Fuji testnet
In the previous step, you successfully sent 1000 units of your ERC-20 token to the Polygon testnet. Now you will do a similar process to send the token to Avanlache Fuji testnet.
The token was sent successfully, and the balance on Avalanche Fuji 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.
What's next?
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.
If you've made it this far, you're fantastic! You can post about your experience building or following along with this tutorial to show your support to the author and tag @axelarcore.
Conclusion
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.
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