You have access to more tokens now that Valora supports multiple networks. New ecosystems have been unlocked for Valora users. However, it’s important to know where you can send your tokens. The tokens supported in Valora may not have the same support in other wallets or exchanges. Sending tokens to the wrong address or network can result in lost funds. In this article, we will review the nuances of sending and receiving funds with a multi-chain wallet.
Protect your funds; read more about our best practices when sending funds.
Sending tokens: Am I on Celo, Ethereum, or another network?
One of the most important rules is that you cannot send tokens from one network to another. When you transact with an token on the Celo network, you are only able to receive that token on another Celo address. The same goes for tokens and addresses on other networks. This can be confusing as addresses on several networks look the same. Therefore, you must ensure the sending and destination addresses are on the same network before confirming any transaction.
Please remember to check if your token is supported by the receiving wallet or platform before beginning any transaction. You may also be interested in our article on receiving funds from a cryptocurrency exchange.
My sending and receiving addresses are on the same network. Can I send any token?
This will depend entirely on the platform or wallet. Your Valora wallet supports many Celo tokens, including all native Celo tokens. However, other providers, such as exchanges or other wallets, may only support some of these tokens. For example, some exchanges, like OKCoin, will support CELO, cEUR, and cUSD. Other exchanges, like Coinbase, support only CELO.
Can I send ETH and other ERC-20 tokens to my Valora address?
Yes, just double-check Valora supports that token. Your Valora Recovery Phrase is used to access your Valora address on the multiple networks. If your address is 0xabcd, then you can send any supported token on a supported network to 0xabcd, and you will be able to access the token in Valora. Be aware that you actually have multiple addresses that look the same but are on separate networks.
If you send an token unsupported by Valora, you can use the Import Token feature at the bottom of your Tokens list in the Wallet section of Valora. If the token is on an unsupported network, you can recover it using another wallet that that supports that network.
I have ERC-20 tokens. Which network are they on?
You may have noticed that there seem to be duplicates of tokens. These are not duplicates. Rather, they are integrations of an token onto another network. For example, you may see multiple versions of USDT, and its network is denoted in the icon and text of the token. You are still restricted by the network, so always double-check the token details before completing any transaction. In Valora, all tokens are clearly marked by the network they are on.
In the image below, there are two Tether tokens. One is on Celo, and the other is on Ethereum. You may also notice that the one on Celo has been bridged via Wormhole. There could be other Tether tokens on Celo that use different bridges. Bridging allows you to hold an token while taking advantage of the benefits of a different network. For example, some users might like Tether but prefer the low fees on Celo. Bridging offers them the opportunity to have both.