You have access to more assets 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 assets. The assets supported in Valora may not have the same support in other wallets or exchanges. Sending assets 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 assets: Am I on Celo, Ethereum, or another network?
One of the most important rules to remember is that you cannot send assets from one network to another. When you transact with an asset on the Celo network, you are only able to receive that asset on another Celo address. The same goes for assets 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 asset 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 asset?
This will depend entirely on the platform or wallet. Your Valora wallet supports many Celo assets, including all native Celo assets. However, other providers, such as exchanges or other wallets, may only support some of these assets. 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 assets to my Valora address?
Yes, just double-check Valora supports that asset. 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 asset on a support network to 0xabcd, and you will be able to access the asset in Valora. Be aware that you actually have multiple addresses that look the same but are on separate networks.
If you send an asset unsupported by Valora, you can request to add support by emailing us at email@example.com. You also have the option to recover it using another wallet that allows you to import the asset.
I have ERC-20 assets. Which network are they on?
You may have noticed that there seem to be duplicates of assets. These are not duplicates. Rather, they are integrations of an asset onto another network. For example, you may see multiple versions of USDT, and its network is denoted in the icon and text of the asset. You are still restricted by the network, so always double-check the asset details before completing any transaction. In Valora, all assets are clearly marked by the network they are on.
In the image below, there are two Tether assets. 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 assets on Celo that use different bridges. Bridging allows you to hold an asset 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.