Valora now supports multiple networks, giving users access to more tokens and ecosystems. However, it's crucial to understand where tokens can be sent. 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. This article reviews the key considerations when sending and receiving funds with a multi-chain wallet.
Read more about best practices for protecting funds when sending them.
Sending tokens: Which network is being used?
It’s important to ensure that tokens are not sent between different networks. For instance, tokens on the Celo network should only be received by another Celo address. The same applies to tokens and addresses on other networks. Since some network addresses may appear similar, always verify that both the sending and destination addresses are on the same network before confirming any transaction.
Before sending tokens, check if the receiving wallet or platform supports the token. []For more information, refer to the article on receiving funds from a cryptocurrency exchange.
Can Any Token Be Sent Between Addresses on the Same Network?
This depends on the platform or wallet being used. Valora supports many Celo tokens, including all native Celo tokens. However, other platforms, such as exchanges or wallets, may only support specific tokens. For example, exchanges like OKCoin support CELO, cEUR, and cUSD, while Coinbase only supports CELO.
Can ETH and Other ERC-20 Tokens Be Sent to a Valora Address?
Yes, provided that Valora supports the token. The Valora Recovery Phrase is used to access the wallet address on multiple networks. If the address is 0xabcd, any supported token on a supported network can be sent to 0xabcd, and the token will be accessible in Valora. Note that similar addresses on different networks exist, so it is essential to confirm the token’s network before sending.
If a token not supported by Valora is received, the Import Token feature at the bottom of the Tokens list can be used. If the token is on an unsupported network, another self-custodial wallet that supports that network may be required to recover it.
How to Identify the Network for ERC-20 Tokens
Multiple versions of tokens may appear, but these are not duplicates. Instead, they represent integrations of the same token across different networks. For example, multiple versions of USD₮ may exist, denoted by the token's icon and text. Always double-check the token's network before completing a transaction.
In Valora, tokens are clearly marked with the network they are on. For example, there may be two Tether tokens: one on Celo and one on Ethereum. Some Tether tokens on Celo may also be bridged via different methods, like Wormhole, allowing users to benefit from the advantages of another network.