I’m sure you have heard of Moons from r/cryptocurrency. But have you ever heard of Donuts, the Reddit Community Points from r/ethtrading? They are no ordinary micro cap coins. Their legitimacy is evident from the way Coinbase keeps track of their price. (No, you cannot buy Donuts, but who knows when that would change in the future?)
So, I’m intrigued by the potential of Donuts and have been posting for 2-3 weeks or so. If you are inclined to start posting your thoughts on Ethereum and everything else there, you might be interested in my notes below.
The key thing I learnt is that Donuts exist on two chains, both Mainnet and the Gnosis chain.
Yes, I know that you also don’t know what the Gnosis chain is. Apparently, Gnosis is an alt-L1, through strongly ETH-aligned. Donuts have been around as a means for people to save on ETH gas fees BEFORE the launch of any L2s. Isn’t r/ethtrading forward-looking in this regard?
First thing you must do
Welcome! Have you registered your MetaMask on the Donuts Dashboard yet? Need to do so in order to qualify for Donuts
https://donut-dashboard.com/#/register
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See your Donuts
Did you know that the Donuts tips you get are on the Gnosis chain? This means that you got to manually add the Gnosis chain in your MetaMask.
• Network Name: Gnosis Chain formerly xDai
• RPC URL: https://rpc.gnosischain.com
• ChainID: 100
• Symbol: xDai
• Block Explorer URL: https://gnosisscan.io
After doing that, you got to import Donut on XDai address: 0x524b969793a64a602342d89bc2789d43a016b13a
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To bridge or not to bridge, that is the question
Pros of moving donuts from Gnosis to Mainnet
- prevent the inability to withdraw your assets should the Gnosis bridge fails
- gain more options for trading (not many exchanges support Gnosis)
- stake Donuts on UniSwap and HoneySwap
- flex your Donut count next to your Reddit name
Cons of moving Donuts from Gnosis to Mainnet
- incur high gas fees, especially during the bull run
- unable to tip other users Donuts
- unable to use bridges like Bungee Exchange, Jumper Exchange or LayerSwap to bridge into gnosis and qualify for an airdrop in the event that they decide to launch a token
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Okay, I want to bridge
Bridge your Donuts from the Gnosis chain to Mainnet using bridge.connext.network or Omnibridge
