Content/Intro of xRING(Ethereum)

[hackfisher]

In the latest update of the Darwinia-Ethereum Bridge, numerous significant changes were introduced, such as the adoption of the more streamlined and abstract XToken v3 protocol, with the underlying messaging service switching to Msgport and ORMP. However, one critical yet often overlooked update is the introduction of a new optional xRING(Ethereum) token, enhancing support for Ethereum Layer 2 (L2) solutions. This xRING can be wrapped 1:1 into RING or unwrapped from RING, effectively making them equivalent.

The original RING(Ethereum) token, which was implemented a long time ago based on the ds-token library as an ERC20 contract, had its name and symbol as bytes32 types. This became less compatible with many Ethereum Rollup official bridges, such as OP and Base, which use string types for token names. Therefore, the recent Darwinia-Ethereum Bridge upgrade addressed this compatibility issue.

Can the original RING(Ethereum) still be used? Absolutely, its use remains unaffected. The only time you might consider swapping to xRING(Ethereum) is when transferring RING(Ethereum) to Rollups other than Arbitrum, and xRING on Ethereum can also be easily converted back to RING.

Another advantage of xRING is its lower gas consumption. The notorious high gas fees on Ethereum have deterred usage, so the gas optimizations of xRING might become increasingly favored over time. In essence, the choice between using xRING or RING, similar to ETH and WETH, is left to personal preference and use case. Currently, xRING is not widely included in token lists on information platforms, DEX/CEX liquidity pools, or DApps, but it's expected to become more integrated over time. This article aims to explain the rationale behind xRING's introduction and facilitate community understanding of its purpose.

[hackfisher]

https://medium.com/darwinianetwork/what-is-xring-d4c69144ff80