Onboarding Series - Episode 5: Filmmaker DAO ($REEL) and the case for Bridging a token
Eliot Couvat
0xC024
December 17th, 2021

Hey there! Coinvise is a web3 platform that helps creators & communities build and manage their Social Tokens. You can join the community here. If you find this essay interesting, make sure to subscribe to this newsletter and follow Coinvise on Twitter. Enjoy! 🔥


Because we've always understood onboarding the next million individuals in crypto will only be possible through education and seamless user experience, we're building daily new easy-to-use tools and creating content on how to use them.

Through a series of episodes, the "Onboarding Series" will guide you in your journey to create a tokenized community, teaching you how to leverage the Web3 tools at your disposal through concrete use cases.

In this fifth episode of the "Onboarding Series," we're going to deep-dive into how to bridge a token - meaning sending a token to a Layer 2 Blockchain to avoid Gas Fees.

1 - Filmmaker DAO - Token and Use-cases

Filmmaker is a community-owned storytelling production + distribution on a mission to empower every human in the Universe to tell stories. The Filmmaker’s leaders quickly realized that centralized platforms and gatekeepers had controlled film ownership, distribution, monetization and that this model is now outdated.

To overcome this problem, they have created their social token, $REEL, to make it possible for anyone to tell their story and for everyone to receive their fair share of the reward. They have structured their roadmap from the very beginning to give back to their community by finding creative ways to empower people with the resources to tell their own stories.

With the core value to reward as many people as possible, Filmmaker DAO knew since the beginning they would need to make a lot of transactions and, therefore, pay a lot of Gas Fees.

Gas Fees could be compared to a tip that we have to give to people securing the transactions on the blockchain. But with more people wanting to make transactions, more people are keen to give a high tip to see their transaction approved first, and the gas fees are increasing.

To overcome this problem, Layer 2 blockchains have been created. These other Blockchains (Layer 2) help increase Layer 1 by handling transactions off-chain and increasing the number of transactions that can happen simultaneously. These blockchains allow between 2k and 4k transactions per second (compared to 15/s on the Ethereum Blockchain) - removing the competition and lowering the gas fees.

To make transactions on a Layer 2 blockchain, DAO leaders have to “bridge,” meaning transferring a part of their token to this Layer 2 blockchain.

2 - Leveraging Coinvise to bridge $REEL and pay less on every transaction

With the need to make a lot of transactions and bridge a portion of their token on a Layer 2 Blockchain, the Filmmaker DAO’s leaders created an account on Coinvise and started to use the “Bridge” tool.

While the process of bridging tokens is fairly complicated for anyone, Coinvise created an easy-to-use tool that allows creators to bridge a token in one click.

With this tool, you only have to enter the number of tokens you want to transfer to the layer 2 blockchain and click on the “Approve tokens” button.

But making it easier for anyone to bridge a token is not the only thing we’ve improved. With the “Bridge” tool, we’ve also reduced the time it takes to bridge the token. While it would take ~2 weeks to transfer tokens on a Layer 2 without using Coinvise, we’ve developed a partnership with Polygon, a Layer 2 Blockchain, to ensure our users have their tokens bridged in 5 minutes maximum. This is an x4032 improvement.

Finally, creators can see directly from their dashboard the number of tokens they have bridged, making it easy to know if they have to bridge some more soon and track previous transactions.

3 - Understanding in-depth how to bridge a token

It’s now your time to bridge a portion of your token to polygon and enjoy (almost) gas-less transactions.

To help you understand better how to bridge your token to a Layer 2, we’ve created a complete guide with images, videos, and FAQs, that you can access below.

→ ACCESS THE BRIDGE STEP-BY-STEP TUTORIAL HERE

If you still have further questions about Airdrop, please join Coinvise’s Discord and ask for some help from Eliot | Coinvise | PST#2942.

You should now be good to go! We hope this fifth episode of the “Onboarding Series” helped you understand better the interest of bridging a token. Make sure to read the other episodes on our Mirror publication.


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Arweave TX
YqkwFNMXj8XlM0h-EvcYUTBTbUVPatkplKngia-BLEo
Ethereum Address
0xC0241e384dB48C35E7b3FEded3BfEcd29A3E73e3
Content Digest
6SYCeLYF6pbcJeCOdWfevrREAUjGbdBhECbA2kNRkqQ