Articles on: Blockchain and Tokenomics

What is Virtual Ethereum?

Virtual Ethereum is used for paying transaction fees when trading on the Morpher sidechain.

Trading on the Ethereum blockchain requires Ethereum in order to pay for the computational resources required in processing and validating transactions. With increased activity on the Ethereum mainchain there has been a significant rise in fees. For many traders, trading on the Ethereum mainchain would not be economical, and inconvenient.

This is why Morpher's users trade on the Morpher sidechain, where fees can be paid in a Virtual Ethereum, which we provide to users for free.

Virtual Ethereum is Ethereum which exists on the sidechain, and cannot be moved to the Ethereum mainchain - where it would have value. It is simply a means for paying sidechain transaction fees. Every user's virtual ethereum balances are automatically topped up.

Virtual Ethereum is worthless. It cannot be withdrawn. If you attempt to transact using Virtual Ethereum you may limit your ability to trade or transact from your account until your Virtual Ethereum balance is automatically topped up again.

I tried to withdraw my Virtual ETH.

Virtual ETH has no value, you effectively sent it to another random sidechain wallet address. Please wait, your virtual ethereum balance should be automatically funded within 48 hours.

What happens if I run out of Virtual ETH?

We check and make sure that every user has enough Virtual ETH to trade and transact on Morpher. We give users approximately 1 Virtual ETH, which is sufficient for 300+ trades. It is unlikely that you should run out before you are automatically topped up again.

Can I use Virtual ETH to withdraw?

When withdrawing or depositing tokens from the mainchain you need to have real Ethereum. Virtual Ethereum is used exclusively for sidechain transactions.

Updated on: 15/07/2021

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