New EVM Deposit Address Unification

How depositing crypto works on Bitpanda

If you’ve ever deposited Ethereum or a coin from the wider EVM ecosystem to Bitpanda you might have noticed that the deposit address we show you is actually a smart contract. We use these contracts so we know when to credit your personal account. Basically, it helps us to easily forward anything sent to us for safekeeping to the right place. Smart Contracts are used across the industry, because they allow for simpler management of accounts and a much more economical on-chain footprint than using regular addresses.

So, what’s the downside? 

These smart contracts offer big benefits, but also come with a small downside - they are usually deployed with a random address. This means that when you use another EVM network like Polygon to make a deposit, you will likely see a new address altogether. These differences can cause confusion and issues when depositing on various networks.

What are we changing?

We want to get rid of the confusion. By using the CREATE2 opcode and some tricks during initial contract deployment, it is actually possible to make the created smart contract addresses predictable and consistent across multiple networks. While not widely utilised this technique is used by platforms like Uniswap so users have an easier time distinguishing a real contract from a fake one. 

Bitpanda has been testing a similar logic since fully integrating the Polygon network and Binance Chain and is now ready for the next step.

Ethereum too

It is time to add Ethereum into the mix and unify all your EVM-based deposit addresses into one. This means that when you go onto the platform and click deposit to any of the assets on Ethereum or any other EVM network, you will notice a new address. This address brings some nice usability, as it will be the same across networks, making it easier to avoid mistakes when depositing and will make Bitpanda one of the easiest platforms to deposit crypto to. 

However, always remember you are only human. Please double-check to ensure that the asset and network you wish to transfer are available on the platform and open for deposits.

Happy depositing and good luck in the bull market.

Disclaimer

This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets. This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein. Investing carries risks. Make sure to conduct your own research before making any investment.