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DPI and MVI on Arbitrum FAQ
DPI and MVI on Arbitrum FAQ
Everything you need to know about how to bridge DPI and MVI to Arbitrum using Chainlink CCIP.
5/7/2024
Index Coop
Content
**Please note: There is a more current version of this FAQ. Please see The ARB Rewards / CCIP FAQ here for information on Phase 2 of the incentive period.
What is CCIP?
CCIP, or the Chainlink Cross-Chain Interoperability Protocol, is a bridging service that provides a simple interface for transferring data, tokens, or both across chains. You can find a wealth of information about CCIP here in the official documentation.
What Index Coop products are enabled with CCIP?
Currently, DPI and MVI are the only Index Coop products enabled by Chainlink CCIP. Bridging between Ethereum, Arbitrum, and Base is currently supported for both DPI and MVI. The official token addresses are:
DPI Ethereum
DPI Arbitrum One
MVI Ethereum
MVI Arbitrum One
*not currently incentivized
Is the DPI/MVI on Arbitrum the same as the token on Ethereum?
Yes, DPI and MVI tokens on Arbitrum represent the official versions of both products on Arbitrum. Holders of DPI or MVI on Arbitrum may redeem their tokens for the underlying components after bridging back to mainnet (where the collateral “lives” in the original token contracts).
Please note that the bridged token addresses are not identical to the token addresses on Ethereum mainnet.
How can I earn $ARB rewards?
You can earn ARB rewards by bridging and holding DPI and/or MVI on Arbitrum. To receive rewards for holding DPI/MVI, you must have bridged using the Chainlink Transporter app. Users who may buy or sell DPI or MVI on the Arbitrum secondary market are not eligible.
In the future, ARB rewards may also be earned by providing liquidity on Arbitrum; more information on LP incentives will be published at a later date.
What do I need to do to earn rewards for “holding” DPI or MVI?
Nothing! Once you bridge DPI or MVI to Arbitrum and it is reflected in your wallet, rewards will accrue based on your wallet balance. No additional action is required.
Holding DPI or MVI bought off the secondary market on Arbitrum is not eligible for rewards; only wallets that both bridged and held DPI or MVI are eligible for rewards.
How much $ARB is up for grabs?
For users who bridge and hold DPI and/or MVI on Arbirum, there will be 500 ARB per day of rewards. Users’ balances will be calculated in USD at 00:00 UTC each day, with the 500 ARB split proportionally across all users. This incentive program will run for 12 weeks, with a total allotment of 42,000 ARB.
Distribution details will be uploaded to Merkl and rewards will be made available for claiming after the incentive period ends on 30 July 2024.
How can I track $ARB rewards that I’ve earned?
Index Coop will publish a Dune dashboard imminently that will enable users to track the ARB incentives earned by their respective wallet(s).
A link to this dashboard will be provided in this article as soon as it’s available, and shared across other Index Coop communications channels.
Where can I claim $ARB rewards?
For users that bridge and hold, you can claim your ARB rewards from the Merkl App. ARB rewards can be claimed in a lump sum on 7 August 2024, one week after the incentive period ends on 30 July 2024.
*Edit: Timelines have been affected due to delays in receiving the initial ARB rewards from the Arbitrum Foundation. The new date for Phase 1 users to claim their rewards will be in the first week of September. See our updated Phase 2 FAQ for more details.
Where can I go to bridge?
You can use the Chainlink Transporter app which acts as a front-end for the CCIP bridge. Here is a direct Transporter link for bridging DPI from mainnet to Arbitrum, and a direct link for bridging MVI from mainnet to Arbitrum.
How long does it take to bridge?
The typical settlement time for a CCIP transaction is roughly 20 minutes. Before bridging, the Transporter app will display “Time to destination” for a given transfer; the example below for bridging DPI from Ethereum to Arbitrum is estimated to take 20 minutes and 19 seconds.
Are there any fees associated with bridging?
CCIP charges a per-transaction fee for token bridging. Currently, the fee to transfer DPI or MVI from Ethereum to Arbitrum is $0.50 (USD) worth of ETH; however, fees may change based on exact bridging path. You can review the CCIP Network Fee table for more details and use their calculator tool to determine precise fee details for a given transaction (examples below).
Index Coop does not charge a bridging fee or receive a portion of the CCIP bridging fee. The Transporter app itself also does not charge additional fees.
Can I bridge anywhere besides Arbitrum?
The current CCIP implementation also supports bridging DPI and MVI to and from Base from Arbitrum or Ethereum mainnet. There are no incentives currently for DPI or MVI activity on Base. That said, DPI or MVI holders who want to bridge to Base can do so via the Chainlink Transporter app.
Here are direct links for bridging DPI from mainnet to Base or bridging MVI from mainnet to Base. Bridging DPI or MVI between Arbitrum and Base is also supported in the Transport app.
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