How does ckETH work?
ckETH is the digital twin of ETH on ICP. Ethereum holders can obtain ckETH by following four simple steps:
Deposit your ETH: Ethereum holders can deposit Ether into the deposit function in the ckETH helper contract on Ethereum and specify the ICP principal or wallet address where they want the minted ckETH to appear.
Minting ckETH: The ICP ckETH container smart contract will mint the same amount of ckETH to the specified ICP principal or wallet address.
Using ckETH: ICP principals or wallet addresses can now use ckETH locally on the Internet Computer.
Convert back to ETH at any time: When an ICP delegate wants to convert ckETH back to ETH, they can request it from the ckETH container smart contract and provide the amount of ETH and the Ethereum address they want to send the ETH to.
Check out this DFINITY forum post for more information on how ckETH works:
forum.dfinity.org/t/cketh-a-canister-issued-ether-twin-token-on-the-ic/22819
Why choose ckETH?
ckETH embodies the following advantages of the Internet Computer blockchain:
No bridge required: HTTPS Outcalls is a feature that enables ICP container smart contracts to call API requests directly. ckETH bypasses the attack vector by calling Ethereum RPC directly via HTTPS Outcalls.
Lower transaction fees: Ethereum holders can interact with ckETH on the Internet Computer, where gas fees are significantly lower than Ethereum, and then convert back to Ethereum whenever they want to transact on Ethereum.
Manage Ethereum wallets directly in the ICP container smart contract: The ICP container smart contract can create and manage Ethereum wallet addresses using threshold ECDSA. The ICP ckETH minting container smart contract generates the address 0xb25eA1D493B49a1DeD42aC5B1208cC618f9A9B80, which holds ETH and signs transactions.
ckETH lets you unleash the power of Ethereum on the Internet Computer and enjoy fast, cheap transactions and increased security, while still being able to seamlessly convert back to your ETH at any time.
ckETH is part of our larger Ethereum integration, to learn more about Ethereum integration on ICP, check out our website page:
internetcomputer.org/ethereum-integration
Access ckETH data
In addition to accessing ckETH data using the IC Data Dashboard, you can now query ckETH data using SQL on web3 data providers such as Dune, Flipside, and Footprint Analytics that support Ethereum transactions.
Dashboard Examples
Now, anyone can view the sample dashboards or add additional data on their own on Flipside Crypto and Dune Analytics.
Flipside Crypto - (data automatically updated every three hours):
flipsidecrypto.xyz/jennifertran/cketh-ether-twin-on-the-icp-Crhj12
Dune Analytics - (please fork this and run it on your account to get the latest data):
dune.com/jennifertran/cketh
ckETH table
We are also working with Dune and Flipside to tag ckETH data in their SQL tables to help web3 analysts easily find and understand ckETH data.
Flipside:ETH All references to the ckETH deposit smart contract 0x7574eB42cA208A4f6960ECCAfDF186D627dCC175 are labeled ckETH:deposit;
Dune: The cketh_ethereum.ckETHDeposit_evt_ReceivedEth table shows all ETH deposits to ckETH.
Query data
The data analysis below further examines the SQL queries used to build the dashboard on Flipside Crypto.
ckETH deposit/amount
As mentioned above, Ethereum holders send ETH to the ckETH auxiliary contract at address 0x7574eB42cA208A4f6960ECCAfDF186D627dCC175 and specify the ICP principal (wallet address) where they want the minted ckETH to appear.
Therefore, you can assume that any ETH sent to the contract address 0x7574eB42cA208A4f6960ECCAfDF186D627dCC175 will be minted as ckETH.
Example query to get the total amount of ETH deposited (for ckETH):
Example query to get the total number of unique wallet addresses that have deposited ETH (for ckETH):
As of 21:00 UTC on Monday, December 18, 2023, 74 different wallet addresses made 171 separate ETH deposits to receive ckETH.
Withdrawal/Removal or Burning of ckETH
To withdraw ckETH (convert it from ckETH on ICP to ETH on Ethereum), the ckETH holder will approve the ckETH minting container smart contract to deduct gas fees and set a specific Ethereum wallet address and the amount of ckETH to be converted to ETH.
The ckETH mint container smart contract uses the wallet address 0xb25eA1D493B49a1DeD42aC5B1208cC618f9A9B80 to send the specified ETH amount to a specific Ethereum wallet address.
Example query to retrieve the total amount of ckETH:
Example query to find the total number of unique wallet addresses that have extracted ETH from ckETH:
As of 21:00 UTC on Monday, December 18, 2023, 36 separate ckETH Ethereum withdrawals were made from 23 different wallet addresses, suggesting that most users are holding or interacting with ckETH on ICP rather than converting it back to ETH on Ethereum.
ckETH Supply
Therefore, the total transaction volume of ckETH is the number of deposits minus the number of withdrawals.
ckETH total supply query example:
Alternatively, you can query the current balance of wallet 0xb25eA1D493B49a1DeD42aC5B1208cC618f9A9B80, as it holds all the ETH.
Total value locked
Since ckETH is the digital twin of ETH on ICP, ckETH will have the same price as ETH on Ethereum, and the total value locked is the current amount of ckETH multiplied by the current price of ETH.
Example query for total value locked:
As of 21:00 UTC on Monday, December 18, 2023, 815.3 ETH has been deposited, with $1.8 million worth of locked tokens.
We are seeing increasing volumes as the ICP and ETH communities discover the added value of ckETH.
User Balance
ckETH holders can withdraw part of their ETH without redeeming all of their ckETH, so ckETH holders who have already withdrawn ETH can still have a ckETH balance.
To find their ckETH balance, you must subtract their deposit amount from their withdrawal amount.
User balance query example:
As of 21:00 UTC on Monday, December 18, 2023, the median user balance of ckETH was 0.03 ckETH.
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