How Are New Tokens for Cross-Chain Transfers Added?
Minter Hub was created to make Minter interoperable with other networks. We've picked Ethereum as the first blockchain to be integrated because it's the most popular and the most liquid in the crypto space.
Tokens on the Ethereum network are different from coins on the Minter network. First off, there are various standards. The most widely used are ERC-20 and ERC-721, each having their own unique characteristics. Minter Hub works only with the former and most popular standard, which is ERC-20. It's impossible to tell one standard from the other automatically. Moreover, developers of a given Ethereum token can implement their own vision, meaning that even tokens of the same standard may differ in terms of functionality.
For Minter Hub to operate properly, there is a mechanism for voting whether to add a new token. It is used each time, allowing validators to manually verify that the token is compatible with Minter Hub and there will be no problem depositing and withdrawing it.
A vote taken by Minter Hub oracles is no due diligence of the project. Validators do not and cannot vouch for the financial security of the project being connected. The voting's only goals are to ensure technical compatibility of an ERC-20 token that has a smart contract on Ethereum and interconnect that token with a coin on the Minter network. Minter Hub's only responsibility is to make cross-chain transfers work.