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Native Token Transfer Issue to Centralized Exchanges from Plena Smart Wallet

March 20, 2024

Native Token Transfer Issue to Centralized Exchanges from Plena Smart Wallet

💰Have you ever heard of a smart contract wallet? 🔐It's a self-custodial crypto wallet that securely & transparently stores digital assets 🔽This video Explains a few questions about how & why Plena was built. Let us know in the comments on what we should cover next ?


Native Token Transfer Issue to Centralized Exchanges from Plena Smart Wallet

10 min read

March 20, 2024

What is the Issue?

There is an ongoing issue which we want our users to address related to the transfer of chain native tokens like ($MATIC, $BNB, $AVAX) from the Plena smart wallet to the centralized exchanges.

When you transfer these tokens from the Plena wallet to the centralized exchange the transaction is approved and the funds get deducted from Plena but don’t show up in the recipient’s wallet address on centralized exchanges. The problem is that the centralized exchanges do not automatically detect native token deposits from smart wallets like ‘Plena’.

It means that transfers of $BNB on Binance Smart Chain (BSC), $MATIC on Polygon chain, AVAX on Avalanche and etc., coming from Plena Wallet (or any other smart wallet) may not be detected as a successful transfer, and it may not be shown in your assets.

The reason for this is that they do not detect “internal transactions”, also called “smart contract deposits” or “transaction calls”- in other words, they don’t detect the funds if they are coming from a contract call.

Do the Funds ever get Deposited?

When you make a native chain token transfer, the funds are correctly received by the centralized exchanges but not credited, you don’t need to panic as the deposits show up eventually taking more time than usual (sometimes around 5–6 days) and you can contact them for support to unlock your funds.

What is the Solution for this problem?

To save yourself from this issue you should avoid transferring the chain native tokens like $Matic, $AVAX , $BNB to the centralized exchanges.

Instead you can swap assets to stable coins or any other tokens apart from the chain tokens and you won’t be facing any issue as the problem is with the chain tokens only when being transferred from a smart wallet like ‘Plena’ to the centralized exchanges.

Why First Transaction on Plena Wallet is More than usual?

Whenever you do your first transaction on any chain ,Plena Deploy your smart contract wallet on the chain and due to that the first transactions on each chain of Plena Wallet are costlier. But you can see from your second transaction on the chain that they will be subsequently cheaper . There is also a notification in the app showing you a warning regarding it as well.

Advantages of Smart Contract Wallet

Plena wallet accounts are different from your MetaMask/ Trezor/Ledger addresses.The reason for this is that Plena Wallet is a smart wallet, which enables great features such as:

-One-click DeFi interactions
-Batched transactions
-One-click deposits into Aavesome/ Yearn ;
-Optimizing Gas fees and front running protection,
and others.

There are many things which differentiate the Plena Wallet from most of the other wallets out there: e.g. it’s a game-changer for the DeFi world because it solves most of the problematic points that the current wallets have. Furthermore, it gives users the opportunity to have an all-in-one tool for literally everything they may need in the crypto world — buying, selling or holding crypto, investing in DeFi, staking, farming, transferring.

*Important Info

For the Users who have sent native tokens of the chain to the Centralized Exchanges from Plena Wallet

Don’t worry your funds aren’t lost . Just on the centralized exchange raise a ticket with an issue in deposit and they will ask you for info like txn hash, deposit address ,token amount, token, chain etc .

Once you fill all those details your application will be reviewed and funds will be transferred to your centralized exchange wallet accordingly as per the processing time

For Ex : Matic on Polygon from Plena Wallet to Binance, KuCoin, etc.

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