Answer: LiteBit does not support smart contract transactions from Ethereum or Bitcoin.
Most exchanges and wallet providers do not accept smart contract transactions. However, there are exceptions. When in doubt, always contact the exchange first before making a transaction to your LiteBit wallet. If the exchange does the transactions via smart contract, first send the Ethereum to your own wallet and then to your LiteBit wallet.
We cannot process smart contract transactions from Ethereum and your deposit will not be added to your LiteBit wallet. Please contact our Customer Support if there is used a smart contract for your deposit to LiteBit.
What are smart contract transactions?
In a normal transaction, the Ethereum is sent from the sender's address via the blockchain to the recipient's address. Example of a normal transaction in the blockchain:
In a smart contract transaction, a 0 Ethereum transaction with instructions is sent to the contract address. The contract address then performs an internal transaction to the receiving address. Example of a smart contract transaction in the blockchain:
The rise of DeFi has also created wrapped tokens of Ethereum and Bitcoin. Simply put, a wrapped token is a token that represents a cryptocurrency from another blockchain and is worth as much as the original cryptocurrency. Unlike the original cryptocurrency, the wrapped token can be used on certain non-native blockchains. We only support the transactions on the original blockchain. You will find an overview here.