Fungible token

The fungible token validity predicate authorises token balance changes on the basis of conservation-of-supply and approval-by-sender.


A token balance is stored with a storage key. The token balance key should be {token_addr}/balance/{owner_addr} or {token_addr}/{sub_prefix}/balance/{owner_addr}. {sub_prefix} can have multiple key segments. These keys can be made with token functions.

We can have multitoken balances with the same token and the same owner by {sub_prefix}, e.g. a token balance received over IBC is managed in {token_addr}/ibc/{ibc_token_hash}/balance/{receiver_addr}. It is distinguished from the receiver's original balance in {token_addr}/balance/{receiver_addr} to know which chain the token was transferred from.

The transfers between the following keys are allowed:


A transfer can be allowed from a balance without {sub_prefix} to another one without {sub_prefix} and between balances with the same {sub_prefix}. The {sub_prefix} can be given with --sub-prefix argument when Namada CLI namadac transfer.

Some special transactions can transfer to another balance with the different {sub_prefix}. IBC transaction transfers from a balance with {sub_prefix} to another balance with a different {sub_prefix}. IBC transfers handle the sub prefix ibc/{port_id}/{channel_id} for the IBC escrow, mint, and burn accounts and the sub prefix ibc/{ibc_token_hash} for receiving a token. IBC transaction transfers a token between the following keys:

IBC operationSourceTarget
Send (as the source){token_addr}/balance/{sender_addr}{token_addr}/ibc/{port_id}/{channel_id}/balance/IBC_ESCROW
Send (to the source){token_addr}/balance/{sender_addr}{token_addr}/ibc/{port_id}/{channel_id}/balance/IBC_BURN
Refund (when sending as the source){token_addr}/ibc/{port_id}/{channel_id}/balance/IBC_ESCROW{token_addr}/balance/{sender_addr}
Refund (when sending to the source){token_addr}/ibc/{port_id}/{channel_id}/balance/IBC_BURN{token_addr}/balance/{sender_addr}
Receive (as the source){token_addr}/ibc/{port_id}/{channel_id}/balance/IBC_ESCROW{token_addr}/balance/{receiver_addr}
Receive (from the source){token_addr}/ibc/{port_id}/{channel_id}/balance/IBC_MINT{token_addr}/ibc/{ibc_token_hash}/balance/{receiver_addr}

IBC token validity predicate should validate these transfers. These special transfers like IBC should be validated by not only the fungible token validity predicate but also other validity predicates.