Unlike Bitcoin and Ethereum payments, Stellar payments made to cryptocurrency exchanges require you to specify memo along with stellar address.
This has been an issue from quite some time now. However, this will be thing of past Stellar community has approved SEP-29 that solves this issue.
This issue is solved by marking exchanges as requiring memos. So whenever you try to send Lumens or any Stellar token to an exchange, it will not let you send it without memo.
Stellar wallets that upgrade to the latest Stellar SDK will automatically gain this ability.
Exchanges too can implement this simple change easily. All they need to do is add data entry to their deposits wallet and change config.memo_required to value 1.
They can also use this pre-populated Stellar laboratory link. This will automatically set memo flag for an account.
To implement this, follow these steps.
Add a source account
Fetch the next sequence number for that account
Scroll to the bottom, and hit “Sign in Transaction Signer”
On the next page, sign with your secret key
Click “Submit to Post Transaction Endpoint.”
This is how it is implemented using JS SDK.
new TransactionBuilder(account, {
fee: 100,
networkPassphrase: Networks.PUBNET
})
.addOperation(
Operation.manageData({
name: "config.memo_required",
value: "1",
})
)
.setTimeout(30)
.build()
