rBridge: How to Swap StaFi’s Mainnet Assets connected to ETH Chains

You must have learned of the immense possibilities of the StaFi project. No? Well, let me take you on a brief ride through the project.

StakingFinance (StaFi) is a Decentralized Finance (DeFi) protocol ensuring that the liquidity of a staked asset is unlocked and free for dispersion.

StaFi aims at resolving the issue between Mainnet and token liquidity in the Proof-of-Stake (PoS) network. It performs this resolution by offering alternative tokens, also known as rTokens to stakers, which provides them another opportunity to maximize their staking gains.

StaFi has continued to dish out important updates to their community which has ultimately led to the consistent growth of the network. One of these improvements is the implementation of the Cross-Chain Bridge feature.

Cross-Chain Bridges

Cryptocurrency and blockchain have done quite a lot to make financial decisions easy for humanity. Decentralization, scalability, security, and connectivity are the central tenets of this 21st-century revolution. However, as with any business, some holes need covering up.

Take for example you walked into a candy store and ordered a packet of candy. Then you notice you forgot your wallet at home, but then at the wall is a note stating you can pay with cryptocurrency. You bring out your phone and scan the QR code on the stamped poster, only to realize you can only pay with Bitcoin and not the Ethereum you possess. This lack of interoperability and several other problems gave birth to the idea of Cross-Chain Bridges.

There was no way to easily move funds or assets directly between blockchains prior to the cross-bridges era. Several projects developed or hoping to be launched on the Ethereum blockchain will face difficulties of transaction costs on the congested network as time goes by. With the implementation of a cross-chain Bridge, assets can now move seamlessly between two compatible chains.

In theory, cross-chain bridges ensure that a project can transfer some intensive computations to a chain of higher efficiency and lower running costs. For instance, 90% of tokens will stay on the main Ethereum network, while 10% of tokens can switch to a new, more cost-efficient network for computations.

rBridge is simply the channel connecting StaFi mainnet and Ethereum. It launched and became accessible in early 2021.

rBridge was created to enable the trading of StaFi’s native token (FIS) on Ethereum related platforms and other ecosystems. For instance, FIS tokens are not erc20 tokens, which means they are not compatible with the Ethereum network, making it impossible for the token to be exchanged on Ethereum trading platforms and protocols. With the implementation of rBridge, anyone can exchange their FIS tokens for rTokens [ERC20 tokens], which also have a variable transaction fee that shall be paid with FIS. This process is extremely fast and reliable.

It should also be noted that, for now, only the StaFi mainnet’s FIS can be converted to ERC 20 FIS, and not the other way around.

How to Swap StaFi’s Mainnet Assets connected to ETH Chains

In order to swap StaFi’s Mainnet assets connected to Ethereum chains, you have to follow the procedures below:

• On the StaFi rBridge page, enter the number of ERC 20 FIS to be exchanged as well as the Ethereum address for payment.
• rBridge will automatically determine the current ETH network’s processing fee and indicate the amount of FIS to be charged based on the current FIS/ETH exchange rate.
• The recipient makes the FIS payment, which will be temporarily stored and locked in a contract address pending a transitional state.
• When the contract deployed by rBridge on Ethereum’s chain detects the user’s request on the StaFi chain, it will immediately mint ERC 20 FIS and deliver them to the Ethereum payment address provided by the user.

Conclusion

It is important to note that StaFi’s rBridge makes it extremely simple for users by eliminating the need for them to pay the commission through their ETH wallet when connecting to the StaFi wallet. StaFi takes responsibility for the bridge payment; all the user needs to do is pay FIS with the latest FIS/ETH exchange rate.

Furthermore, CertiK, a renowned accounting institution, has internally and externally tested and audited the rBridge contract.

Stay connected with the StaFi project using the Links below:

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