Firo & DotOracle Partnership:Integration DTO stable-coins bridge with Elysium
Firo’s Elysium is a tokenization layer that allows users to create their own privacy-enabled tokens with use-cases from private stable coins or voting tokens and in the future offer privacy for bridged assets from other chains.
One of our aims is to create a liquidity network layer that transfers digital assets back and forth between various blockchains such as Ethereum, Polkadot, Avalanche, Moonbeam, BSC, Polygon, Fantom, and Tomochain. With this partnership, we will integrate a privacy stable-coin bridge on Firo’s Elysium layer. It allows users to easily swap stable coins from one chain to another with a lot of benefits:
- Higher security with Lelantus protocol privacy technology
- Improve productivity and usefulness of existing crypto assets
- Enjoy low operational difficulty
- Lower gas fee with increased transaction speeds
What we can do
We will create a decentralized pool named dUSD on the Elysium layer that allows every user to swap between their stable coin and dUSD token.
The dUSD pool may use MPC security technology that runs by some nodes of DotOracle network.
If user A wants to send 100 USDC from the wallet to the dUSDT pool, they can send from every chain by using DTO cross-chain stable coin bridge.
And dUSD pool will mint 100 dUSD to send to user A using the Elysium layer.
Conversely, user A wants to withdraw 100 USDC to their wallet, they also can use every chain by using the DTO bridge. In this situation, dUSD pool will burn 100 dUSD.
With the Elysium layer, we can see what Elysium’s integration with DotOracle would look like. If a user is transferring USDC (original token on Ethereum chain) from Ethereum to Elysium, a wrapped token dUSDT will be issued on Firo’s Elysium with decimals and amount the same as the amount the user is transferring. Once it is on Elysium, dUSD can be anonymized using Firo’s Lelantus technology and transferred privately to other users on Elysium. The anonymized dUSD can be sent to another wallet on the Firo network with no tracking evidence or converted back to its native USDC on the Ethereum chain (or the other chain that users want).
What we done
- Complete to install Firo’s Elysium testnet
- Complete to connect with Elysium to create the dUSD pool and send dUSD to the user
- Progress to make dUSD pool be decentralized by using MPC technology
DotOracle is a real-time decentralized Oracle and Cross-chain liquidity network for the Polkadot Ecosystem. DotOracle allows the real world to be connected to the Polkadot ecosystem by providing a decentralized oracle service to transfer information faster and more efficiently from the real world to Polkadot in real-time. Also, DotOracle bridges liquidity and digital assets from different blockchains to the Polkadot ecosystem through the MoonBeam parachain. Read more about our docs: https://docs.dotoracle.network/
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Firo is at the forefront of cryptocurrency privacy with Lelantus and Lelantus Spark providing trustless, on-chain privacy with high anonymity sets. Dandelion++ technology also provides network-layer privacy. Firo uses a hybrid PoW and LLMQ Chainlocks system combining the fair distribution of supply with protection against 51% attacks and quick finality of transactions
Read more: https://firo.org/