New Features: Improving The Cross-chain Loans Protocol User Experience
Cross-chain Loans Protocol is the first cross-chain DeFi protocol to enable non-custodial native to native loans across EVM compatible blockchains without the need for bridges or intermediaries by expanding the concept of Atomic Swaps to enable debt creation and repayment by strategically revealing preimages.
Today we are glad to introduce the new version of the web interface of the Cross-chain Loans protocol, where we made important changes to improve the user experience and to facilitate the creation of disintermediated loans across blockchains. These changes include the following:
- Migration from the Harmony ONE browser wallet in favor of Metamask.
- Email Notifications.
- Network auto-detection to enable/disable features in the UI.
- Dark Theme.
Harmony-Metamask Integration
Last month, Harmony announced full integration and support with the Ethereum blockchain toolset, making it possible to use Metamask to interact with its network and smart contracts. In this way, we decided to migrate from the Harmony ONE Wallet for Chrome, in favor of the Metamask wallet extension, as it has a broader user base and will allow users to interact with the Cross-chain Loans protocol using a single wallet for multiple blockchains, without having to download and configure additional extensions.
The integration of Metamask in the web platform of the Cross-chain Loans protocol will also enable the adoption and expansion to additional blockchains, which are also compatible with Metamask, in an easier, more intuitive, and faster way. In this way, we will work in the coming weeks to launch the protocol on more blockchains such as Binance Smart Chain, Avalanche, Fantom, among others, which have full compatibility with Metamask.
Email Notifications
Another important new feature is the implementation of an email notification system that enables users to receive timely updates on changes in the status of their loans. In this way, borrowers and lenders will be notified when a new event occurs in the blockchain and when they have pending required actions, such as the Approve and Accept Repayment actions, that require interaction from the Lender to enable the normal flow of the loan to continue.
The Cross-chain Loans Protocol is a completely decentralized system of smart contracts where two independent parties can create loans with native assets across different blockchains, without the need for bridges or any kind of intermediary; this becomes possible by strategically revealing secrets or preimages between the actors involved to enable debt-creation and repayment. In this way, the protocol requires coordination between borrowers and lenders so that the lending process can develop and continue, thus the integration of an email notification system represents an important milestone to improve the usability of the protocol, as well as reduce the response and waiting times between the required actions of the parties involved.
For example, when a borrower locks collateral on Blockchain A to borrow tokens on Blockchain B, the email notification system will fetch the new events from the involved blockchains and automatically notify the Lender so he can verify the locked collateral and proceed to approve the loan. Once the loan is approved, the email notification system will notify the borrower that he is now able to withdraw the loan’s principal.
Network auto-detection system
One of the most frequently requested features by users was the ability to identify which button or action corresponded to each blockchain or network automatically. Without this functionality users could try to execute a transaction that would revert in an incorrect blockchain.
By implementing a network auto-detect system users will only be able to trigger certain buttons or actions if they are connected to the correct blockchain or network with Metamask, thus we prevent errors and facilitate the usage of the platform when users need to switch Metamask to a different network.
In a cross-chain system where users have to interact with multiple blockchains within the same page, this is an important feature to improve usability and allow users to switch networks without having to reload the entire page or without having to guess which button to click when they are connected to a certain network.
Dark Theme
We are also glad to introduce to you the new design of the Cross-chain Loans web interface. In this new version the Dark theme is activated by default, and it will automatically appear when you visit the website, however, you can switch between Dark Mode and Light Mode whenever you prefer.
If you want to switch to the Light mode, you just have to look for the symbol in the upper right corner and click on it, and et voilà, you can automatically switch between the Dark and Light themes.
One wallet, multiple blockchains
Developing cross-chain DeFi protocols is hard for the developers and difficult to use for the users. Implementing a unique wallet for multiple blockchains (Metamask) means we no longer have to rewrite functionality for multiple wallets, and users do not have to download and configure multiple browser extensions. This will allow us to expand the Cross-chain Loans Protocol to more Metamask-compatible blockchains and to integrate with more DeFi protocols faster, thus reaching a wider market. In the next articles, we will talk about the integration with Binance Smart Chain and Venus Protocol, among more new features.
