Introducing: Rate3 Cross-Chain Swaps MVP
Now live and facilitating swaps between the Ethereum and Stellar testnets.
Introduction
So what’s the big deal about cross-chain swaps?
One of the most pervasive anecdotes about the state of blockchain today is that we’re still in the “era of Intranets”. Give it some time, and the benefits to get these respective intranets to communicate with each other will become immediately clear.
Loosely summarized, it was the eventual standardization of communications across the many Intranets of various enterprises and institutions worldwide which eventually gave rise to the Internet.
It’s easy to understand the popularity behind this narrative. A quick glance over at the first page of CoinMarketCap will show a whole list of smart contract platform projects (e.g. Ethereum, EOS, Stellar, Tron, Cardano, etc.) occupying the top most valuable cryptocurrencies. Each of them promise their own unique set of core benefits, as a result of trade-offs in their architectural designs. Each of these aspire to have their own ecosystem of Dapps built on top of their respective blockchains.
Say you’re interested in building your own Dapp right now. Where do you choose to build it? Which are the blockchain platforms that will end up being the most well-adopted one in future?
The bad news is that we don’t have a crystal ball to answer that for you. The good news however, is that with the emergence of blockchain interoperability technologies — such as cross-chain swaps — you do not need to make that choice.
Tokens are the very basic building blocks to allow value to move between Dapp users. They play a fundamental role in helping to coordinate incentives and nurture network effects in a decentralized setting.
By enabling a token to be able to move seamlessly across Dapps built on different blockchains, developers won’t have to pigeon-hole themselves to just a single one when constructing their Dapps during these early, experimental days. Cross-chain swaps help make this possible.
Rate3 Cross-Chain swaps is a service to transpose an asset that is non-native to one blockchain onto another blockchain and vice versa.
In this demo testnet iteration, we will be focusing on enabling cross chain swaps between Ethereum and Stellar, two of the most valuable smart contract platforms by market cap. This will serve as a foundation to build upon for other instances of cross-chain swaps that are to be done by Rate3 — including our upcoming IOST iStablecoin initiative.
Cross Chain Demo Instructions
Our cross chain swap demo lets you move SGDR tokens back-and-forth between Ethereum and Stellar.
Begin by clicking here https://swap.rate3.network — make sure you’re viewing this on desktop!
Proceed past the onboarding, and you’ll come to the user interface.
Congrats! You’ve been granted access to a couple of pre-connected Ethereum and Stellar addresses with healthy ETH and XLM balances…on their respective testnets that is :) When this is on mainnet, you’ll be able to link your own Ethereum and Stellar wallets to interact with this service tool.
Let’s start with making a Direct Swap from Ethereum to Stellar (peer-to-peer ones will be made available soon). Direct swaps involve you talking to a trusted issuer directly — in this case it’s Rate3 — to help you with moving SGDR between Ethereum and Stellar.
Enter the amount which you wish to move.
Click “Send Request” — this submits your swap request to the Ropsten Ethereum testnet!
You can view details of the “Deposit” transaction on Etherscan (for Ropsten Testnet).
Once that transaction has been confirmed and added to the Ropsten Ethereum blockchain, the Issuer will review that request before approving it. Let’s toggle the user interface to the point of view of that of an Issuer now. You’ll see our transaction which needs approving.
Lets review the user’s Ethereum and Stellar details before approving this transaction.
Congratulations — you have now successfully completed a cross-chain swap in moving your Ethereum SGDR tokens onto Stellar!
Clicking on the various underlined Ethereum and Stellar address links will allow you to check out what goes on under the hood for these transactions via Etherscan and Stellar Explorer!
If you’re so inclined, feel free to geek out over digging through the transaction histories of the associated Ethereum and Stellar addresses here:
User
Ethereum Address: 0xC819277Bd0198753949c0b946da5d8a0cAfd1cB8
Stellar Account:
- View on Stellar Explorer
- View on Stellar Expert
Issuer (Rate3)
Ethereum Address: 0xC819277Bd0198753949c0b946da5d8a0cAfd1cB8
Ethereum ERC20 Token Contract (SGDR): 0x01b488e4035e6c6462b7e258f66fa0b1f2ce09db
Ethereum Conversion Contract: 0xDfB3310f8B0445729DdFCe660C0d714Eeef73C9b
Stellar Account:
- View on Stellar Explorer
- View on Stellar Expert
Demo Landing Page:
About Rate3
Rate3 is a decentralised dual protocol for cross-chain asset tokenization and identity management. The Rate3 Tokenization Protocol is an end-to-end protocol for tokenization on both Ethereum and Stellar, while the Rate3 Identity Protocol is a protocol to create and manage a unified cross-chain identity.
Website: https://rate3.network
Twitter: https://twitter.com/officialrate3
Telegram: https://t.me/officialrate3
