RioWallet’s users can now transfer RFUEL on RioChain or deposit & withdraw RFUEL cross-chain
It’s with great joy that RioDeFi starts 2021 with the completion of a new milestone. After months of in-house development and weeks of testing, RioDeFi is opening RioChain’s Generic Asset Bridge to the public! In this article we will explain to you what it is all about and how RioWallet’s users can start to take advantage of it.
RioChain’s interoperability passes through its Generic Asset Bridge
RioChain Generic Asset Bridge is a further step in the implementation of RioChain’s blockchain to make it fully interoperable. As you may know, most traditional blockchains such as Ethereum or Bitcoin are siloed systems. In other words, these blockchains are not designed to communicate with other kinds of blockchains. But as the industry is expanding with the emergence of hundreds of new blockchains, cross-chain functionalities have been rising over the last year. A few companies and protocols, including Cosmos, Blocknet, Aion online, and Wanchain are focusing on developing such solutions. The one that is leading the blockchain 3.0 revolution with interoperability as its top feature is Polkadot. It has encouraged many entrepreneurs and companies, among them RioDeFi, to integrate with Polkadot to enable greater scalability and faster transactions at lower fees across respective ecosystems. Thanks to its Generic Asset Bridge, RioChain can now interact with the assets of other blockchain networks including Bitcoin and Ethereum.
Introducing the Generic Asset Bridge
With the launch of the Generic Asset Bridge, anyone can now utilize RioWallet on their Desktop to deposit, withdraw, send, and receive RFUEL, on RioChain.
Below is a breakdown of each feature with their definition, fees involved, and a few use cases to better guide our community:
Depositing RFUEL from external wallets
This is the act of transferring the ERC-20 version of RFUEL from external ERC-20 wallets on Ethereum or from exchanges to your RioWallet. Please note that you’ll need to use our faucet to receive 1 free locked RFUEL (only usable on transaction fees) in order to pay the 0.1 RFUEL to generate a deposit address.
Fees:
When sending from Ethereum network wallets, you will need to pay the standard gas fees for ERC-20 token transactions. Cryptocurrency exchanges will charge a withdrawal fee, which is a usual fee that applies to all transactions leaving their platform. RioDeFi won’t charge any fees when receiving RFUEL on its network.
Sending and receiving RFUEL between RioWallets
This is the act of sending and receiving RFUEL between RioWallet users. The transactions happen on RioChain.
Fees:
0.1 RFUEL gas fees are required for sending transactions to another RioWallet address. No fees are taken when receiving RFUEL.
Withdrawing RFUEL
This is the act of withdrawing RFUEL from RioWallet and the RioChain network back to the Ethereum network to an external ERC-20 cryptocurrency wallet, such as Metamask or Trust Wallet.
Fees:
RioDeFi charges a 0.1 RFUEL gas fee + 100 RFUEL as gas fees for us to send RFUEL to the Ethereum network.
Generic Asset Bridge works for RFUEL now… but more assets are coming soon!
What’s next for RioWallet users?
- More assets are coming: over the next few weeks, we will add assets which are compatible with RioChain, for example, OM, rBTC, rETH, rUSDT, and rBNB. The acceptance of these assets onto RioChain will kick-off RioDeFi’s cross-chain capabilities and allow its dApps to utilize these cross-chain assets. Those tokens will be valued at their real time prices and can be withdrawn back to their native blockchains at any time. Transferring these assets to other people via RioChain means that the fees are much lower than transferring on their native blockchains.
- RioDeFi Staking program: Later in Q1, we will launch a RFUEL Staking Program natively on RioChain. This will permit users to generate passive income from their existing RFUEL by staking them on-chain to earn staking rewards. Meanwhile, for those who cannot wait and want to start staking RFUEL now, we have ongoing programs available on: MANTRA DAO, Bitmax, and KuCoin.
- Android and iOS Mobile apps: for now, only a web-based version of RioWallet is available, but both mobile apps will be ready to download over the next few months. We will soon be sharing screenshots of the app designs so everyone can have a sense of what’s coming.
How can the RioDeFi community take advantage of it?
- All the participants of the Giveaway campaign that was organised in November have received today their 10 RFUEL. If you are one of them, go and login on your existing RioWallet here to double check that you have received them;
- If you are new on this channel, open a RioWallet today, it’s FREE and can act as a secure storage option when you start purchasing RFUEL here. Other assets including rBTC, rETH, rUSDT, and rBNB will be supported on our ecosystem in a few weeks;
- RFUEL holders can deposit RFUEL on their RioWallet to be able to transfer it to others at fast speeds with low fees;
- Our community can also start purchasing RFUEL on our website or on the following exchanges: OKEx, KuCoin, Bithumb Global, Bitmax, and others. This could be a great opportunity to take advantage of the current price of RFUEL before its utility increases alongside the launch of RioWallet mobile apps, the RFUEL Staking program, DeFi Pools, RioExchange, and our partners’ platforms building on RioChain, including MANTRA DAO, LABS, and Lepricon.
About RioDeFi
RioDeFi accelerates the mass adoption of digital assets by bridging traditional and decentralized finance. Our vision is a world in which everyone has access to decentralized financial (DeFi) services.
We develop solutions that connect banking institutions with blockchain systems. Our applications enable lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.
To learn more about the latest developments regarding RioChain, visit: Riodefi.com
Should you have any questions, please join the conversation on our social media, Telegram and Twitter.
