Xend Finance’s L1 Blockchain, Asset Chain’s Testnet is Now Live!
The Asset Chain is the native blockchain for Xend Finance’s Real-World Asset OAE (Onchain Asset Environment)- created to allow the seamless onboarding of all legally transactable asset types on-chain. We’re excited to announce the introduction of the Asset Chain Testnet, so the Xend community can acquire the first taste of easy and smooth RWA tokenization, verification, and management, increasing accessibility for diverse investment opportunities! What’s more, we’ll soon have a series of exciting tasks and airdrops for our beloved community members, so do stay tuned for it!
Now, what features exactly does the Asset Chain Testnet bring? Let’s find out all about it!
What is the Xend Finance Asset Chain?
The Asset Chain is a decentralized, open-source smart contract platform with the goal to enable quick, secure, and scalable infrastructure for dApps. Lachesis, an aBFT consensus protocol designed by the Fantom Foundation, powers the Asset Chain, making it both faster and cheaper than contemporaries without trading away security.
Lachesis enables scaling transaction throughput while maintaining instant finality without an increased risk of centralization.
Notably, we will be making the Asset Chain repositories open-source for greater transparency; our users can both see the code and build upon it.
Primary features of Asset Chain
Here are the most prominent features of Xend Finance’s Asset Chain:
- The Asset Chain attains transaction finality averagely within 1–2 seconds.
- It can process up to 5000 transactions every second.
- The Asset Chain can scale to accommodate nodes numbering in hundreds of thousands.
- The Lachesis consensus brings institutional-grade security to the network.
- The Asset Chain offers ‘absolute finality’, which essentially means that transactions, once done, can not be reverted under any circumstances.
- The Asset Chain is completely compatible with the EVM (Ethereum Virtual Machine), which means developers are offered the same level of convenience in deploying smart contracts as on Ethereum.
- Note that the Asset Chain will support standard validator nodes owned and managed by individuals or organizations, and also bring in tokenized nodes owned by thousands of users. This is to ensure complete decentralization of the Asset Chain, enhancing security and global participation from anyone, anywhere.
Proof of Stake
Xend Finance’s Asset Chain relies on Proof-of-Stake to prevent Sybil attacks (a bad actor creating multiple identities to control a network). In fact, the Asset Chain requires a node to stake a minimum amount of 30,000 RWA to compete to validate transactions on the Asset Chain.
This is how you can understand Xend Finance’s PoS mechanism in a simple manner: validator nodes are in charge of validating transactions, and the staked tokens serve as an economic incentive making them -
a. stay dedicated to the decentralized network, and
b. earn staking rewards for their contribution as a passive income
On that note, rewards distribution on the Asset Chain is controlled by the ‘Special Fee Contract.’ This contract is subject to change without hard forks as per the rules of governance. At the moment, here’s how reward is distributed:
- 20% goes to the Xend Finance Ecosystem Treasury
- 80% goes to the validators, chosen for each round of transaction verification and block creation
RWA and transaction fees
If we go back to the basics a bit — the Asset Chain is here to onboard all legal asset types to the Xend Finance ecosystem, right? Now, each transaction made on the Asset Chain- be it while onboarding an asset or moving it — demands a certain transaction fee to be paid in the native token RWA. The fee goes into preventing spam, rewarding validators for verifying transactions, and more.
Gas
‘Gas’ is required for all activities on the Asset Chain- understood as the computational effort it takes to process a transaction on the blockchain. Here are some examples of how much gas is required on the Asset Chain for different activities:
- Transferring RWA tokens take about 21,000 gas per transaction
- Swapping between two tokens takes about 200,000 gas
- Buying an NFT takes about 600,000 gas
The gas price is measured in ‘gwei’ or a minuscule fraction of an RWA token. Note that the gas price may vary at different times of the day, or between days. This is because when the network is busy, the high demand for having transactions processed drives up the gas price, and similarly on relatively slow days the gas price is lower.
To learn more about gas, visit the gas section of the documentation.
Products deployed on the Asset Chain Testnet
Here’s a quick look at everything you can find on the Asset Chain Testnet right now:
- Asset Chain Documentation for developers: http://docs.assetchain.org/
- Asset Chain Academy for developers: https://academy.assetchain.org/
- Native Bridge for multi-chain support: https://bridge-testnet.assetchain.org/
- Swap: https://swap-testnet.assetchain.org/
- Block Explorer
Basic : https://testnet.assetchain.org/
Advanced: https://scan-testnet.assetchain.org/
- RWA staking : https://testnet-stake.assetchain.org/
- An RWA Faucet that requires some mining work in exchange for free Testnet funds: https://faucet.assetchain.org/
For better guidance, you can go through the Asset Chain Academy and our documentation.
Now, the Asset Chain Testnet would allow our much-valued community members and enthusiasts to check out all these features and more for themselves, so they can get a hang of the goings — on before the Mainnet goes live.
Interested to try it out? Here’s the information you need to add the Asset Chain Testnet as a custom network to MetaMask:
- Navigate to the MetaMask browser extension.
- Click on the dropdown button at the top to select a network.
- Click on the ‘Add network’ button.
- Choose ‘Add a network manually.’
- An ‘Add a network manually’ dialog should appear. You can now enter the following information:
Network Name: Asset Chain Testnet
RPC Endpoint: https://enugu-rpc.assetchain.org/
Chain ID: 42421
Currency symbol: RWA
Block Explorer (Testnet): https://testnet.assetchain.org/
- Now select the ‘Save’ button to save the Xend Finance Asset Chain as a network.
- And just like that, you can now connect to the Asset Chain Testnet: simply select it from the ‘Network selection’ dropdown menu!
While we introduce airdrops to our users, we encourage you to start checking for bugs and errors in our Testnet; of course, bug bounties are on the way!
Follow along on our exciting adventure: visit our website and connect with us on X and Telegram!
Further, do reach out to us with any feedback through this Google form! Remember, you can fill this as many times as you’d like.
