This may have been discussed before, but how will RenVM

Question

This may have been discussed before, but how will RenVM

deal with stablecoins, in regards to moving from one chain to the other? If there is USDC on Eth, someone can deposit that into RenVM but how does Ren transfer that to say Solana? I assume it doesn’t mint a renUSDC

#cryptocurrency #english #ren

0

16.09.2021

9 ответов

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shiny Автор вопроса

So you could go renUSDC on Eth to renUSDC on Solana, which is like a burn/mint, or you could go USDC on Eth to renUSDC on Solana which is just a mint? And then if direct to a pool and he swap can also happen in same transaction under hood?

0

17.09.2021

chicobermuda

You could lock USDC-SPL to mint renUSDC-ERC20, or lock USDC-ERC20 and mint renUSDC-SPL. The only burn-and-mint would be if you were to move USDC from Chain A to Chain B as renUSDC (lock-and-mint) and then move that renUSDC from Chain B to Chain C (burn-and-mint).

0

17.09.2021

shiny Автор вопроса

Gotcha, renUSDC on chain A to renUSDC on chain B - what would that be, or is that going to be so rare not worth it

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17.09.2021

chicobermuda

You’d be locking USDC on Chain A to mint as renUSDC on Chain B, and then burn that same renUSDC on Chain B to mint on Chain C. One lock-and-mint and one burn-and-mint. One issue is that you could have two renUSDCs on Chain C (eg Avalanche could have one renUSDC corresponding to USDC-ERC20 and another renUSDC corresponding to USDC-SPL).

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17.09.2021

shiny Автор вопроса

If that’s the case then there may be some advanced trade pools to not only exchange renUSDC to USDC on any chain but also renUSDC from one chain to another renUSDC

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17.09.2021

chicobermuda

A cross-chain stable AMM is obviously desired, but unlike other cross-chain protocols, RenVM could actually make it Pareto-efficient for traders and LPs. You could design a cross-chain stable AMM on RenVM as a meta pool (for example, [Saber USDT-USDC, Curve 3pool]) that supplies liquidity to each underlying base pool on behalf of its LPs. A cross-chain swap could involve the RenVM meta pool depositing token_A in the chain_A base pool, withdrawing token_B from the chain_B base pool, and transferring token_B to a chain_B address. Traders would benefit from the same liquidity in each base pool plus new cross-chain liquidity in the meta pool, and LPs would earn fees from cross-chain swaps in the meta pool plus fees from either the Saber or Curve pool. This would be gas-intensive on Ethereum L1 but could work on all other chains. As APYs would almost surely be higher in the meta pool than the base pool, it’s possible that RenVM itself could wind up as one of the biggest LPs in the base pools.

0

17.09.2021

shiny Автор вопроса

Nice. Simple guys asks if that makes darknodes go brrrrr

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17.09.2021

Body Mulah 🇿🇦

yes, it’s getting quite complicated soon. the naming scheme is not really fit for that. and i wonder about capital efficiency because we need pools for all of the USDC flavours

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17.09.2021

Maximilian | Ren Labs is hiring · Accepted Answer

Maximilian | Ren Labs is hiring

Would be renUSDC yes, swappable

0

17.09.2021

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This may have been discussed before, but how will RenVM

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