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How reForge works?
Asset Transfer Across Blockchains
reForge leverages built-in support within E-Assets smart contracts to enable direct, secure transfers across blockchains. This process eliminates the need for users to trust third-party bridging or wrapping services with their assets.
Proof of Burn: A valid
proofOfBurntransaction on one blockchain allows reForge to mint new E-Asset on another blockchain, ensuring no duplicate or double representation of assets.Minting to Same Address: reForge mints new E-Asset tokens to the same address (
msg.sender) across supported blockchains, significantly lowering the risk of potential man-in-the-middle attacks during asset transfers.
Moving Between Blockchains
For example, when transferring 100 eEUR from Ethereum to Polygon, reForge executes a function that destroys the 100 ERC20 eEUR tokens on the Ethereum blockchain and issues 100 eEUR tokens on the Polygon Blockchain.
Moving Between Variants
reForge enables industry professionals to convert one currency variant to another (e.g., eEUR to eUSD or eGBP) using the same 'burn and mint' mechanism. This conversion process eschews traditional exchanges, liquidity pools, or third-party services, fostering a more secure, transparent, and trustworthy forex environment.
On-chain Price Oracles: To ensure accurate and reliable foreign exchange rates, reForge utilizes on-chain price oracles provided by Chainlink.
Security and Integrity
No Double Representation: reForge's mechanism eliminates the possibility of double representation of E-Assets and misrepresentation of the total circulating supply.
Reduced Hacking Risk: By not accumulating large amounts of assets in a single wallet, reForge minimizes the risk of hacking.
Fees
A fee of 0.3% is applied to the transferred amount through reForge, with half of these fees allocated towards fulfilling commitments to RYZE token holders. This includes utilizing revenues for further development and community benefits.