reForge
reForge is a native tool within Aryze’s ecosystem that enables seamless cross-chain transfers and asset conversions. It supports the movement of E-Assets between a large number of supported blockchains and facilitates over-the-counter (OTC) conversions from one E-Asset variant to another without the need for traditional exchanges, liquidity pools, or third-party services.
What it does?
reForge provides three main functionalities for users:
Moving E-Assets Between Chains - reForge allows you to transfer E-Assets seamlessly between different blockchains. For example, if you want to move 100 eEUR from Ethereum to Polygon, reForge burns the 100 eEUR on Ethereum and mints the same amount on Polygon. The new tokens are then deposited into the same wallet address that initiated the transfer, ensuring a smooth and secure transition.
Swapping E-Assets together - With reForge, you can easily convert/exchange one E-Asset variant to another directly on the blockchain. For instance, converting eEUR to eUSD involves burning the original eEUR and minting the new eUSD. This process eliminates the need for traditional exchanges or liquidity pools, providing a transparent and efficient way to manage your assets.
Cross-Chain E-Asset Swaps - reForge also supports cross-chain swaps between different E-Asset variants. This means you can convert and transfer assets in a single transaction. For example, if you want to swap eEUR on Ethereum for eUSD on Polygon, reForge burns the eEUR on Ethereum and mints the eUSD on Polygon, simplifying the process and reducing the risk associated with multi-step transactions.
How it works?
reForge employs a burn-and-mint mechanism to ensure there are no duplicates or double representations of assets. When you initiate a transfer or swap, the following steps are taken:
Burning the Source Asset - reForge burns the E-Asset on the source blockchain. This action is recorded on-chain, providing an immutable proof of the burn.
Minting the Destination Asset - reForge mints the equivalent amount of the E-Asset on the destination blockchain. This ensures a one-to-one correspondence between the burned and minted tokens, maintaining the integrity of the supply.
Security Measures - reForge mints new tokens to the same address (msg.sender) across supported blockchains, reducing the risk of man-in-the-middle attacks. The smart contract’s built-in reForge support eliminates the potential for double representation of E-Assets and misrepresentation of the total circulating supply.
On-Chain Price Oracles - reForge leverages Chainlink’s on-chain price oracles to obtain accurate and reliable exchange rates for conversions between different E-Asset variants. This ensures that all transactions reflect current market conditions, enhancing trust and transparency.
Fees
reForge applies a fee of 0.3% to the transferred amount. Additionally, a 3% fee is applied to currency exchanges made between 5 pm New York time on Friday and 6 pm New York time on Sunday to account for potential currency price fluctuations when the foreign exchange market is closed.
Half of the fees collected are allocated towards fulfilling commitments to $RYZE token holders, including buy-back-and-burn initiatives.
Breakdown
Weekdays: 0.3% reForge fee
Weekends: 0.3% reForge fee + 3% weekend markup fee
How to use reForge?
To use reForge, follow these steps:
Connect your self-custody wallet, such as MetaMask, to reForge.
Choose the source and destination blockchains for your transfer (e.g., from Ethereum to Polygon).
Enter the amount you wish to transfer and click on Transfer. reForge will burn the original E-Assets and mint an equivalent amount on the destination blockchain, depositing them into the initiating wallet address.
To view your E-Assets on the new blockchain, add the respective network (e.g., Polygon, Binance Chain, Ethereum) to your wallet.
Conclusion
reForge is a powerful tool that simplifies and secures the transfer and conversion of E-Assets across different blockchains. By leveraging a burn-and-mint mechanism and Chainlink price oracles, reForge enhances the efficiency and transparency of digital asset transactions.
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