Product Progress Update #1
Alright everyone, buckle up! We’ve been hard at work behind the scenes, and it’s time to start spilling the beans on what’s been happening. We’ll be giving regular updates, technical or not as to what is happening so you’ll have the chance to follow us as we are building.
🙋Happy On-Ramp & Off-Ramp!
First off, we’re thrilled to announce that we’ve unlocked all Crypto <> CurrencyX pairs for conversions on the BABB app! Now you can switch between your favourite digital assets and the currency of your choice.
🧪Testing, Testing, 1, 2, 3…
We’ve also been putting our tech through its paces, successfully sending fiat GBP to a blockchain wallet. It’s a small step for us, but a giant leap towards a more connected financial future.
⚙️Behind the Scenes
This week, we continue with writing integration tests for the off-chain bridge between EVM and L1: https://github.com/ReDeFi-Blockchain/redefi-eth-bridge/tree/tests-e2e
Over the weekend, we should also add methods to the bridge contract for registering initial funding (so-called pools that need to be filled before the bridge starts operating) so that they can be withdrawn later when the bridge has sufficient funds of its own.
In addition, we are starting work on private balances, currently in the R&D stage. We are studying the mechanism for creating secure on-chain storage for layer-2.
🌉L1 >< L2 Cross-Chain Transfers
Last but not least, each currency contract (RDF-20) now has a crossChainTransfer method that takes three arguments:
*chainId: The chain to which the transfer needs to be sent. Use 47803 for L1 or 1899 for L2 (for testnets, use 147803 and 11899 respectively. Note that testnets are not connected to mainnets, so please be aware).
*receiver: The recipient’s address on the other network. You can specify your own address or send it to someone else.
*amount: The amount of tokens to be transferred, considering decimals.
The method is free and does not require a network fee. For successful execution, you only need to have the specified amount of the required token in your balance.
So, there you have it! 🌇
It’s been a busy week, and we’re just getting started. We can’t wait to share more updates with you as we continue to build our main infrastructure & suite of products. One block at a time. Stay tuned for more exciting news in our next update!
About ReDeFi:
ReDeFi is providing a financial infrastructure platform to bring banks on chain. Our blockchain-based platform enables fast, secure, and low-cost B2B cross-border transactions, unlocking new opportunities for businesses and financial institutions worldwide. With our unique Onchain Money solution, we’re bridging the gap between traditional and decentralised finance by making global transactions for every user more accessible and efficient.
Risk Disclaimer:
Don’t invest in cryptocurrencies unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
