Hello Everyone! 👋
While travelling back to the UK from a prolonged visit to my parents and family, I am enjoying a double espresso by the Alps (sorry tea lovers 😅) while writing this piece. Summer might have ended but we are getting ready for what’s shaping up to be an exciting autumn/winter season!
Recent Updates:
🪂RED Airdrop:
The long-awaited RED airdrop is just one final confirmation away from being rolled out, and BAX holders within the BABB app will be the first to receive it. I hope you made your preparations and hold $BAX in the BABB app already as the snapshot + distribution will be done very soon.
❤️ERC-20 Ethereum Airdrop:
Our Ethereum airdrop is also in the pipeline, with delivery expected within the next 1.5 to 2 weeks. So to all self-custody wallet advocates, keep an eye out for the next updates!
💷Onchain GBP Testing:
We’re gearing up to release Onchain GBP for internal testing. This will allow us to ensure everything is functioning smoothly before wider testingd & deployment. We’ll keep you posted as this progresses.
What’s Next for us?
1. ERC-20 Token Bridge:
First up, we’re focused on developing a trustful ERC-20 token bridge between Ethereum and ReDeFi L1. This bridge will use smart contracts as custodial wallets, ensuring secure transfers. The Secure Bridge Relayer Module will help in monitoring these transactions, and you’ll be able to track them with a web viewer.
2. Staking:
Next, we’ll be rolling out our ReDeFi L1 Staking Module, which includes a Validator/Collator Module and a Reward Distribution Mechanism. We’re integrating these features into ReDeFi’s substrate palette, allowing you to stake/unstake BAX tokens easily via a Metamask-supported web interface.
3. FX Swap Protocol:
Finally, our DEX development is underway! The DEX will feature liquidity pools for each traded pair, a swap broker, and internal monitoring systems to ensure everything runs smoothly. Not to mention you will be able to access it through a user-friendly web UI.
FAQs 💬
Overcomplicating things is never a good option, but sometimes it requires giving some proper answers. 👇
1. Will banks run a node on the L2?
Yes, banks will create their own parachains connected to others with their own nodes running independently.
2. Will banks need to buy $RED to stake?
Banks will need RED tokens to cover transaction fees. However, we’re exploring fee abstraction, which could allow them to pay in fiat currencies instead.
3. How will the process look?
The system design is still a work in progress and is constantly being refined. We’re committed to making this as efficient and secure as possible.
4. Will the L2 be open for additional validators?
Currently, the L2 is private for banks, while the L1 remains open for public staking of BAX. This could evolve in the future based on the network’s needs.
5. Will Onchain GBP be transferable only via the BABB app?
Onchain GBP will be transferable to both self-custody wallets and directly to banks, functioning like regular fiat currency when sent to a bank account.
6. Will there be a dedicated ReDeFi interface for sending/receiving Onchain money?
For now, the BABB app is the primary interface. While there were plans for a self-custody wallet, our focus is currently on B2B solutions, leaving the possibility open for third-party development. In addition, Metamask if also an option if the tokens were sent from BABB app to Metamask.
🍂That’s it, everyone! We can’t thank you enough for your continued support all these months! We’re excited about the future and can’t wait to share more updates with you soon.
Stay tuned, stay engaged, and let’s keep building the #BanksOnChain future together!
About ReDeFi ❤️
ReDeFi is a Financial Infrastructure Platform (FMI) merging TradFi and DeFi. It uses a Substrate Layer-1 blockchain for decentralisation, while the Layer-2 sidechain focuses on privacy for B2B cross-border transactions, banks and financial institutions clients and so much more. The MVP is Onchain Money, a tokenised deposit system that mirrors fiat currencies in traditional bank accounts on-chain, enabling transactions using standard bank details.
Risk Disclaimer:
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