X-Talk Token Staking
The ability to mint and own a native FT on Chain A and stake it as a destination native FT on Chain B. Both chains may be EVM or Non-EVM compatible blockchain networks. The source token will automatically be locked on Chain A and the equivalent destination token will be staked on Chain B. This allows the Fungible Token to be locked on one platform and staked as the destination native Fungible Tokens on any other platform.
Example:
The ability to mint a DAI on Ethereum blockchain and stake it as RAY on Solana blockchain network with a Smart Contract on L1X. DAI, the source fungible token will be locked and equivalent RAY, the destination fungible token would be staked. The token will be usable on the destination chain for consensus, network security and governance.
Technical Workflow
Workflow explained
User deposits FT to the L1X MultiSig smart contract on the Ethereum. L1X MultiSig Smart Contract transfers these FT to L1X DEX.
User initiates the Smart Contract on the L1X Chain that makes the Execution Manager ready in terms of listening to the MultiSig contract initiation events.
Execution Manager informs the Rule Engine about Transaction Type. In this use case, it’s ‘L1X_Stake’.
Rule Engine verifies the event and forwards it to the Rule Processor.
Rule Processor filters and sends relevant information to the Rule Database.
Rule Database gives the response for the associated function call.
Rule Engine sends an event for an empty struct to the Execution Manager with function/rules and its relevant variable/function parameter details.
Execution Manager requests the Execution Register to store the information about FT deposited to the MultiSig.
Execution Register stores the event information and informs Execution Manager.
Execution Manager invokes L1X MultiSig Smart Contract on Solana blockchain network to stake FT through L1X DEX.
Event is triggered once FT is successfully staked on Solana.
Rule Engine sends the corresponding event for the transaction struct to the Execution Manager.
Execution Manager provides the information about successfully FT staking on Solana to Execution Register.
Execution Register stores the information and updates Execution Manager.
User is informed about successful FT staking on Solana.
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