L1X Foundation
  • Getting Started
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  • L1X Technology Explained
    • Abstract
    • Introduction
    • Scalability and Interoperability Limitations of Existing Blockchain Networks
    • L1X Network
      • Design Principles
      • Prominent Features
      • L1X Benefits
    • Mobile Nodes
    • L1X Architecture
      • Components
      • Consensus Mechanism
    • L1X Transaction Lifecycle
    • X-Talk
      • X-Talk Architecture
      • Use Case: Advertise BSC NFT Sale in OpenSea Ethereum Marketplace
      • X-Talk Workflow
      • Benefits
    • Virtual Machine
    • L1X Time Units
    • Validator Nodes
      • Validator LifeSPAN
      • Validator Lifespan Algorithm
      • Validator Selection
      • Validator Selection Algorithm
      • Vigilant Nodes
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      • Cluster Assignment
      • Lexicon
    • L1X Reward Mechanism
      • Friction on the Network
      • Consensus Mechanism and Incentive Scheme
      • Resource Costing Model
      • Token Distribution and Pricing Strategy
      • Consensus Mechanism and Token Pricing with Respect to Token Inflation
      • Token Participant Distribution and Pricing
      • Ongoing Distribution Rules, Governance, and Token Pricing
      • Layer Two Tokenomics Vs Layer One Tokenomics
      • L1X Coins
    • Tokenomics
    • L1X Applications
      • Staking
      • Exchange
      • Ledger Tokenization
      • Micropayment Transactions
      • Micro Trading
      • Gaming
      • Metaverse
    • L1X Components - Example Use-Cases
      • L1X Fungible Token Smart Contract
      • L1X Non-Fungible Token Smart Contract
      • X-Talk Token Swap
      • X-Talk Token Staking
      • X-Talk Fungible Token Lending and Borrowing
      • X-Talk NFT Liquidity Provision
      • X-Talk NFT Leasing Provision
      • Health Smart Contract
      • L1X Wallet SDK
    • Conclusion
  • L1X Tokenomics
  • Node Hosting on L1X
    • Node Architecture & Consensus Mechanism
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  • Technical Workflow
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  1. L1X Technology Explained
  2. L1X Components - Example Use-Cases

X-Talk Token Staking

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Last updated 1 year ago

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

  1. User deposits FT to the L1X MultiSig smart contract on the Ethereum. L1X MultiSig Smart Contract transfers these FT to L1X DEX.

  2. 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.

  3. Execution Manager informs the Rule Engine about Transaction Type. In this use case, it’s ‘L1X_Stake’.

  4. Rule Engine verifies the event and forwards it to the Rule Processor.

  5. Rule Processor filters and sends relevant information to the Rule Database.

  6. Rule Database gives the response for the associated function call.

  7. Rule Engine sends an event for an empty struct to the Execution Manager with function/rules and its relevant variable/function parameter details.

  8. Execution Manager requests the Execution Register to store the information about FT deposited to the MultiSig.

  9. Execution Register stores the event information and informs Execution Manager.

  10. Execution Manager invokes L1X MultiSig Smart Contract on Solana blockchain network to stake FT through L1X DEX.

  11. Event is triggered once FT is successfully staked on Solana.

  12. Rule Engine sends the corresponding event for the transaction struct to the Execution Manager.

  13. Execution Manager provides the information about successfully FT staking on Solana to Execution Register.

  14. Execution Register stores the information and updates Execution Manager.

  15. User is informed about successful FT staking on Solana.

Figure 17 X-Talk Token Staking Workflow