Minter Hub — bridge to Ethereum & Binance Smart Chain
Many of you have heard that in Minter 2, you’ll be able to store, transfer, and exchange most of the major digital assets (e.g., BTC, ETH, BNB, USDC). But how have we achieved that?
These and many other coins will arrive in Minter 2 thanks to Minter Hub.
Minter Hub is bridging Minter with Ethereum and Binance Smart Chain. In the future, more blockchains will be added. Minter Hub is a standalone blockchain with its own validators (oracles) that are connected to all networks at once (Minter, Ethereum, BSC) and have access to the multi-signature wallets on each. Oracles lock coins on one network and issue their ‘mirrored’ version on the other.
Once the coins have been mirrored on the Minter network, you can have the usual speed of transfers and ease of exchange. Mirrored coins can be swapped for any coin via Minter 2’s Uniswap pools. This means that very soon, you’ll have an opportunity to spend just 5 minutes of your time and create your own coin that will instantly trade against USD or BTC.
Those who supply liquidity to Minter 2 pools will get 0.2% on each exchange of coins.
Minter⇔Ethereum deposits and withdrawals take an average 20–60 seconds on the testnet. It’s pretty fast for cross-chain transfers, but keep in mind that such operations are made just once and after that, everything will work even faster, at a usual speed of 5 seconds.
Important: cross-chain transfers are not for regular users. It’s a pretty expensive process as it requires a large amount to be transferred in order to recoup the fees.
Regular users will be able to buy any coin right in the Minter 2 wallet, and for that, they won’t need to make cross-chain transfers. It will be possible to purchase stablecoins inside Minter using bank cards or cash if buying from the partners. But, of course, there will be no restrictions on the use of Minter Hub.
From the technical standpoint, Minter 2 is a global decentralized liquidity pool with leading cryptocurrencies and assets that can be moved around different blockchains. From the user experience point of view, it’s the most simple wallet where loyalty points you’ve got for getting a cup of coffee at your favorite shop can be exchanged for national currency or Tesla shares in one tap.
HUB Token
HUB is the native coin of the Minter Hub blockchain. Oracles lock HUB coins to obtain permission to validate the network. Rewards for confirmed transactions are distributed proportionally to the locked funds.
What can you do with the HUB token?
- HUB is a PoS token, so oracles receive 1% on the fees charged for transfers between blockchains
- HUB serves as reserve for Uniswap pools both on Minter and Ethereum/Binance Smart Chain
Depositing Assets to Minter Hub
When the user wants to deposit USDC into Minter Hub, they send the coins to the Minter Hub oracles’ wallet on Ethereum/BSC, where they are locked until a withdrawal request is received. After 5 block confirmations, oracles have a decentralized vote on whether to deposit those coins into Minter Hub. Once more than two-thirds of the oracles have approved, the coins appear on the user’s balance in Minter Hub.
Deposit example: https://ropsten.etherscan.io/tx/0x84be8defff0e46dc7724b0fd1b147d2c3ca526d5e0f7be6c1f51b6b99c86da73
Withdrawing
Withdrawals are similar. The user sends a transaction to the Minter Hub oracles, and after more than two-thirds of the votes have been secured, the withdrawal transaction is formed and sent to a given blockchain.
In Minter Hub, coins can also be sent ‘end-to-end.’ It means that they will not necessarily be accrued to the Minter Hub wallet but will instead go straight to a chosen network. For example, Minter coins can be directly sent to Ethereum and vice versa.
Withdrawal example: https://explorer.taconet.minter.network/transactions/Mtf137b0c59f3aecdfcba5840205c5c4d6f41c1c1077b7bf894899e35fbb460797
Fee
For their services, Minter Hub oracles get 1% on the fees charged for each cross-chain transfer.
An additional fee is charged for withdrawing to external networks: Ethereum and BSC. This fee will go to someone who’s sent a signed withdrawal transaction to the network and paid the fee in ETH or BNB. The size of the fee is dynamic as it changes based on the current load on the external network.
There are 2 options to pay the fees of external networks: Normal and Fast. ‘Normal’ means that your transaction is queued and awaiting the necessary quantity of withdrawals in order for the total ETH/BNB fee to be covered. If the transaction is pending for over an hour, the coins are returned to the sender (minus the 1-percent fee of Minter Hub). The ‘Fast’ mode is enough to form a withdrawal transaction momentarily.
Prices
Oracles constantly and in a decentralized way broadcast the prices of ETH, BNB, gas, BIP, and Minter coins onto Minter Hub. This data is used for calculating the fees needed to withdraw to Ethereum/BSC.
In the future, these prices may be used in smart contracts within Minter Hub.
Anything Else?
- With Minter Hub, one can utilize the capacities of smart contracts deployed on the Ethereum and BSC networks and create literally any logic of mirrored coins’ operation
- With Minter Hub, coins can be transferred between Ethereum and Binance Smart Chain
- Minter Hub will let anyone request any volume of liquidity from Ethereum/BSC if the exchange of a large number of coins is needed (for example, BTC for USDC)
How Can I Give It a Try?
- Create a wallet in Minter TacoNet, deposit MNT and HUB. MNT can be requested in the @MinterTestNetTapBot. HUB can be bought in the Convert section.
- Download MetaMask’s mobile app, create a wallet, and switch to Ropsten Testnet.
- Transfer the coins from the Ethereum network to Minter and the other way around using the form on the DEPOSIT & WITHDRAW page in Console. Test ETHs can be requested here.
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