We are pleased to announce the partnership between Firo & DotOracle Network that opens up the door for assets from other chains to be bridged over to Elysium.
One of DotOracle’s aims is to create a liquidity network layer that transfers digital assets back-and-forth between various blockchains such as Ethereum, Polkadot, Avalanche, Moonbeam, BSC, Polygon, Fantom and Tomochain. With our partnership, a privacy stablecoin bridge will be established on Firo’s Elysium layer. Elysium’s purpose within the DotOracle Ecosystem will be to act as a privacy enabler for the integrated L1s on DotOracle with an initial focus on stable-coins.
Here’s an example of how Elysium’s integration with DotOracle would look like. If a user is transferring DAI (original token on Ethereum chain) from Ethereum to Elysium, it would be locked in DotOracle’s smart contract and validated by its validators. Once validated, DotOracle will issue/mint dUSD on Elysium and send it to the user’s specified Elysium address. Once in Elysium, the user can then anonymize using Lelantus to keep them private or transfer them to other Elysium users as well.
To bridge out, a user will then use the DotOracle bridge again and then send the dUSD back to DotOracle which can be done using an anonymous Lelantus spend and then redeem it for the DAI they deposited to an address they specify. The dUSD will then be burnt on Elysium.
We expect Elysium’s integration into DotOracle to be completed in the coming weeks and aim to have it live shortly after Elysium goes to mainnet.
About DotOracle
DotOracle is a real-time decentralized Oracle and Cross-chain liquidity network for the Polkadot Ecosystem. DotOracle allows the real world to be connected to the Polkadot ecosystem by providing a decentralized oracle service to transfer information faster and more efficiently from the real world to Polkadot in real-time. Also, DotOracle bridges liquidity and digital assets from different blockchains to the Polkadot ecosystem through the MoonBeam parachain. Read more about our docs: https://docs.dotoracle.network/
Find out more about DotOracle on:
Website: https://dotoracle.network/
Telegram: https://t.me/dotoracle
Twitter: https://twitter.com/DotOracle
Medium: https://medium.com/@dotoracle.network
About Firo
Firo is at the forefront of cryptocurrency privacy with Lelantus and Lelantus Spark providing trustless, on-chain privacy with high anonymity sets. Dandelion++ technology also provides network-layer privacy.Firo uses a hybrid PoW and LLMQ Chainlocks system combining the fair distribution of supply with protection against 51% attacks and quick finality of transactions
Read more:https://firo.org/