Grab your rocket boots Relayers! We’re initiating the final countdown for deployment of RelayChain v2! This launch represents the first step in a series of upgraded features that will take all bridgoooors to new orbits over the next few months.
The Relay team is proud to launch its v2 Bridge!
The team has been hard at work with more robust development resources to build upon the v1 bridge framework with an updated product that is higher speed, lower cost, and more secure. In a year with security issues in the bridging space, the focus on security required the team to revisit the smart contract structure developed for v2. Instead, the v2 Bridge relies on ‘simple sends’’ and ‘listeners’ in a side-chain solution that relies less on smart contracts.
Today’s launch comes after a successful outside audit completed by TevPro, a trusted technology advisor for the world’s most recognized brands, businesses and institutions.
…And Here’s the Launch Timeline
-8/30 3:00 PM EST RelayChain will open staking for providing bridge liquidity and for staking RELAY to earn veRELAY.
-8/31 3:00 PM EST Rewards for stablecoin staking will go live.
-9/1 3:00 PM EST RelayChain Bridge v2.0 will become operational for bridging supported stablecoins and wBTC at https://bridge.RelayChain.com
*note the legacy bridge at https://app.RelayChain.com will remain operational as supported assets are migrated.
Staking in v2
Stable and Relay staking
On the v2 bridge, supported tokens can be staked to the bridge liquidity pools to earn yield on those deposits. Staked RELAY will earn veRELAY tokens, which will boost the yield on staked assets.
The veRelay Token
-veRELAY is a vested equity token that is earned by staking the RELAY token. Holding veRELAY gives a boost to the base APR on your stablecoin staking.
-The more RELAY you stake, the more veRELAY you will earn per hour.
-You will continue to accumulate veRELAY as long as your RELAY remains staked. You can always add more RELAY to your stake to further boost your rewards.
-If you unstake ANY amount of RELAY, then you will forfeit ALL veRELAY that has been accumulated, and the staked RELAY will be returned to your wallet.
How it Works
- User communicates the parameters of the transfer they would like to make
- Relay stores the parameters and gives the user an ID for the transfer
- User sends tokens to Relay’s Bridge wallet, with the ID appended to the transaction data
- Blockchain listeners pick up the transfer, validates it and updates the status on Relay’s servers
- Relay sends tokens to the user on the destination chain
How do you use it?
- Navigate to https://bridge.relaychain.com
- Set your MetaMask to the network from which you would like to send. (Ethereum, Metis, Optimism, etc.)
- Select Destination Network
- Select the token that you would like to bridge
- Click the “Transfer” button
- Approve the transaction in MetaMask
- Watch the progress tracker and await the receipt of your funds on the destination chain.
- You will be able to view the history of all of your previous transactions
The v2 bridge is the next milestone on the roadmap, but additional functionality and features will be rolled out as updates continue. There are many enhancements that will not only make Relay the center of the bridging universe, but will also ensure that our passengers are entertained on their first class voyage of the cryptoverse. Good bridging to all of you and thank you for flying with RelayChain.