FAQ - Varen Finance

How does VarenX work? 
VarenX abstracts the complexity of swapping assets across blockchains by utilizing Ethereum’s smart contracts for swapping ERC-20 tokens and combining that with the RenBridge decentralized application (dApp). RenBridge dApp allows individuals to mint native currencies (such as BTC, DOGE, BCH, DGB, FIL, LUNA and ZEC) on Ethereum as an ERC20 token (renBTC, renDOGE, …). It also allows users to convert these ERC20 tokens back into their native counterparts. 

For example, to swap from LUNA to BTC, VarenX will execute the following steps: 

Deposit LUNA > mint renLUNA > swap renLUNA for ETH > swap ETH for renBTC > burn renBTC > send BTC
Why should I use VarenX?
The simplicity of cross chain swaps offered by VarenX not only saves time and transaction fees but it also allows for anyone to seamlessly move assets between native blockchains with minimal friction. The user-friendly and familiar interface and flow makes a complex task of swapping assets between native blockchains accessible even to the most novice DeFi users.
Which native chains are supported?
Below is a list showing all the native chains currently supported by VarenX and their corresponding confirmation times required to MINT or BURN the related ERC20 tokens.
Chain
Confirmations
Approx. time
BTC 
6 
60min
ZEC
24
60min
BCH
15
150mins
DOGE
40
40mins
DGB
50
12min
FIL
200
200min
LUNA
35
4min
​
For detailed step by step instructions on how to use VarenX dApp please refer to the tutorials in the Using VarenX section​
Which EVM sidechains or Layer 2's are supported?
As of now, the Varen team is working on integrating Polygon, and after that Arbitrum and Binance Smart Chain. After that integrating RenVM's host-to-host functionality is the next step.
Which Web3 wallets can I use to interact with VarenX? 
Metamask is the preferred wallet however VarenX also supports the following Web3 wallets:
WalletConnect, Coinbase Wallet, Keystone Lattice, Torus, Formatic, Portis, Binance Wallet
Which browsers does VarenX work with? 
VarenX is optimized for following web browsers: 
Mobiles - Metamask, Chrome, Brave
Desktops - Chrome and Brave
Do I need to keep VarenX open for my transaction to complete? 
No, once you have deposited native assets or submitted and confirmed your transaction you can close the browser. As long as you are connecting with the same wallet later on, the completed mint or transactions and/or swapped tokens will appear in your wallet.
What is the cost of interacting with VarenX? 
Fees for swapping on VarenX are paid in ETH. The size of the fee will depend on the network status and transaction complexity. There is no extra fee charged for swapping, so you pay the same amount of fees you’d pay for a swap on the decentralized exchange the VarenX router routes the transaction through. However on minting and burning additional fees are applied. You can find them in the table below.
Fee 
Description
Amount
RenBridge fee
Charged for every mint or burn
0.15%
VarenX fee
Charged for any transaction involving mint or burn. For native to native swaps, this fee will only be applied on the incoming mint.
0.05%
Network fee
Charged by the miners of the respective blockchain.
Set dynamically
Ethereum gas fee
Charged by the Ethereum network to execute the smart contract. The fee varies depending on the network congestion and complexity of the transaction.
Set dynamically
Where does VarenX get its liquidity from?
VarenX routes its transaction through the 1inch API and therefore it utilizes every protocol that offers liquidity on Ethereum network and was added to the 1inch API portfolio.
When swapping BTC for any other token, is it necessary to wait for 6 confirmations to complete? 
Yes, this is because minting renBTC takes 6 confirmations to prevent a double spend, after that you‘re free to swap. It is important to understand that each native chain has its own amount of confirmations required to mint or burn its ERC20 equivalent token via the RenBridge 
What is the purpose of the Varen (VRN) token? 
You’re able to stake it in the yVRN governance vault where protocol fees will reward VRN holders. Also, by staking in the governance vault you will have the right to vote in any future governance proposals put forward by the community. Collected fees by VarenX will be converted into VRN and periodically distributed into the governance vault.
What happens if I cancel my swap after sending my native assets to the gateway address? 
Canceling the swap by sending an interrupt transaction results in the native assets staying in the gateway address. The swap can be initiated again if required.
What happens to the VarenX protocol fees? 
They are collected in a multi-sig wallet owned by the Varen DAO. Collected fees by VarenX will be converted into VRN and periodically distributed into the governance vault.
Where can I get further support? 
Join Varen on Discord and post your questions or concerns in the Support channel. Varen’s community members will be able to assist you.
Link to Discord: https://discord.varen.finance​

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VRN Tokenomics

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Contents

How does VarenX work?

Why should I use VarenX?

Which native chains are supported?

Which EVM sidechains or Layer 2's are supported?

Which Web3 wallets can I use to interact with VarenX?

Which browsers does VarenX work with?

Do I need to keep VarenX open for my transaction to complete?

What is the cost of interacting with VarenX?

Where does VarenX get its liquidity from?

When swapping BTC for any other token, is it necessary to wait for 6 confirmations to complete?

What is the purpose of the Varen (VRN) token?

What happens if I cancel my swap after sending my native assets to the gateway address?

What happens to the VarenX protocol fees?

Where can I get further support?