FAQ
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
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.
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
VarenX currently supports the following chains: Ethereum mainnet, Arbitrum, Avalanche, BNB Chain, Polygon (Matic)
Metamask is the preferred wallet however VarenX also supports the following Web3 wallets:
WalletConnect, Coinbase Wallet, Keystone Lattice, Torus, Formatic, Portis, Binance Wallet
VarenX is optimized for following web browsers:
Mobiles - Metamask, Chrome, Brave
Desktops - Chrome and Brave
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.
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 |
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.
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
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.
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.
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.
Join Varen on Discord and post your questions or concerns in the Support channel. Varen’s community members will be able to assist you.
Last modified 1yr ago