What is VarenX?
A cross-chain swapping dApp powered by RenVM and built by Varen Finance, an Ethereum based multi-chain DeFi hub.
Until recently DeFi users had to jump through hoops and visit different platforms to achieve native to native decentralized cross-chain swaps. The VarenX smart contracts and user interface abstract away all these steps, saving you time, effort and gas.
VarenX smart contracts are developed to enable minting and burning native Ren assets, and swapping ERC-20 tokens in one single transaction. Here's an example of such a transaction, in this case BTC to LUNA:
Wrapping the Mint-Swap-Burn process into one transaction is the most gas efficient way to use the RenVM ecosystem to date.
While a mint/swap/burn always consists of at least one transaction to or from the users wallet, a Mint-Swap-Burn transaction doesn't.
- 2.The user now has to pay for the transaction of the minted renBTC to his Ethereum wallet.
- 3.The user navigates to a DEX and initiates a swap from renBTC to renLUNA. He has to pay for the transaction and the swap process.
- 2.The user selects LUNA as the desired output and submits the swap. He now pays for the mint, swap and burn in one transaction and saves two transaction fees in comparison to the classic way of executing a Mint-Swap-Burn.
Any other type of transactions are also supported on VarenX, such as:
Native chain (BTC) -> Ren asset (renBTC)
Native chain (BTC) -> Ren asset (renBTC) -> (VRN) ERC-677
Native chain (BTC) -> Ren asset (renBTC) -> (AAVE) ERC-20
(AAVE) ERC-20 <-> (VRN) ERC-677
(AAVE) ERC-20 <-> (BAT) ERC-20
Native chain (BTC) -> Ren asset (renBTC) -> Ren asset (renDOGE) -> Native chain (DOGE)
(AAVE) ERC-20 -> Ren asset (renDOGE) -> Native chain (DOGE)
(VRN) ERC-677 -> Ren asset (renDOGE) -> Native chain (DOGE)
Ren asset (renBTC) -> Native chain (BTC)
Note: ERC-20 swaps are routed through the 1inch API to ensure the best possible liquidity. Abovementioned examples and all (cross-chain) swaps are subject to available liquidity