https://github.com/KYVENetwork/wAR

Wrapped AR on Ethereum ⓐ🚀
https://github.com/KYVENetwork/wAR

arweave blockchain erc20 ethereum wrapped-token

Last synced: about 2 months ago
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Wrapped AR on Ethereum ⓐ🚀

• Host: GitHub
• URL: https://github.com/KYVENetwork/wAR
• Owner: KYVENetwork
• Created: 2021-05-12T16:21:59.000Z (over 3 years ago)
• Default Branch: main
• Last Pushed: 2021-05-15T16:22:27.000Z (over 3 years ago)
• Last Synced: 2024-04-06T11:34:31.555Z (6 months ago)
• Topics: arweave, blockchain, erc20, ethereum, wrapped-token
• Language: TypeScript
• Homepage:
• Size: 473 KB
• Stars: 8
• Watchers: 5
• Forks: 2
• Open Issues: 0
• Metadata Files:
  • Readme: README.md

Awesome Lists containing this project

• awesome-arweave - wAR - Wrapped AR on Ethereum. (Tools ⚙️)

README

        


  
wⒶR

  
Wrapped AR on Ethereum.


## Overview

$wAR is an ERC-20 token that maps one-to-one to $AR.

This is enabled by a _custodian_, a (trusted) entity responsible for running a bridge between the networks. It holds $AR and is responsible for minting and burning the equivalent amount of $wAR. Users interact with the bridge when depositing and withdrawing $AR.

## How It Works

### $AR to $wAR

A user first deposits $AR to the bridge Arweave wallet.

Once the deposit has mined, the bridge will pick it up and mint the appropriate amount of $wAR to the provided Ethereum address.

This is made possible via an [ownable ERC20 contract](contracts/contracts/wAR.sol).

![AR -  wAR](https://user-images.githubusercontent.com/62398724/118025206-77e5af00-b357-11eb-91f8-bb490fca0bdb.png)

### $wAR to $AR

A user first burns their $wAR by interacting with the ERC20 contract.

Once the burn has mined, the bridge will pick it up and transfer the appropriate amount of $AR to the provided Arweave address.

![wAR -  AR](https://user-images.githubusercontent.com/62398724/118025289-92b82380-b357-11eb-860e-a8cdf3b6de27.png)

## Interacting with the bridge

To interact with the bridge, you can either use the UI (WIP) or manually

send a transaction to the wallet provided by the bridge. When sending an

$AR transaction make sure to use the following tags:

```

Application: wAR - DEV

Wallet: [YOUR_ETH_ADDRESS]

```

## Example Transactions

1. The user deposits 0.01 $AR to the bridge Arweave wallet, specifying the target Ethereum wallet:

   

2. The bridge picks up the deposited $AR, and mints $wAR into the target Ethereum wallet:

   

3. The user burns 0.005 $wAR:

   

4. The bridge picks up the burn and releases $AR to the user:

   

## Keeping the bridge accountable

To keep the bridge accountable, the custodian can buy tokens

from a [PSC/DAO](https://community.xyz/#KJ3m8ldGqZwo1wnJuKGasnWQlLTqDdJoH0Ell224grs) and needs to stake them.

For every swap sent to the custodian, a fee is sent to community. When the custodian misbehaves, the staked tokens can be slashed

by the community. When the amount of $AR in the wallet exceeds the staked token values,

the custodian needs to buy more tokens to ensure accountability.

This allows anyone to buy into the profit-streams of $wAR. The more $wAR

a user has, the higher the chance for receiving the fee is. Everyone inside the community

can vote on the size of the fee.

## Roadmap

- [x] Test on [Ganache](https://www.trufflesuite.com/ganache).

- [x] Test on [Rinkeby](https://www.rinkeby.io), etc.

- [ ] Deploy on Ethereum mainnet.

- [ ] Build a UI for easy usage.

- [x] Implement staking

_Disclaimer: KYVE will not run the bridge. We are only providing the technical solution

for $wAR._