VaporFund extends staking accessibility across chains by utilizing a specialized cross-chain bridge & DEX tailored for rebase tokens. Imagine getting eETH from ether.fi and earning points from EigenLayer on the BNB chain with lower gas fees.
The project is inspired by the following works:
- ElasticBridge - https://github.com/nulltea/elastic-bridge/blob/main/ElasticBridgePaper.pdf
- ElasticSwap - https://github.com/ElasticSwap/elasticswap
- RealUSD - https://docs.tangible.store/real-usd/how-it-works/cross-chain-bridging
The system extends a common lock-and-mint concept for bridging assets across chains leveraging a reputable cross-chain messaging protocol in the industry to transmit arbitrary data. Whenever rebases occur on the parent chain, the elastic supply control module automatically adjusts the supply on the child chain.
Some rebase tokens mandate KYC verification. In such cases, a separate system manages the KYC process. After successful completion, the wallet address gets whitelisted, allowing it to acquire and transfer.
- [v.1.0] Elastic cross-chain bridge allows for acquiring & withdrawing BNBeETH on BNB chain.
- [v.1.1] Rebase triggers reward distribution for BNBeETH holders.
- [v.1.2] Support BNBUSDY/OPUSDY that require KYC approval.
- [v.1.3] Using 3rd parties to automate cross-chain messaging and token transfers.
The multi-chain DEX specialized for rebase tokens aims to release sometime in 2024.