Cross Chain Borrowing

How do Cross-Chain borrows work?

The process of borrowing DAI from the Mirai Protocol on Polygon to Ethereum can be broken down as follows:

  1. The user calls the borrow function on the dDAI contract and requests to borrow 50 DAI from the Mirai Protocol on Polygon.

  2. The borrowed DAI is sent from the Mirai Protocol on Polygon to the user's wallet on the Ethereum network using the Connext Network, a layer-2 scaling solution for Ethereum that enables fast, low-cost cross-chain transactions.

  3. The DAI is received in the user's smart contract wallet on Polygon and the system mints dDAI(Debt DAI) token into the smart contract wallet, representing the borrowed amount.

  4. The user receives a notification that the borrowed amount of DAI has been successfully transferred to their Polygon smart contract wallet using the Push Network, which allows for real-time notifications of transactions on the blockchain.

  5. The dDAI token minted on Polygon is sent to the user's Ethereum wallet using the Connext network.

  6. The dDAI is minted into the user's Ethereum wallet, and the user is notified via the Push Protocol that the borrowing process is complete.

In summary, the process of borrowing DAI from the Mirai Protocol on Polygon to Ethereum involves calling the borrow function, sending the borrowed DAI to the user's wallet on Ethereum using the Connext network, minting dDAI on the Polygon network, and receiving the dDAI on the Ethereum network, with notifications being sent to the user via the Push Protocol to keep them informed throughout the process.

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