Cross Chain Collateral Withdrawals
The process of withdrawing collateral from the Mirai Protocol on Polygon to Ethereum can be broken down as follows:
The user calls the withdraw function on the mUSDC contract and requests to withdraw 100 USDC of their collateral from the Mirai Protocol on Polygon.
The withdrawn USDC is sent from the Mirai Protocol on Polygon to the user's wallet on the Ethereum network using the Connext Network, a layer-2 scaling solution for Ethereum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.
The USDC is received in the user's smart contract wallet on Polygon and the system burns the corresponding mUSDC(interest bearing USDC) token from the smart contract wallet, representing the withdrawn collateral.
The user receives a notification that the withdrawn amount of collateral has been successfully transferred to their Ethereum wallet using the Push Network, which allows for real-time notifications of transactions on the blockchain.
The mUSDC token burned on Polygon is sent to the user's Ethereum wallet using the Connext network.
The mUSDC is burned from the user's Ethereum wallet and the user is notified via the Push Protocol that the withdrawal process is complete.
In summary, the process of withdrawing collateral from the Mirai Protocol on Polygon to Ethereum involves calling the withdraw function, sending the withdrawn USDC to the user's wallet on Ethereum using the Connext network, burning mUSDC on the Polygon network, and receiving the mUSDC on the Ethereum network, with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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