Cross chain lending
How does cross chain lending work?
The process of depositing USDC from Ethereum to the Mirai Protocol on Polygon can be broken down into the following steps:
The user calls the Deposit function on mUSDC and sends 100 USDC to the Mirai Protocol on Polygon.
The deposited USDC is sent from Ethereum to Polygon using the Connext Network, which is a layer-2 scaling solution for Ethereum that enables fast, low-cost cross-chain transactions.
Once the USDC is received on Polygon, a smart contract wallet is created for the user. This wallet is used for accounting purposes and the deposited USDC is sent there.
The 100 USDC is then deposited into the Mirai Network, which mints a new token, called mUSDC, that is an interest-bearing token based on the deposited USDC. This mUSDC is sent to the user's smart contract wallet and the user receives a notification of the deposit via the Push Protocol, which allows for real-time notifications of transactions on the blockchain.
The amount of mUSDC is then sent back to Ethereum using the Connext Network.
On the Ethereum chain, mUSDC is minted and a notification is sent to the user via the Push Protocol. The user now can stake this token for interest on their deposit.
In summary, the process of depositing USDC from Ethereum to the Mirai Protocol on Polygon involves using the Connext Network to facilitate the cross-chain transaction, creating a smart contract wallet for accounting purposes, depositing the USDC into the Mirai protocol to mint interest-bearing mUSDC, and sending the mUSDC back to Ethereum using the Connext Network. Notifications are sent using the Push Protocol to keep the user informed throughout the process.
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