🎉 First cross-border money transfer on @0xPolygon!
🇨🇦🇨🇭This week, someone sent 500 CHF to someone in Canada, who received 681.45 CAD.
The whole operation took a few hours and involved 4 stablecoins + @mtpelerin, @PayTrie, @CurveFinance, @Jarvis_Network, and @chainlink.
1/10
🇨🇦🇨🇭This week, someone sent 500 CHF to someone in Canada, who received 681.45 CAD.
The whole operation took a few hours and involved 4 stablecoins + @mtpelerin, @PayTrie, @CurveFinance, @Jarvis_Network, and @chainlink.
1/10
1⃣ $CHF -> $jCHF on @mtpelerin
It took 96 minutes for the CHF to arrive in Mt Pelerin and to be exchanged for our synthetic Swiss Franc stablecoins.
500 CHF left the bank at 8:27 am UTC+2 and 500 jCHF were delivered at 9:52 am UTC+2 (this person had already been KYCed).
2/10
It took 96 minutes for the CHF to arrive in Mt Pelerin and to be exchanged for our synthetic Swiss Franc stablecoins.
500 CHF left the bank at 8:27 am UTC+2 and 500 jCHF were delivered at 9:52 am UTC+2 (this person had already been KYCed).
2/10
2⃣ $jCHF -> $jCAD on jarvis.exchange
500 CHF stablecoins were converted into 682.35 CAD stablecoins using @chainlink price feed on our DEX.
polygonscan.com
1. first the jCHF were converted into USDC (redeem)
2. then the USDC into jCAD (mint)
3/10
500 CHF stablecoins were converted into 682.35 CAD stablecoins using @chainlink price feed on our DEX.
polygonscan.com
1. first the jCHF were converted into USDC (redeem)
2. then the USDC into jCAD (mint)
3/10
3⃣ Route optimization on @CurveFinance
Because the #2cad pool is slightly imbalanced, there was a positive slippage of 1.10 CAD. 682.35 $jCAD were swapped for 683.45 $CADC, a fiat-backed stablecoins issued by @PayTrie.
polygonscan.com
4/10
Because the #2cad pool is slightly imbalanced, there was a positive slippage of 1.10 CAD. 682.35 $jCAD were swapped for 683.45 $CADC, a fiat-backed stablecoins issued by @PayTrie.
polygonscan.com
4/10
4⃣ Transfer of CADC
The CADC were finally transferred to the recipient address in Canada.
polygonscan.com
5/10
The CADC were finally transferred to the recipient address in Canada.
polygonscan.com
5/10
5⃣ Redeem CAD on @PayTrie
The recipient (already KYCed on PayTrie) in Canada initiated the redeem procedure...
polygonscan.com
... and received their CAD dollar in their bank account.
6/10
The recipient (already KYCed on PayTrie) in Canada initiated the redeem procedure...
polygonscan.com
... and received their CAD dollar in their bank account.
6/10
For comparison, using Transferwise:
7/10
7/10
The operation may seem over-complicated, but this is just the beginning and a lot of optimization can be done.
First, the integration of the jCAD and 2cad pools on @paraswap will cut down many steps (jCHF -> jCAD -> CADC -> Send to the recipient in a single transaction).
8/10
First, the integration of the jCAD and 2cad pools on @paraswap will cut down many steps (jCHF -> jCAD -> CADC -> Send to the recipient in a single transaction).
8/10
Then, this is not meant to be done by the end-user.
Remittance brokers can leverage these routes as a backend. They would have been KYBed by @mtpelerin and @PayTrie, and hold bank accounts in each jurisdiction.
The users would just send CHF to them and collect their CAD.
9/10
Remittance brokers can leverage these routes as a backend. They would have been KYBed by @mtpelerin and @PayTrie, and hold bank accounts in each jurisdiction.
The users would just send CHF to them and collect their CAD.
9/10
Fees were negligible on @0xPolygon.
jarvis.exchange charged a 0.1% fee.
@CurveFinance charged 0.04%
@PayTrie charged 0.05% with a minimum of 2 CAD
10/10
jarvis.exchange charged a 0.1% fee.
@CurveFinance charged 0.04%
@PayTrie charged 0.05% with a minimum of 2 CAD
10/10
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