xAssets
xAssets are tokens issued on the Neo X chain, representing assets from other blockchains, such as BNB and MATIC. Carrot Swap provides this feature to facilitate the seamless transfer of assets from different blockchains to Neo X.
Each native asset (e.g., BNB, MATIC) is perfectly backed to its corresponding xAssets (e.g., xBNB, xMATIC).
The collateralized native assets are securely held in smart contracts on the original blockchain. These assets are not used for any other purpose and are solely reserved for the issuance and redemption of xAssets.
xAssets Issuance and Redemption Flow
1. Issuance
Asset Transfer: Users transfer native assets (e.g., BNB) from the original blockchain to a designated bridge contract on the Neo X chain.
xAsset Issuance: Upon confirmation of the transfer, the Neo X chain issues an equivalent amount of xAsset (e.g., xBNB) to the user's Neo X wallet.
2. Redemption
xAsset Burn: Users request the burning of xAssets (e.g., xBNB) on the Neo X chain.
Native Asset Redemption: The Neo X chain verifies the burn request and withdraws the corresponding amount of native assets (e.g., BNB) from the original blockchain to return to the user's wallet.
xAssets, provided by Carrot Swap, play a crucial role in simplifying asset transfers between blockchains and the Neo X ecosystem. By ensuring a 1:1 mapping and secure custody of collateralized assets, users can confidently manage and utilize their assets within the Neo X network.
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