Rate3 Network to Introduce Cross-Chain Swaps Between Steller (XLM) and Ethereum (ETH)

Decentralized dual protocol for cross-chain asset tokenization and identity management Rate3 has recently announced that its cross-chain services have been demonstrated on their testnet successfully.

The Rate3 Tokenization Protocol is an end-to-end protocol for tokenization on both Ethereum and Stellar, while the Rate3 Identity Protocol is a protocol to create and manage a unified cross-chain identity. Rate3 Cross-Chain swaps is a service to transpose an asset that is non-native to one blockchain onto another blockchain and vice versa.

Their official announcement explains the vitality of cross-chain swaps:

“Tokens are the very basic building blocks to allow value to move between Dapp users. They play a fundamental role in helping to coordinate incentives and nurture network effects in a decentralized setting. By enabling a token to be able to move seamlessly across Dapps built on different blockchains, developers won’t have to pigeon-hole themselves to just a single one when constructing their Dapps during these early, experimental days. Cross-chain swaps help make this possible.”

How To Make The Swaps

Click on https://swap.rate3.network and proceed past the onboarding. When this is on mainnet, you’ll be able to link your own Ethereum and Stellar wallets to interact with this service tool. Then click “Send Request” — this presents the swap call to the Ropsten Ethereum testnet. Once that step has been validated and to the Ropsten Ethereum blockchain, the Issuer will review that call prior to accepting it. Customers can switch the user interface to the point of view of that of an Issuer to consult the transaction which requires signing.

Clicking on the various underlined Ethereum and Stellar address links will allow you to check out what goes on under the hood for these transactions via Etherscan and Stellar Explorer.

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