MetalSwap

<blockquote>Originally written on <a href="https://metalswap.me/Cls" rel="noopener noreferrer nofollow">MetalSwap’s Official Blog: MetalSwap’s R&amp;D — Chainlink Solution</a></blockquote>In a recent dive into the innovative world of DeFi, we explored the robust capabilities of Chainlink&#39;s tool: <a href="https://blog.metalswap.finance/exploring-chainlink-automation" rel="noopener noreferrer nofollow">how they can be leveraged to enhance the DeFi ecosystem</a>, and <a href="https://blog.metalswap.finance/improvement-on-liquidators-system" rel="noopener noreferrer nofollow">how MetalSwap’s environment can take advantage</a> of these tools, for example, in the technology involving MetalSwap’s liquidations. If you missed our in-depth analysis, be sure to check out our<a href="https://chat.openai.com/g/g-OQyKpRaDb-metalswap-media-maven/c/9c49d76c-a6ec-49ee-9926-042f13342063#" rel="noopener noreferrer nofollow"> </a>previous blog posts, where we dissected the nuances of Chainlink&#39;s tech. Building upon that knowledge, we&#39;re excited to discuss a groundbreaking feature in development for the XMT token: The Recall Pool.<h2 id="header-0">Addressing the Challenge: High Bridging Costs and Complexities</h2>One of the persistent challenges in MetalSwap’s (and the whole DeFi) space is the high cost and complexity of bridging tokens back to the Ethereum mainchain.This process, often necessary for participating in crucial ecosystem activities like DAO voting or staking, can be prohibitively expensive and technically daunting, especially for individual users.This not only hampers the user experience but also limits the overall accessibility and functionality of tokens like XMT when operating across multiple blockchains.In fact the XMT token expresses its DAO voting power and can be staked on the Ethereum blockchain.Today, there are many XMT outside this main layer which have two strong incentives to be “recalled” to Ethereum: to exercise their Governance power, and to increase it with the active Staking Pools.So how to solve the issues of high bridging costs?What kind of technologies can help simplify and streamline this process?<h2 id="header-1">Chainlink’s CCIP: A Foundation for Interoperability</h2>To tackle this, it’s crucial to understand the role of Chainlink’s <a href="https://docs.chain.link/ccip" rel="noopener noreferrer nofollow">Cross-Chain Interoperability</a><a href="https://docs.chain.link/ccip" rel="noopener noreferrer nofollow"> Protocol</a> (CCIP).CCIP is a standardized protocol aimed at promoting seamless and trustless data and value transfer across various blockchains. This protocol is integral in fostering a more interconnected blockchain environment, crucial for dApps to reach their full potential.Key features of CCIP include:<ul><li>Enhanced Interoperability: Enables seamless communication between different blockchains, allowing for the free movement of assets and data.</li><li>Decentralized Oracles: Ensures accurate and tamper-proof data transfer across chains.</li><li>Collaboration with Swift: Explores tokenization and the integration of real-world financial data into blockchain networks.</li></ul><img src="https://academy-public.coinmarketcap.com/optimized-uploads/b7a5b211bb8844cf9c3b36cc6c1d33c2.png" /><h2 id="header-2">Chainlink Automation</h2>It’s a highly dependable and efficient smart contract automation tool that allows developers to expand their activities swiftly in a way that is verifiable, decentralized, and economical.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7b127732e05e47a4b31553af480ce261.png" /><a href="https://chain.link/automation" rel="noopener noreferrer nofollow">https://chain.link/automation</a><h2 id="header-3">Introducing MetalSwap&#39;s Recall Pools: Leveraging CCIP for User-Centric smooth Solutions</h2>MetalSwap’s Recall Pool concept is a direct response to these challenges. By leveraging Chainlink&#39;s CCIP and Automation services, MetalSwap introduces an innovative solution that significantly reduces the cost and complexity of token bridging, making it possible to do it together with other XMT holders, and without paying any other commission.The Recall Pool enables a collective and automated process of transferring XMT from another chain to its mainchain, Ethereum, bypassing the need for individual, costly transactions.<h2 id="header-4">The Recall Pool Concept</h2>Imagine a seamless process where XMT tokens can effortlessly traverse from a secondary blockchain to the Ethereum mainchain. The Recall Pool, a feature soon to be introduced by MetalSwap, makes this a reality without using the common bridging tools. This tool isn&#39;t just about token bridging; it&#39;s about enhancing token utility, especially considering that on the Ethereum chain, XMT holders gain the power to participate in DAO voting and staking activities.The Recall Pool leverages a blend of Chainlink&#39;s Interchain Messaging and Automation services.Here’s how MetalSwap’s Recall Pool addresses the issue:<ol><li>Collection Phase: XMT tokens are gathered in a pool on a secondary chain. This pool waits until a certain threshold is met, either in terms of token quantity or a specific time.</li><li>Chainlink Automation Trigger: Once the pool&#39;s criteria are fulfilled, Chainlink Automation kicks in. This is where the magic begins – initiating the process of transferring these tokens to the Ethereum mainchain.</li><li>Interchain Token Bridging: Utilizing Chainlink&#39;s Interchain Messaging, the tokens are securely and efficiently bridged from the secondary chain to Ethereum.</li><li>Automated Distribution with Rewards: The final flourish is the distribution of these tokens, plus additional rewards, directly to users&#39; Ethereum wallets. This is again handled by Chainlink Automation, ensuring a smooth and user-friendly experience.</li></ol><img src="https://academy-public.coinmarketcap.com/optimized-uploads/0518f85838b84f519b3fa60e2142311e.png" /><a href="https://chain.link/automation" rel="noopener noreferrer nofollow">https://chain.link/automation</a> <h2 id="header-5">User&#39;s Advantage</h2>What makes the Recall Pool stand out is its user-centric design. Participants won&#39;t have to worry about additional claim processes or fees. The only cost involved in the user perspective is the common minimal transaction fee for depositing tokens into the pool on the secondary chain. Everything else is designed to be free for users, and even LINK payments of Chainlink tools will be handled by the MetalSwap foundation, which will also put XMT rewards for users, incentivizing the use of this tool.As we discussed in our previous articles, Chainlink&#39;s technology offers reliability, security, and efficiency – key components for any DeFi solution. Applying these tools to the MetalSwap ecosystem is a natural and exciting progression.<h2 id="header-6">Looking Ahead</h2>We invite MetalSwap’s community to stay tuned for upcoming developments. We&#39;re not just theorizing; we&#39;re moving towards practical implementation. Keep an eye out for potential news, where we&#39;ll be Testing the waters with this innovative feature.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/df74f6b6d508418ab8610c2281606056.png" />The Recall Pool will be more than just a feature, addressing  MetalSwap&#39;s commitment to harnessing cutting-edge technology for the benefit of our DAO and the broader DeFi community. As always, we&#39;re eager to bring you along on this journey of continuous innovation and improvement.Stay tuned for more updates and deep dives, and get ready for testing!-The DeFi Foundation<h2 id="header-7">✎ What is MetalSwap?</h2>MetalSwap is a decentralized platform that brings Hedging Contracts on financial markets with the aim of providing coverage to those who work with Digital Asset and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators.With MetalSwap we enable Hedging Contracts on the DeFi field, AMM style.

METALSWAP RESEARCH&DEVELOPMENT - CHAINLINK SOLUTION

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MetalSwap

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