From the FMFW.io blog.
Great news, folks!
We are very proud to announce the listing of the next token at the FMFW.io exchange!
Please, welcome $RELAY — the native token of the RelayChain!
What is RelayChain?
RelayChain enables fast and secure cross-chain token transfers between the world’s leading blockchains. The platform offers Bridging as a Service (BaaS) to partner dApps wishing to expand their footprint beyond a single chain. RelayChain currently supports bridges between any combination of Moonriver, Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, Shiden, and Huobi ECO Chain. Multiple other networks including Polkadot, and Cosmos, will be added soon.
The Relay Bridge was developed in Q1 2020, and for over a year it powered the Zero Exchange DEX, which exceeded 70 Million TVL and securely processed over $1 Billion in transactions.
The Relay Bridge, how does it work?
Relay is based on the principles of locking, minting, burning, releasing, and wrapping tokens that are set by ChainSafe technology. The reliability and stability of the bridge have been improved using custom code.
A cross-chain operation requires three approaches for ensuring security and safety: thorough smart contracts/code audits, continuous “white hat” hacker surveillance, and decentralization of relayers.
Bridging a token back and forth
To accomplish cross-chain transfers, a user wallet sends tokens to the Relay bridge contract and receives them back on the destination chain in the same wallet address.
When a token is bridged from the origin chain to the destination chain:
- Token is locked on the origin chain
- Token is minted on the destination chain: it becomes a wrapped token (AVAX on Polygon for example). Some tokens are native on multiple chains, like RELAY on all chains supported by the bridge.
When a token is bridged back to its origin chain:
- Token is burned on the chain where it was minted
- Token is released on its origin chain
To learn more Bridging as a Service for DeFi by RelayChain, read the official white paper.
The RELAY token holds impressive utility as it is your ticket to earning a share of the bridge revenue. RelayChain returns a majority of the collected bridge fees to RELAY stakers.
Another use of the bridge revenues is for regular buybacks of the RELAY token. Those buybacks are then burned, or used to seed additional liquidity where needed. The aforementioned actions ensure that RELAY is deflationary, has constant buy pressure, and has adequate trading liquidity.
RelayChain is also launching an exciting Cross Chain P2E NFT game called “Battle of the Blockchains.” The RELAY token will grant holders the right to whitelist and pre-mint their NFTs. It will also have in-game utility.
We are so happy to become an officially partner of such a promising project as RelayChain! Already this Thursday, on April 7, you, our dear traders, will have the opportunity to learn more about the project and its $RELAY token, as well as personally ask questions to one of the project founders!
Save the date:
April 8, 14:00 UTC, FMFW.io Official Telegram channel!
We’re excited to celebrate our new partnership with the RelayChain team and to mark the occasion, we’re launching a Trading Competition for $35,000!
The top 75 traders with the highest trading volume will share a prize pool of $35,000 in $RELAY tokens!
Please, click here to enter the competition! May our top traders win! 🚀
This article came directly from the FMFW.io blog, found on https://fmfw-io.medium.com/fmfw-io-exchange-lists-relay-token-relay-e8ac4ab6c4f6?source=rss-12ea66dd7e99——2