Offshift Dev Update, Late March 2022: Development Wrap-Up & Audit
March has been a huge month for Offshift on the technical side. Our development team expects work on the protocol to be wrapped up within a week.
At that stage, the audit process will begin immediately, and will remain the only task separating us from the launch of Offshift on Ethereum’s mainnet.
As has been discussed before, audit durations vary, and ours may span anywhere from a few weeks to several weeks. As always, the Offshift team will be placing integrity first, and focusing on a thorough, impartial, and comprehensive audit process.
In the interim, we will be publishing the full protocol with GUI on Ethereum testnet, so it is fully available to those in our community and beyond. Now, let’s get started on what we accomplished so far in March.
First, the web design for Shifting assets and interacting with the user dashboard are ready! In the last update, we gave a preview of the interface – and it’s only getting sharper every week:
Second, for the development of the platform, the integration with Chanlink is done! The logic for multi-asset Shifting and price discovery is finalized as well. Here’s a look into the logic:
In the case of deposits:
1) The user defines the parameters for Shifting, including: the amount of XFT and the zkAsset to be minted.
2) The client side requests the rate from Chainlink, and uses this rate to calculate the amount of the selected zkAsset the user will receive. This data is all available to the user through the web frontend.
3) Once the amount of the selected zkAsset is determined from the Chainlink oracle, the user can decide to “Shift” the XFT.
4) The client side prepares and sends a transaction that contains all the needed information.
5) The smart contract checks that the rate is satisfactory, and 1 of 2 scenarios occurs:
The amount of XFT is sufficient.
The amount of XFT is not sufficient, and the transaction will fail.
6) In the case of sufficient XFT, the smart contract then verifies that the commitment aligns with the amount of the selected zkAsset being purchased. The transaction is then finalized.
When it comes time for withdrawal, and for the selected zkAsset to be burned in exchange for XFT, the process is much simpler: the conversion takes place entirely on the smart contract side.
Over the next few days, the team will be working on some finishing touches before the audit begins:
Changing the data storage structure on both the client and smart contract sides.
Enabling the deposit method in the smart contract to contain an additional verification regarding the rate.
Enabling the withdrawal method in the smart contract to contain conversion.
Integrating the XFT smart contract for burning and minting tokens.
As always, for the latest news and technical updates, stay tuned and in-the-know here on the official Offshift Blog.
Offshift is leading private decentralized finance (PriFi) with the world’s first Private Derivatives Platform. It leverages zero-knowledge (zk) proofs and sources reliable, real-time price feeds from Chainlink’s decentralized oracle network to enable users to mint zkAssets, an unprecedented line of fully private synthetics. Offshift’s mostly anonymous team has developed a trusted reputation for their thorough privacy research, development and execution.
To learn more and get involved, visit the links below: