Fiorin Wallet with Ethereum Bridge
Fiorin Wallet bridges the gap between Ethereum and BSV, allowing for USD backed trading on DXS.
What is Fiorin?
A picture is worth a thousand words. Or one blog post. Here goes:
Fiorin is frictionless USD payments.
Fiorin is a zero-fee Web3 wallet, built by DXS that uses the STAS token protocol on the Bitcoin SV (BSV) network to wrap USDT and USDC stable coins from the Ethereum network by utilizing an in-app Ethereum bridge smart contract.
All inbound bridge transactions will have their Ethereum gas fees fully refunded by way of equal USD credit to the user’s DXS Bounty Trading Account.
Why did DXS build Fiorin?
- Allow USD-backed microtrading on DXS
- Provide one-hop onboarding to DXS for millions of USDT and USDC holders on the Ethereum network
- Unlock the power of the BSV network for the users of ERC-20 USDT and USDC
- Provide the BSV ecosystem with an incredibly useful (and free) tool
What is a Web3 wallet?
The Web3 wallet paradigm is fundamentally driven by user (client side / non-custodial) control of public / private keypairs (public-key cryptography), usually derived from a 12 word seed phrase, PLUS the emergence of blockchain technology.
Widespread user control of keys + blockchain technology allows for what exactly?
- Non-custodial ownership of fully digital assets (such as USDT and USDC)
- Extremely fast and cheap settlement between untrusted parties
- Simplified sign up / registration funnel for applications (user authenticates themself)
- Enhanced security for applications (no user credentials honeypot)
- User can encrypt / decrypt data using keys in their control
- User can sign data / transactions using keys in their control
Fiorin walkthrough, please
Download Fiorin on Apple or Android or sign up via the web app:
Write down your 12 word seed phrase:
Go to DXS and ‘Login with Fiorin’ — authorize the connection:
Start trading!
BSV?
In order for DXS to be the product we dream it can be, we need three things from a public blockchain:
Tiny transaction fees
Near zero transaction fees allow for micro trading. Traders can open one cent positions on DXS.
Instant settlement
Instant settlement removes the requirement for accounts and deposits. Traders can open trades instantly from their Web3 wallet of choice. There are no deposit or withdrawal fees.
Proven scale at layer one
Proven scale at layer one allows all information to be logged on an independent and public data layer. Not only does this allow for traders to own their own data, it allows for objective audit of all actions on DXS. This makes DXS the most transparent trading platform in the world.
Here’s what we don’t need from a public blockchain:
Incredibly poor market reputation (unjustified or not)
Mitigated by Fiorin’s DXS users never seeing or interacting with the BSV unit or brand.
Near-zero liquidity (due to 1)
Mitigated by Fiorin’s in-app bridge. Every exchange (Binance, Coinbase etc), wallet (Metamask, Ledger etc) and DEX (Uniswap, Curve etc) are only one transaction away. Inbound Ethereum gas fees are fully refunded by an equal value USD credit to the user’s DXS Bounty Trading Account.
STAS token protocol?
- We have evaluated the STAS token protocol here
- We are using a minimum token granularity of 1c, greatly mitigating any splitting / merging of STAS UTXO overhead. We are skeptical of utility of payments below 1c
- We have documented our open source STAS wallet tooling here
- We have analyzed BSV’s leading wallet’s token positioning here
Zero fee?
Every action within the Fiorin wallet will be free. The user will never see any fees. To achieve this we as a business will pay blockchain fees on behalf of Fiorin users.
Ethereum USDT and USDC?
- $120B in circulating liquidity
- 6M holders
- Every mainstream exchange (Binance, Coinbase etc), wallet (Metamask, Ledger etc) and DEX (Uniswap, Curve etc) becomes an onramp / offramp
- Ethereum bridge code is open source, well documented, tested in production, non-custodial and easy to implement
But what about Ethereum gas fees?!
Gas fees will be refunded?
All inbound bridge transactions will have their Ethereum gas fees fully refunded (up to the value of $25 once per day) by way of equal USD credit to the user’s DXS Bounty Trading Account.
Bounty Balance is displayed in the user wallet window on DXS:
In-app Fiorin Bridge?
The Ethereum bridge smart contract is configured in such a way that the user needs to specify an ETH address to withdraw to (which cannot be changed without creating a new Fiorin wallet). Once an ETH address has been entered, the user is presented with an ETH address where they can deposit their USDT and USDC ERC-20 tokens:
Once USDT and/or USDC ERC-20 tokens have been sent to the user’s address on Fiorin (and after 14 ETH confirmations / approximately 5 min) they are automatically wrapped as USD tokens using STAS and presented as available balance:
The user can now send USD to anyone, instantly and for free on the BSV network:
To withdraw their balance from Fiorin, the user has a daily limit. This daily limit is equal to the amount the user has deposited into Fiorin. The user will only be able to withdraw the token they deposited (USDT or USDC).
When will Fiorin and bridge go live?
Q4 2022
