Please describe your proposed solution.
<u>Objective</u>
The project will enable EVM users to interact directly with Cardano Dapp without needing to create a Cardano wallet nor interact with Dapp front-ends. This makes it possible for users to purchase CNTs directly from an EVM chain using an EVM wallet like Metamask. This proposed solution extends the functionality of Wanchain's existing Cardano Bridge.
<u>Details</u>
Today, if a user on an EVM chain wants to buy a Cardano Native Token or a NFT from a Cardano NFT marketplace, they need to interact with both EVM (usually Metamask) and Cardano wallets. More specifically, today, a standard user journey is:
- create a Cardano wallet
- securely back up their wallet’s seed phrase
- procure ADA to cover on-chain fees
- move assets to Cardano using the Wanchain's existing Cardano Bridge and Metamask
- figure out what Cardano Dapp they need to use
- buy the desired Cardano Native Token
This doesn’t even account for the confusion that will undoubtedly arise from unfamiliar UX standards caused by differences between UTXO and account-based infrastructures.
With this proposed solution, a user on an EVM chain (like Ethereum) that wants to buy a Cardano Native Token or a NFT from a Cardano NFT marketplace only needs to trigger a single transaction in their existing Metamask wallet. This transaction will trigger the following:
- Transfer of funds to Cardano, powered by Wanchain's Cardano Bridge
- Construction of a UTXO transaction, sent to the Smart Beacon Router
- Purchase of the Cardano Native Token on a Cardano DEX or NFT from a Cardano NFT marketplace
- Transfer of the Cardano native asset or NFT to the EVM chain, powered by Wanchain's Cardano Bridge
In other words, this proposed solution extends the functionality of the Wanchain's existing Cardano Bridge and simplifies the user journey.
<u>Existing Prototype</u>
Wanchain has already deployed several cross-chain bridges connecting Cardano to multiple EVM networks, demonstrating the capability to transfer value/assets between Cardano and EVM networks. It has already enabled the transfer of millions of dollars worth of value to-and-from Cardano (primarily in the form of BTC, DAI, USDC and USDT). This bridge is accessible publicly here: <https://bridge.wanchain.org/>
This proposed solution extends the functionality of the Wanchain's existing Cardano Bridge using Smart Beacon Scripts.
<u>Supporting Components</u>
Wanchain's Cardano Bridge
Wanchain currently provides the ONLY decentralised bridge to Cardano, offering support for numerous assets including ADA, Cardano native assets, all standard ERC20 tokens, and several other notable assets. Using Wanchain's Cardano Bridge, users can move these assets seamlessly between Cardano, any EVM-based network, and select non-EVM networks. Wanchain’s cross-chain infrastructure comprises a decentralised system of direct, non-custodial cross-chain bridges that connect both EVM and non-EVM networks without requiring any centralised intermediaries. Wanchain Bridge nodes are permissionless and decentralised; anyone can deploy a Wanchain Bridge node. Wanchain Bridge nodes are rotated and re-elected on a monthly basis. For its security, the Wanchain Bridge uses Secure Multiparty Computation and Shamir’s Secret Sharing cryptography. Currently, more than 30 Layer 1 and Layer 2 networks are connected by Wanchain’s wide area network of blockchains.
<https://medium.com/wanchain-foundation/cardano-added-to-wanchains-cross-chain-infrastucture-usdc-and-usdt-come-to-cardano-a31fc8c8b8f9>
<https://www.essentialcardano.io/article/update-cardano-cross-chain-bridges-and-other-interoperability-solutions>
<https://iohk.io/en/blog/posts/2022/07/08/bridges-and-sidechains-wanchain-making-cardano-interoperable/>
Smart Beacon Scripts
Smart Beacon routing scripts are the engine that enables trustless on-chain routing of Dapp interactions.
Smart Beacons is a framework for routing transactions. It is essentially AdaHandles for Smart Contract addresses. Through the use of Smart Beacons & router scripts users will be able to interact with DApps without going through centralised front-ends or building the smart contract transactions themselves.
For example, a user, Bob, is sending 15 ADA to the Smart Beacon @adato-min (address of the router smart contract). The wallet builds the transaction sending the 15 ADA to the router smart contract including Bob's address in the datum. Then a decentralised routing agent triggers DEX order swapping ADA for MIN. The router script enforces that the swapped token is returned to Bob’s address.
<https://cardano.ideascale.com/c/idea/102366>