Avatar wallet supports all Substrate app chains and their native tokens. In the NEAR ecosystem, Avatar additionally supports DeFi and NFTs. Sending, receiving, and exchanging tokens between the Substrate app chain and the NEAR blockchain is simple, secure, and enjoyable for everyone thanks to the Avatar wallet.

HOW TO USE AVATAR WALLET?

I. Create Your Account on Avatar Wallet

• Click here to add the Avatar Wallet extension to your Chrome browser.
•  Open the Avatar extension and click “Get Started” to set a password and sign up.
• If you have a Polkadot wallet or a NEAR wallet, you could choose to import your pre-existing seed phrase. So your assets could be easily viewed on Avatar wallet.
• Click Import wallet
• Add your seed phrase
• Click Continue

You could also create an Avatar wallet on the NEAR chain or Fusotao chain. Keep your secure phrases safe and follow all the steps.

• Click Create Account
• Copy and save your seed phrase in a safe place
• Verify your phrase then click Continue

II. Functions of the Avatar wallet

The Avatar Wallet enables everyone to send, receive, swap, and bridge tokens between the NEAR blockchain and Substrate app chains. Currently, it only supports tokens in the NEAR ecosystem. Other substrate app chains’ native tokens will be added very soon.

1. Send — Click the asset you want to send

1. Click Send
2. Input the receiving address and the amount of token you wish to send then click send.
3. After a successful or failed transaction, go to records to track the transaction on the Near chain

2. Receive

To receive tokens on the Avatar Wallet you should follow these steps

• Click the asset you would like to receive
• Click Receive to copy your receiving address

3. Swap

Given that the standard Near token won’t work well on the Fusotao appchain, you have the option to switch your Near token to wrapped Near, which is compatible with the Fusotao appchain.

You can do these through the following steps;

• Click Swap
• Input the amount of $NEAR you would like to swap then click Swap

4. Bridge

In order to improve interoperability between appchains and the NEAR ecosystem. For each app chain, Octopus Network offers a light-client-based bridge that connects to NEAR Protocol, making token bridging independent of oracles. To put it another way, moving tokens from NEAR to Fusotao or vice versa does not depend on third parties’ trust because both NEAR and Fusotao will verify whether the bridging events occurred by preserving all of their respective finished blocks.

The Avatar wallet makes the process even easier and simple to operate through the following steps:

I. Bridging $WNEAR from the NEAR ecosystem to the Fusotao appchain

• Click Bridge
• Change the conversion asset from $TAO to $WNEAR
• Input the value of the $WNEAR to be bridged then click Transfer

II. Bridging $WNEAR from the Fusotao appchain to the Near Ecosystem

• Click Bridge
• Change the conversion asset from $TAO to $WNEAR
• Input the value of the $WNEAR to be bridge then click Transfer

NOTICE

• Before you can bridge on the Avatar wallet you need to pay a one-time gas fee of 0.1 $NEAR
• WNEAR is not the only asset that can be bridged, other assets like $OCT, $USDT, and lots more can also be bridged to both blockchains

ABOUT Fusotao

The Fusotao protocol is a verification protocol for order-book-based matching systems using the paradigm of “execute off-chain, verify on-chain”. Fusotao network is an Octopus Network base application chain to hold users’ assets and verify the matching transactions from off-chain exchange services.

Founders can build their own DEXs by using the Fusotao appchain as an on-chain verifier and deploying their own off-chain matching server. Communities can earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees from them.

RESOURCES

Medium

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Powered by the decentralize infrastructure of Fusotao, trust-free orderbook base matching systems with zero-cost gas and low latency can be build. Through the method of off-chain matching, the process of order submission, order matching, certification generation, and other processes runs on a centralized off-chain server, which enables traders to obtain the same fast and userfriendly trading experience as CEXs.

Furthermore, through the method of on-chain verification, only when the transactions under the chain pass the verification on the chain, will the user’s assets on the chain be change. This is to  ensure the security of the user’s assets. Moreover, to achieve the above mention secure, fast, decentralize, and scalable Fusotao protocol, a complete set of Token economic incentive mechanisms is in need to enable all participants in the ecosystem to jointly maintain the operation of the Fusotao system.

For one thing, the proportion of tokens and unlocking cycle need to be appropriately allocates to give full play to the initiative of developers, investors, and community participants, enabling the Fusotao Protocol to achieve long-term prosperity.

For another, incentives need to gives to block packers, transaction certification service providers, transaction participants, and community governance to achieve sufficient liquidity, security, and stability of on-chain financial products.

Like the vast majority of blockchains, the Fusotao Protocol also has its own native utility token-aptly named ‘TAO’, which is the most important factor that motivates the proper function of the Fusotao Protocol. It is also proof of community governance, development, transaction verification, and repurchase.

 Benefits of the Fusotao Protocol

Moreover, Fusotao Protocol is a completely decentralize and non-license community protocol. Therefore, most of the $TAO tokens generates by community mining and distributed to community members who maintain the operation of the Fusotao Protocol and carry out transactions.

Furthermore, 63% of $TAO tokens allocates to the community members participating in the Protocol. That member includes community traders, application chain validators, and $TAO staking participants. They are the main contributors to ensuring the stable operation of the Fusotao Protocol and realizing zero-cost, high-speed and safe transactions. Additionally, the three participants will get $TAO rewards through PoT, PoV, and PoS.

• Trading Reward: Proof of Trading.
• Validator Reward: Proof of Validator.
• Staking Reward: Proof of Staking.
• Claim as a Matcher.
• Stake for DEXes to share transaction fees.

FUSOTAO SECURITY AUDIT

Fusotao Protocol security audit was made by SlowMist. The SlowMist security team uses a manual and SlowMist team’s analysis tool to audit the project. During the audit work they found 1 high risk, 1 medium risk, 3 low risks, and 1 suggestion vulnerability. And 1 low-risk vulnerability was confirmed and being fixed; 1 suggestion vulnerability was ignored; All other findings were fixed. The code was not deployed to the mainnet.

ABOUT Fusotao

Fusotao is based on Substrate and decided to join the Octopus Network which is a multi-chain infrastructure for Substrate-based Web3.0 applications.

Website | Twitter

ABOUT Wannaswap

WannaSwap is one of the first platforms on Near’s Aurora EVM. It aims to be the locomotive, that welcomes users as well as incubates and supports future projects.

Website | Twitter

RESOURCES

Medium

The post Fusotao Upcoming IDO On WannaSwap appeared first on Smart Liquidity Research.