Deposits

Summary

When depositing an asset to acquire wrapped assets within the UNIT ecosystem, you start by creating a deposit.

This action automatically assigns you to a vault, typically the least risky one available.

To ensure the security of the transaction, you must send a unique amount to an automatically selected vault. Off-chain workers then verify the authenticity of your deposit.

Once confirmed, your wrapped assets are minted and seamlessly integrated into your account. This streamlined process ensures the integrity and security of the deposit-to-wrapped-assets conversion.

Deposit Process:

If you wish to convert an asset into wrapped assets, you can do so by initiating a deposit in UNIT. Here's how the deposit process works:

1. Vault Assignment:

   • Upon creating a deposit in UNIT, you will be automatically assigned to a vault. This vault is typically the least risky one available.

2. Unique Amount Requirement:

   • To ensure the security and integrity of the deposit process, you must send a unique amount. This uniqueness prevents any attempts at impersonation or fraudulent activities. Note: the unique amount is calculated automatically (e.g, you type you want to deposit 1 btc, but the app will indicate you to send 0.99999578 btc).

3. Selection of Vault:

   • An automatically selected vault will receive the unique amount sent by you.

4. Verification by Off-chain Workers:

   • Off-chain workers, responsible for validating transactions, will verify that you have indeed made the deposit.

5. Minting of Wrapped Assets:

   • Once the deposit is confirmed as genuine by the off-chain workers, your wrapped assets will be minted and seamlessly integrated into your account.

This process ensures the authenticity of the deposit and the security of the resulting wrapped assets.