Muse Finance will link non ERC-20 assets with ERC-20 ecosystem, allowing the owners of staked assets on platforms such as Cosmos, IRISnet, Cardano, etc. to participate in lending, liquidity mining, yield farming which will also benefit staking service providers for generating more revenue lines.
Muse Finance is planning to issue a liquidity token called mToken (originated by Muse Finance) to construct a pool with DEX which will allow the users to get the yield generating assets like mATOM, mADA, mIRIS, etc. carrying unit value and able to yield farming with the Muse Finance platform.
In order to accomplish this, we will build bridges between the Ethereum network and other networks. We will then issue wrapped Token (ERC-20 token) in the Ethereum network to registered Ethereum addresses of users who stake ATOM, ADA, IRIS, etc. in each of the networks.
Let’s take a look at a particular example for Cardano Network. In order to support the conversion from ADA to mADA in the Ethereum Network, we will build a relayer and bridge modules that will handle token deposit/redeem logic (ETH Smart-Contract and Cardano relayer). This allows users to convert from ADA in the Cardano network to mADA in the Ethereum network.
mADA holders will receive a reward proportional to the holding amount of mADA and the holding duration. The reward will be paid in mADA. The system will allow users to redeem mADA at any time with minimum delay.
For the sake of clarity, and as we are to launch this product starting from ADA token, allthe information below would use ADA as an example. However, as mentioned, our targetis not only ADA but all PoS tokens.