This describes a basic flow of a user case of our platform.
● Alice visits the wrapping portal of the Muse Wrap to convert ADA to mADA. At the portal, she provides the amount of ADA to wrap (say, 100 ADA), and the ETH address to receive mADA.
● The portal checks if this is the first time that Alice wrapps ADA from her address, and asks her to sign on the registration transaction to ensure that she consents to both the ADA and ETH address.
○ The registration transaction includes the footprint of her ADA and ETH addresses, as well as the amount of ADA to wrap.
○ If Alice has done a wrapping before, she could opt to ignore the registration transaction to save transaction fee. In this case the Muse Wrapping contract will issue mADA to her ETH address in her last successful wrapping.
● The portal asks Alice to sign in the transaction to move 100 ADA from her wallet to the deposit wallet.
● The Cardano relayers to the deposit transaction and triggers a minting action of the Muse Wrapping contract in Ethereum chain to mint an equivalent amount of mADA tokens to the Alice’s ETH address ○ To enhance the security of switching, several (voted) bridge servers should submit the transaction proof to the Muse Wrapping contract to actual release the mADA token
● Alice keeps 100 mADA in her wallet for 10 days. During that time, the staking reward for 100 ADA is 1 ADA. This 1 ADA is added to the deposit address and later be claimed by Alice (see Section 4.4 to see how staking rewards are calculated and distributed)..
● On day 11th, Alice sends 60 mADA to Bob, who hasn’t been registered with the Muse Wrap.
● In the next 10 days (day 11th to day 20th), another 1mADA staking reward is deposited. Now, Alice could claim for 1.4 mADA, Bob could claim for 0.6 mADA.
● Bob activates the redeem function of the Muse Wrapping contract (thanks to the wrapping portal) for his 60.6 mADA. He also provides his favourite ADA address. This 60.6 mADA is burnt. After that, 60.6 ADA is delivered to Bob’s ADA address.