Users can swap their original assets for synthetic assets. For example, users can swap aUSDT for USDP according to the price ratio of aUSDT and USDP. The swap fee will be 2‰. If the synthetic assets in the insurance pool are insufficient, new synthetic assets are minted to the users (fast minting) and this portion is credited to the negative account.
Amount of synthetic assets swapped = (value of the original asset * (1 - swap fee ratio))/synthetic assets relative to the price of the original asset.
If the original asset is Alaya Network ARC-20 token, it needs to be authorized in the wallet before first swapping.
2. Swap synthetic assets for original assets
Users can swap their synthetic assets for original assets. For example, users can swap USDP for aUSDT according to the price ratio of USDP and aUSDT. The swap fee will be 2‰. The amount of underlying assets in the insurance pool is the maximum swappable amount.
Amount of original assets swapped = Amount of synthetic assets * (1 - swap fee ratio).
All synthetic assets are ArC-20 tokens based on the Alaya network. they need to be authorized in the wallet before first swapping.
3. Blockchain explorer
When users doing the assets swap, they can query the blockhash, timestamp, transaction hash, block node, etc. in the Alaya Blockchain explorer (https://scan.alaya.network/).