We are so excited to announce that the privacy multi-chain with the unified privacy token is now live!
Incognito, with the mission to bring privacy to crypto users, privacy on assets, privacy on activities, and now privacy on multi-chain.
With all our effort working from idea to design and development, from now Incognito users can use their privacy tokens regardless of their networks.
In order to read more about the main idea, as well as use cases of the protocol, you can find them in our previous posts:
Unified privacy tokens and interoperable apps >
Privacy multichain: use-cases, caveats and solutions >
Changes on the app
Now, let’s go through the benefits as well as the different experiences on the app that the protocol offers to Incognito users.
1. Manage assets more conveniently
Before, users had to manage N different pTokens (privacy tokens) were shielded from N different corresponding networks, even though they have the same currency.
Now, users only need to manage one unified pToken for one currency.
And of course, users can use their unified pTokens like pTokens for transferring, swapping (especially cross-chain), adding pDEX liquidity, staking, providing service, etc.
If you are looking for the solution to manage your crypto securely and conveniently, the Incognito wallet is a thing you should try. Any tokens, any networks all are in “one place” with privacy by default. In addition, if you have the desire to swap your current tokens for other tokens (despite different networks), you can do this right on the Incognito wallet through the Incognito exchange or pApps.
2. Shield tokens from arbitrary networks
In this release, the first unified privacy tokens are ETH, USDT, USDC, DAI, and MATIC on 3 networks (Ethereum, BSC, Polygon).
From now, users can shield these above tokens from arbitrary supported networks.
Now, let’s see the shielding steps.
Quite simple and quite familiar. As we mentioned in the Unified privacy tokens - New UI/UX design topic, shielding flow is quite similar to the current one, just some UI updates to make UX better.
Step 1. Tap “Shield a coin”.
Step 2. Choose a coin to shield.
Now, let’s see, only have one token ETH (Unified) in the list, instead of having ETH (Ethereum), ETH (BSC), and ETH (Polygon) like before. It means users are able to shield ETH and other unified privacy tokens from the list of supported networks for each token.
Step 3. Choose the network type that users want to shield from. Note that users must be sure that the selected network matches their wallet network.
Step 4. Send tokens to the generated shielding address and wait to get back unified privacy tokens.
The total balance after shielding requests even from different networks will all be added to one unified privacy token.
User A shields 1 ETH from Polygon,
and then he shields 0.5 ETH from Ethereum.
Finally, he owns 1.5 ETH (Unified) in his wallet.
Maybe you haven’t known that there were some improvements to reduce the shielding processing time. The shielding transaction is estimated to complete in 10 mins (Ethereum and Polygon), 5 mins (BSC), and 3 mins (Fantom).
3. Unshield tokens to arbitrary networks
Similar to privacy tokens, users can unshield unified privacy tokens, but now users can choose any destination network they want to receive public tokens.
Let’s go through unshielding steps:
Step 1. From the Wallet screen, choose the unified privacy token to unshield.
Step 2. Press the button “Send”.
Step 3. Enter the amount, the destination address, and choose the network corresponding to the destination address.
One key thing is users are able to choose any supported network that even its vault is not enough with the unshielding amount. Then, the unshielding request is pushed into the queue and will be processed automatically when the vault is topped up.
After entering inputs, the app will estimate the unshielding fee. It includes the destination network’s gas and the fee for incentivizing anyone to top up the vault (only when the vault is insufficient).
Notes that the fee is a maximum one, the actually paid fee may be less, so the receiving amount in the public chain may be greater than a bit.
The incentivized fee is 0.075% on the shortage amount (maybe this param changes over time depending on the market’s demand).
User A unshields 1.5 pETH (Unified) to Polygon network
Vault has only 1 ETH (Polygon)
Incentivized fee: 0.075% * (1.5 - 1) = 0.000375 ETH
Get back to shield, if users shield to shortage vaults, users will earn rewards corresponding to shielding amounts from incentivized fees.
Step 4. Press the button “Send” to confirm unshielding.
That’s all steps to unshield tokens from Incognito. Similar to shielding, the unshielding flow is also improved the processing time. It takes only about 2 mins to process an unshielding transaction.
4. Unify existing tokens
If users are owning pTokens in the list of unified privacy tokens, users can convert them to unified privacy tokens by simply tapping the bottom bar message on the Wallet screen or selecting “Settings” in the More tab, and then tapping “Unify coins”.
Accordingly, the app will navigate to the Unify coins screen as below screenshots. The app will check balances and group existing tokens by currency.
Step 1. Select tokens to unify them.
Step 2. Press button “Unify”.
Step 3. Please wait until the process completes. After the process finishes, users will receive back unified privacy tokens with the new balance equal to the sum of the grouped privacy tokens’ balances.
The account has 5 pETH (Ethereum), 3 pETH (BSC) and 2 pETH (Polygon).
After converting, the account now has 5 + 3 + 2 = 10 pETH (Unified).
5. Swap with unified privacy tokens
In addition, users can swap anonymously with their unified privacy tokens on Incognito exchange or pApps.
With Incognito exchange, some of our liquidity pairs with privacy tokens in the list of unified privacy tokens will be converted to new pairs with unified privacy tokens. It helps eliminate liquidity fragmentation and lower slippage with higher liquidity.
- PRV / USDT (Ethereum) => PRV / USDT (Unified)
- PRV / ETH (Ethereum) => PRV / ETH (Unified)
- PRV / MATIC (Polygon) => PRV / MATIC (Unified)
- USDT (Ethereum) / USDC (Ethereum) => USDT (Unified) / USDC (Unified)
- USDT (Ethereum) / DAI (Ethereum) => USDT (Unified) / DAI (Unified)
- USDT (Ethereum) / BUSD (BSC) => USDT (Unified) / BUSD (BSC)
Users who have added liquidity to those pairs are enabled to convert their liquidity to new liquidity by withdrawing their current liquidity, converting tokens to unified privacy tokens, and re-adding to new liquidity pairs with unified privacy tokens.
With pApps, a unified privacy token will be used regardless of which network they were shielded from.
Swap ETH => USDT on pUniswap on Polygon:
All pETH (Unified) that are shielded from any networks (Ethereum, BSC, or Polygon) will be accepted to swap.
One more interesting thing, after swapping, users will receive pUSDT (Unified) and can swap them seamlessly on another pApp even on different networks, such as pPancake on Binance Smart Chain.
The unified privacy token that makes privacy multi-chain possible, is one of the most desired features that the team can’t wait longer to deliver to users since it will improve the experience for many existing features. Let’s try unifying your assets and leave us your thoughts in the comment below.