AUDD Digital Update: 19th October 2023
Important updates about supporting AUDD on Ethereum and XRP Ledger
Auddrey
Last Update il y a 3 ans
As you may have seen from our recent announcement, AUDD on Ethereum has been launched! To accommodate this, we've made some crucial updates to our platform in line with our expansion to the Ethereum, as well as to support AUDD on the XRP ledger, which was launched earlier this year. Here's everything you need to know about the updates:
Separation of AUDD Balances by Blockchain
To provide clarity and an organised user experience, we've segregated the AUDD balances based on the blockchain they are minted on:
- stAUDD: This denotes AUDD on the Stellar blockchain. If you have been using our platform, your existing AUDD balance will now be displayed as stAUDD.
- ethAUDD: This represents AUDD on the Ethereum blockchain, following the popular ERC-20 standard.
- xrpAUDD: This signifies AUDD on the XRP Ledger.
Naming Convention Outside the AUDD Digital Platform
The changes we've made to the naming convention are exclusive to our AUDD Digital platform. If you hold AUDD outside our platform, it is still recognised as 'AUDD' irrespective of whether it's on Stellar, XRP Ledger, or Ethereum.
Rest assured, the value of your AUDD remains pegged 1:1 with the Australian Dollar, regardless of the blockchain. The suffixes (st, eth, xrp) on our platform simply aid in differentiating between the chains for a clearer user experience.
Why are we separating your AUDD balances by Blockchain?
You might be wondering why we opted to manage AUDD balances in this way. The rationale behind the updates include:
- Transparency: We aim to uphold the highest levels of transparency. With separate balances, users can effortlessly verify their holdings on each blockchain.
- Fee Management: Transaction fees differ across blockchains. Notably, Ethereum's Gas fees can be more substantial than those of Stellar or XRP Ledger. Therefore, for any AUDD withdrawal on Ethereum, we have introduced a nominal fee of 5 AUDD to cover the transaction costs. You can read more about this in our updated fee section.
- Operational Efficiency: Managing deposits and withdrawals for Ethereum and XRP Ledger differs from Stellar. By distinguishing these assets on our platform, we aim to eradicate any potential confusion, ensuring you have a seamless experience.
Swapping Between Blockchains
A new feature we're excited about is the ability to swap between stAUDD, ethAUDD, and xrpAUDD instantly and fee free! Access this via the 'Exchange' option now found in your wallet menu.
As the world of DeFi and Web3 evolves, so do we. These changes are in line with our commitment to offer you a secure, transparent, and user-friendly platform. Your trust is paramount to us, and we continually seek ways to enhance your experience on the AUDD Digital platform. If you have further queries, feel free to reach out to our support team at: [email protected]