caETH is a non-custodial representation of Ethereum on the NEAR Protocol, designed to facilitate interoperability between the two networks. Each caETH is paired 1:1 with ETH, ensuring that users have direct access to their assets without custody risks.
- 1:1 Pairing: caETH is directly linked to ETH, allowing for straightforward conversions.
- Non-Custodial: Users retain full control over their assets without relying on third parties.
- NEP-141 Standard: caETH is minted as a NEP-141 token on NEAR, ensuring compatibility with the NEAR ecosystem.
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Depositing ETH:
- The user is able to deposit ETH on ethereum and mint caETH on NEAR Protocol to an indicated wallet.
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Redeeming ETH:
- The user is able to burn caETH on NEAR Protocol and redeem ETH on Ethereum Network to an indicated wallet.
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Locking ETH:
- The user locks their ETH tokens in a smart contract on Ethereum and specifies a NEAR address for the corresponding caETH.
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Data Reading:
- The NEAR smart contract reads the data from the Ethereum smart contract to verify the lock.
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Minting caETH:
- The user can now mint caETH natively on a smart contract on NEAR, using their locked ETH as collateral.
