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Mirroring with mveHND
The process for crosschain mirroring veHND balances on Hundred Finance
At Hundred Finance, reducing barriers to user participation and increasing capital efficiency across chains is a major ambition. This comes into play in the way we have sought to seamlessly incorporate messaging technology to create a true multichain ecosystem. Mirroring allows users of the Hundred Finance protocol to see their mveHND balances acquired across chains aggregated on each deployment so that all their functionality can be carried over. This allows APRs to be boosted and vote weight assigned globally, while also removing impediments to cross-chain governance.
How to Mirror Locked HND
A Hundred Finance user with locked HND on, say, Moonriver but stablecoins in a high-APR gauge on Polygon can use Hundred Finance's to vote UI to select the Moonriver deployment and initiate a “Mirror lock to a target chain” to the Polygon network. In the example image above, “Polygon” would be selected and the transaction sent with the click of just one button. In a short while their mveHND balance would be accounted for over on Polygon and their increased boost applied to the APR received for their staked assets.
A representation of a mirror transaction being sent
Though this process is carried out using a number of messaging solutions on the backend, from the user's perspective it is simply a matter of submitting a transaction and waiting. Once a mirror transaction has been detected on the receiving chain, the UI will update when connected to that chain in order to reflect this. If balances are held across chains, these will all be listed, allowing for users to confirm all of their various mveHND positions are being accounted for.
Once a user’s locked mveHND has been mirrored, assuming that the account has a balance deposited in one of the gauge staking contracts, they will then be able to apply their newly eggregated mveHND and receive a more powerful boost. As can be seen from the screenshot below, if enough veHND is held on alternative chains then an account receiving the minimum boost pre-mirror could see it instantly skyrocket.
With this boost in place, a user's APR likewise rises, as does the ability to accumulate further HND. This effectively levels the playing field for those who may have locked a significant amount of HND on a chain that has proved to be less active or that has seen its Hundred Finance deployment favor a particular stablecoin that they do not wish to hold.
A staked stablecoin position boosted thanks to mirroring
Last modified 1yr ago