Relay Wallets
OZ Relay Wallets form the core of our Engage2Earn ecosystem. They hold the LP for added tokens and enable the automatic distribution of withdrawals.
Last updated
OZ Relay Wallets form the core of our Engage2Earn ecosystem. They hold the LP for added tokens and enable the automatic distribution of withdrawals.
Last updated
At the heart of our Engage2Earn ecosystem, OZ Relay Wallets play a central role. These wallets are responsible for securely holding the LP (Liquidity Provider or Liquidity Pool) tokens that have been added. Additionally, they facilitate the automated distribution of withdrawals to ensure a seamless and efficient process.
To create a new relay wallet, click the yellow"Add Relay Wallet" button and enter all required details into the fields.
Click on "Open Relay Wallet" to be redirected to the OpenZepplin relay wallet page, create a new account with OpenZepplin, or login if you're already registered. To create a new relay wallet, simply click on the "Create Relayer" button, enter a name for the relay wallet (can be everything), select the network you want the wallet to be created for (currently we support only the Polyon blockchain!) and hit the "Create" button.
After creating your relay wallet, it is crucial to generate an API key for accessing and managing it through the Siva backend. Relay wallets are designed with top-notch security measures, making them non-custodial and decentralized. The private keys of relay wallets are stored within a hardware security module (HSM), ensuring that you maintain control over your tokens at all times. These keys cannot be extracted by anyone, providing an extra layer of protection.
With programmatical secure access, you have the ability to revoke access at any moment. Simply generate new API keys and delete the old ones with a single click.
This decentralized and non-custodial approach guarantees that you remain in full control of your tokens throughout the process.
To transfer the Relay Wallet details to the Siva backend, follow these steps:
Copy all the information from the Relay Wallet, including the Wallet Address, API Key, and Secret Key.
Paste the corresponding details into the designated fields in the Siva backend.
Select the appropriate network that matches the one for which the Relay Wallet was created.
Finally, click the green "Save Relay Data" button to store the details and complete the process.
You can now securely transfer the tokens you wish to reward your community with to the newly created relay wallet. Rest assured that you have complete control over the relay wallet and can withdraw tokens from it at any time. It's important to note that once the token's liquidity pool (LP) is depleted, members will no longer be able to withdraw that specific token until you replenish the deposited amount. You have the flexibility to manage and top up the token's LP as needed to ensure continuous availability for withdrawals.
