⛓️Off-ramping

Off-ramping is the process by which liquidity providers, referred to as off-rampers, convert on-chain assets into fiat currency through the protocol.

Purpose of Off-Ramping

Off-ramping provides liquidity providers with the ability to:

• Convert Crypto to Fiat: Seamlessly transition on-chain assets to fiat currency.

• Fees: Use their crypto holdings to fulfill on-rampers' orders, earning fees.

Flow

1. Registration

Off-rampers must complete a one-time registration to securely link their Ethereum address with their off-chain payment service ID.

🙌Registration

1. Deposit Liquidity

Deposit the amount of USDC you wish to exchange and set a competitive exchange rate for converting USDC to fiat currency. Deposits details are added to our on-chain bulletin board for on-rampers to fulfill. For INR you would have to provide your UPI ID to receive funds. For Venmo, you may need to fetch your raw off-chain payment service ID:

🔍Fetch your Venmo ID

The exchange rate determines the amount of fiat you receive for every dollar of USDC.

Post-deposit, no further actions are required from off-rampers other than to occasionally verify that the incoming fiat payments match the released USDC funds.

Off-rampers should monitor the fiat currency received off-chain against the USDC released on-chain. Discrepancies should be reported immediately through our support channels.

1. Order Matching (Initiated by on-ramper)

Your deposited liquidity will be available for on-rampers to match with.

Note: A favorable exchange rate can result in faster matches.

1. Receive Payment

The on-ramper completes the payment in fiat off-chain and generates proof of payment, triggering the release of your deposited USDC to them.

Risks of Off-ramping

😬Risks