Membrane Finance will work with your team to complete smooth hand over. As part of the hand over we will complete due diligence on the blockchain, its infrastructure, team, and relevant organisations. The EUROe.b contract will be temporarily paused when it is upgraded to the native EUROe contract.
Hand over requirements
Given you notified Membrane Finance about the deployment of your EUROe.b version during deployment, you may be eligible to begin a hand over process if the following conditions are met:
- EUROe.b issuance exceeds €50,000,000.00 (three month average);
- The secondary market price has been within 25bp of peg 99% of the time (three month average);
- The secondary market price has not deviated from the peg more than 100bps (observed over the last three months);
- Average daily transaction count exceeds 100,000 (observed over the last three months); and
- Average daily transaction volume exceeds €1,000.000.00 (observed over the last three months).
Benefits of the hand over
The benefits of completing the hand over include:
- Direct minting and redemption of EUROe via APIs & GUI on your blockchain;
- Direct participation in the EUROe;
- Potential integration of other EUROe products;
- Decreased risk to users due to AML considerations; and
- Increased user trust.
Overview of the hand over process
At high level, the hand over process includes the following phases:
- Due diligence and contracting of key vendors where necessary
- Infrastructure and backend integration of the blockchain to EUROe systems
- Testing EUROe.b to EUROe upgrade
- Informing EUROe.b users of the upcoming change
- Pausing of all bridging activity and reconciliation of in-flight bridging
- Transferring L1 bridge funds to Membrane Finance
- Pausing of the EUROe.b contract and reassignment of roles to Membrane Finance
- Burning the funds backing EUROe.b on L1 and upgrading the EUROe.b contract to EUROe
- Permanent deactivation of the bridge contracts where applicable
- Unpausing the EUROe contract
- Informing EUROe users of the change
Upon the succesful completion of the hand over process, the upgraded EUROe contract retains the existing supply, holders, and app integration as the original EUROe.b contract.
To begin the hand over process please contact us.