Project Highlights
icRamp is a decentralized protocol that bridges the Internet Computer (ICP) with Ethereum and other EVM blockchains. It enables seamless onramping and offramping of digital assets, offering users a secure and easy way to convert between fiat and cryptocurrency without relying on centralized exchanges. Targeting both onramper and offramper users, icRamp addresses the need for trustless, fast, and secure transactions across multiple blockchain ecosystems.
The protocol eliminates the barriers between traditional Web2 services and Web3 by enabling fast, trustless transactions and removing the need for intermediaries.
Web3 Advantages
Unlike traditional Web2 platforms that rely on centralized exchanges for asset management, icRamp harnesses blockchain technology to provide a fully decentralized experience. With ICP’s ability to handle cross-chain communication and HTTPS outcalls, icRamp goes beyond typical Web3 applications by seamlessly integrating with traditional Web2 services, offering users both worlds in one platform.
How is it Built
icRamp is built on the Internet Computer using Rust for the backend and integrates with Ethereum and other EVM chains through smart contracts. Key components include:
- ICP Canisters for business logic and HTTPS outcalls for verifying payments (like PayPal).
- EVM Canisters for managing transactions and escrow.
- Frontend built with React and TypeScript for an intuitive user interface.
- Authentication is provided through Internet Identity, Metamask, and secure email token generation.
An architecture diagram shows the interactions between these components, such as how the EVM RPC canister communicates with Ethereum networks to process transactions and log them for future retrieval.
Transaction broadcasts, nonces and transaction status are carefully taken care of, automatically managing failures, nonce gaps, low fees, etc.
Crosschain compatibility
Currently users can sell and buy the following tokens:
Columna 1 | Columna 2 |
---|---|
Ethereum | ETH |
USDT | |
USDC | |
EURC | |
DAI | |
SHIBA | |
Base | ETH |
USDT | |
USDC | |
EURC | |
DAI | |
Optimism | ETH |
USDT | |
USDC | |
DAI | |
OP | |
ICP | ICP |
ckBTC | |
CHAT | |
OGY |
We keep a register of tokens to prevent malicious actions, but adding them is fast and frictionless and we will be adding chains and tokens on users demand.
Internet Computer
Several features of the Internet Computer make icRamp possible:
- HTTPS Outcalls allow for secure verification of transactions with payment providers (like PayPal).
- Low latency provides faster transaction times compared to traditional blockchains.
- On-chain data logging ensures that all EVM and ICP interactions are auditable and secure.
- Automatic retries and failure recovery for EVM transactions through logs and nonce management, making the process smoother for users.
- Cross-chain support, enabling interaction with multiple blockchains while centralizing logic on ICP.
These features allow icRamp to offer a user experience that is as fast and secure as traditional Web2 systems while benefiting from decentralization.
Go-To-Market Strategy
icRamp’s go-to-market strategy focuses on partnerships with crypto and blockchain communities. We plan to engage with Ethereum and ICP developer communities, attend conferences, and collaborate with other dApps that offer complementary services. Additionally, we are leveraging social media platforms like Twitter, Telegram, and community-based tools such as Notion for user onboarding and engagement.
Monetization
icRamp will monetize by charging small fees on offramping services (around 2-6% of the fiat value). In the future, we also plan to decentralize the governance through the launch of a management token, enabling the community to vote on key decisions, including fee structures and feature development.
Status of the Project
icRamp is currently in beta mode, with a test environment live for user trials. We’ve successfully integrated ICP and EVM networks, built robust EVM transaction logging and nonce management systems, and implemented various login methods (Internet Identity, email token authentication, and Metamask). We are actively testing the smart contracts and have completed several successful transactions.
Resources
- Sandbox Dapp (testnet EVMs but production everywhere else): sandbox icRamp
- Production Dapp: icRamp
- GitHub: ic2P2ramp
- Notion: Onboarding Docs
- Twitter: @ic_rampXYZ
- Telegram: Join Telegram
Your feedback and participation are crucial as we continue improving. We invite you to test icRamp and share suggestions in our Telegram group. Let’s build the future of decentralized finance together!
Join us on Telegram for suggestions and requests!