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zkVault Wrapped is a cross chain asset bridge which utilises a trusted and regulated third party (Fireblocks) as custodian of the supported assets. It allows holders of tokens on other networks to bring their currencies to EVM Networks. Additionally, it allows users to bridge supported Non-Fungible Tokens(NFTs) between networks.
Asset Wrapping begins with Governance and holders deciding which networks and tokens they would like supported on zkVault. To reduce the risk of spam and scam attempts on the network, new tokens and networks must be added via a Governance proposal. Other tokens and networks may be added in the near future. Wrapping has a variable fee determined by Governance. The Wrap fee cannot be lower than the service fee charged by the custodian. Due to this, the zkVault Wrap fee will be utilizing its highest tier fee until that cost is covered. The initial cost is approximately $15000 per quarter at the time of writing. Thereafter, this fee will be set at between 0.1% and 0.5% depending on the amount being wrapped. The fee scales as follows:
- $100,000 or less is 0.5% per transaction
- $100,001-$500,000 is 0.4% per transaction
- $500,001-$1,000,000 is 0.3% per transaction
- $1,000,001-$5,000,000 is 0.2% per transaction
- $5,000,000+ is 0.1% per transaction