Steps to Verify TA-USDT
To be updated.
Due to inherent constraints, real-time bridging and on-demand minting of Taproot Assets are not possible. As a result, we have pre-minted 1,000,000 TA-USDT.
The LN Bridge ensures that the amount of TA-USDT in circulation (i.e., usable or tradable on Lnfi) is always equivalent to or less than the reserve balance of ERC-20 USDT, maintaining at least a 1:1 reserve backing.
All information is publicly available, allowing anyone to verify and track it in real-time.
Here are the steps a user can undertake to verify
Step 1
Users can validate the total on-chain balance of ERC-20 USDT, consisting of the Bridged amount and Staking rewards via:
Step 2
Users can validate the amount of pre-minted TA-USDT by Lnfi on the following:
https://terminal.lightning.engineering/assets/ Asset ID: 0f929c417705fd4ad6fda742e107809367c7f5f10135cc6c5302bde3cb5982f1
The deployment has 2 decimals, hence displayed as 100,000,000
Step 3
Users can check the amount of TA-USDT not in circulation, by using Lnfi Explorer > Holding List
On the Explorer Assets filter, select [USDT].
and search for this Nostr Address
Step 4
The TA-USDT in circulation can be calculated as the sum of the balances across all other Nostr addresses (excluding npub19qfwjn7f2vtgvrcn06apyj5kass2huunalcwewdxjzcx5zupcjkqp7pnz5) listed on the Lnfi Explorer > Holding List.
Step 5
The reserve balance of ERC-20 USDT and the circulating TA-USDT are displayed on our LN Bridge page, making it easy for users to track.
Important Note
(i) The reserve balance of ERC-20 USDT will always be greater than or equal to the amount of circulating TA-USDT.
(ii) We will perform regular rebalancing to distribute the accrued Staking Rewards from the Nostr address holding the TA-USDT that is not in circulation to current holders of TA-USDT who are entitled to these rewards. After rebalancing, the reserve balance of ERC-20 USDT will be adjusted to match the amount of circulating TA-USDT.
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