Rubic Auto-Refund Policy
Refunds are now being resolved automatically. In this article, you’ll learn about our current Policy and about which refund cases are eligible.
Rubic offers its users the highly convenient and beneficial Сross-Chain Routing system, which allows users to swap more than 15,000 assets between 13 blockchains in one simple click.
This technology includes 3 main steps:
- 1.Rubic completes the swap of chosen token to USDC.
- 2.We complete the swap of the USDC token to USDC in the target network.
- 3.USDC in the target network gets swapped to the token which the user has chosen.
Our Cross-Chain Smart Routing System is based on several DEXs connected to the protocol. Trade on Rubic is facilitated by every asset listed on integrated DEXs, so users are able to swap stablecoins and any other assets.
Thanks to all of our DEX integrations and Smart Routing technology, we give our users the best rates for trades across integrated DEXs.Currently, you can find the list of our supported DEXs for Cross-Chain and On-chain Routing in.
Unfortunately, not every token which is listed on our integrated DEXs has enough liquidity for correct trades and swaps. During the transaction time, the token price might change, so the trade in the target network has a chance to not be completed.
Due to blockchain specificity, Rubic can’t fully influence the transaction time: the gas fee can change rapidly during the transaction, so it will increase the transaction time and the possibility of not passing through.
Also, one of the main concerns is volatility. This might get irritating, especially if the transaction goes on the Ethereum network, where users spend money in order to cover gas fees. Thanks to stablecoins, the transaction times and sharp fee jumps don’t affect the swap as much.
First of all, Rubic recommends increasing the percentage of slippage up to 4%. The development of Rubic’s Cross-Chain Routing will provide the user with the opportunity to choose the minimum and recommended slippage. By receiving quantitative and qualitative data on the changes in the exchange rate of the selected tokens, we will be able to offer the user the minimum and the recommended slippage.
Unfortunately, there are still several cases where trades might not resolve.
- The transaction is reverted in the source network. If this happens, the user will get the tokens that he has sent, but the gas fee is unreturnable. This is a common mechanic for on-chain swaps on any DEX.
- The transaction is reverted in the target network.
Considering all of the possible trade results, we came to an auto-refund solution. Rubic will complete refunds using the USDC stablecoin, which will equal the original amount of tokens. Since USDC is a stable coin, the rate of it in USD will not change even during market volatility.This Refund Policy was chosen out of numerous options. We’ll share some of them with you:
- 1.Source network tokens refund: Risky because of volatility for both sides, which can have a significant effect on the price of the token.
- 2.Ignoring the Slippage for the refund: As we have experienced, to get as many tokens as were able to be swapped. Most users don’t support this solution, as it can lead to reducing the final amount of received assets.
- 3.Stablecoin refunds in the source network:
- The users already paid gas to interact with the smart contract in the source network;
- The double claim from the user (both for tokens and blockchain fees) - this option is more expensive because of the doubled fees.
Finally, our team has come to the appropriate solution.
We are looking forward to improving this system and the mechanics of it. Later, we are considering providing users a choice: complete an auto trade on cached slippage, complete the refund in the source network, and other options.