Accepting Deposits to Newly Created Address

This guide outlines the process for accepting deposits into a unique address created for the transaction. It provides a detailed walkthrough of the deposit process, including how it interacts with the respective blockchain, the pre requisites of creating an asset pool and webhook destination for payment event updates. Once the pre steps are done, it covers which endpoint is used to create the address, the data that needs to be sent to the endpoint, and how the funds are consolidated into a master address that belongs to the asset pool after the deposit is received. Additionally, it covers the webhooks sent out during the withdrawal process.

Before proceeding with the address deposit integration, you must complete the following steps:

  • Set up a Webhook Destination: Set up the webhooks destination that payment update webhooks can be sent to, as well as any other related events.
  • Create an Asset Pool: Create the asset pool that will house the created address and keep track of all funds sent to any realted addresses created in future.

This guide will then delve into:

  • Understanding the Deposit Flow: Before creating the transaction, it is best to first understand the withdrawal flow to see how this transaction will interact with the blockchain.
  • Create a New Crypto Address: Use the create new address endpoint to create a new address for the specific currency wanted. The final address is sent to the webhook destination previously set up.
  • Ingest and Deserialize Webhooks: Ingest and deserialize the resulting webhooks to keep track of the created address, and the status of the desposits sent in, the total funds in your pool, and the mvement of funds within your asset pool.

To summarise, this deposit process involves sending funds to a wallet address created and linked to your asset pool. Once deposits are sent to the address, the transaction will be picked up by the Layer1 system and the status changed of the deposit will be updated through webhooks. Once funds have been recorded within the asset pool, a consolidation phase will take place sweeping the funds into a master wallet so that they can easily be sent on as required. Ensure that you understand each part of the process to handle the transactions and webhooks correctly.