On Monday the community had a chance to connect at a joint xDai/Gnosis AMA regarding the Gnosis merge proposal. Igor from xDai and Stefan from Gnosis led a wide-ranging discussion that covered many aspects of the potential merge from the swap terms to network effects to future synergy with Ethereum 2.0.
Over 100 participants joined to voice their comments or concerns, and many questions were answered in real time, along with an opportunity for community members to hop on for live questions at the end of the 2 hour long AMA.
If you missed it, we invite you to listen here and checkout some questions/answers submitted prior to the AMA. Questions submitted beforehand were entered to win an xDaiPunk 👨🏽🎤 or xDaiTiger 🐯, and 10 were distributed in total - 2 👨🏽🎤 & 8 🐯 to be exact.
Here’s what to expect in the near term regarding the proposal process (target dates subject to change):
19 November - 28 November: Community discussions will continue with any possible proposal supplements or amendments added during this time.
Monday, 29 November: Snapshot voting will go live with a 7 day open period to collect votes. STAKE on Ethereum and STAKE on xDai can be used for signal voting. The following strategies are currently enabled - we will explore additional ones but cannot guarantee they will be available.
STAKE balance held in a wallet (EOA) on either chain.
STAKE in EasyStaking on Ethereum.
STAKE in POSDAO staking on xDai.
STAKE delegation (STAKE in a multisig contract on either chain).
STAKE in Uniswap on Ethereum.
STAKE in Sushiswap on xDai.
The same vote will also go out to the Gnosis community for GNO voting on Monday 29.
Monday, 6 December: Voting will close and results tallied. Next steps will be determined.
🔥 EIP-1559
1559 has been live for a little over a week with some interesting results so far. In the first three days following activation, less than $0.10 worth of xDai had been burned.
However, on Tuesday the 16th the market saw some heavy volume, resulting in congestion and competition for open block space. This was mostly driven by Perpetual Protocol traders. Fees spiked for a short time, but long enough for over $700 worth of xDai burned. A smaller spike on Thursday also resulted in a quick 75 xDai burn, meaning 825+ xDai have been burned since Tuesday.
We will likely continue to see these spikes during transactional surges and times of high usage. Legacy txs continue to be the dominant type, but EIP-1559 txs (and lower associated gas prices) are catching up.
POA Merger
The POA/STAKE Merge is continuing with nearly 27% of POA now converted to STAKE on xDai. This week we added swapping for POA20 to STAKE on Ethereum, Russian and Turkish translations, and a walkthrough video for users withdrawing from Binance.
Project News & Integrations
03 Labs announced an xDai integration coming on Nov 22. 03 is a cross-chain enabled wallet for asset management, staking, buying, selling and sending.
The Brave team introduced a native wallet for their ecosystem, potentially bringing in many new crypto users. xDai can be easily configured for Brave, just as it can for MetaMask. Instructions here.
DeFiYield dashboard now supports the xDai network. View and manage your investments on xDai and across multiple chains.
Hal push notifications make it easy to follow snapshot proposals. Get notified about proposal is created or completed - perfect for following multiple DAO proposals, merge proposals 😉, and others!
DeFi Rewards
Rewards are heating with multiple 3rd party projects deployed on xDai and offering unique propositions. Many are combining efforts to provide additional incentives for DeFi users on xDai.
Symmetric APYs are rising with the addition of STAKE rewards for some pools.
ElkRush boosted farming APYs hitting triple digits.
DAOSquare RICE farming now available on SWAPR.
Agave teaming with both Elk Finance, Symmetric, Xion Finance and others to provide enhanced cross-project reward offerings.
Minerva and Symmetric partnership pushing DEX liquidity and volume.
Community Outreach
With all the recent news, it’s important to keep the community informed and involved as best we can. In addition to the AMA with Gnosis on Monday, our community manager Mojmir conducted an AMA with the Poly Network on Tuesday.
This AMA covered the basics, spreading the xDai message and explaining benefits to users exploring the multi-chain universe.
We appreciate our community, both current and future, and encourage the continued discussions happening regarding the future of the xDai chain and merger proposal. Coindesk ran an interesting article at the end of last week discussing the merge proposal, which they called “historic.” We invite you to read, follow along, and participate as history unfolds!
See you on-chain,
The xDai Team