As the xDai ecosystem continues to mature, larger projects are taking notice of the possibilities and potential available on the xDai network. xDai has been quietly and steadily cultivating a DeFi presence thanks to stability, interoperability, and a seamless trading experience.
Projects like Perpetual Protocol have utilized xDai with great success, and others are now moving into this open frontier. This week, SushiSwap announced $2M in incentives for xDai users and a Curve Protocol vote is live to add pool rewards for their xDai deployment.
In other words, the xDai secret 🤫 is out.
Incentives from major projects are likely to bring more users and traction to DeFi on xDai. We expect cross-chain arbitrage opportunities will present themselves as new rewards incentivize traders to freely move assets in search of the best farming, lending, and trading value.
Thanks to the various bridge options, it is easy, fast, and inexpensive to move assets quickly cross-chain and trade wherever the best opportunities exist. Quick bridge options include:
OmniBridge for all ERC20-based assets, bridging between XDAI, ETH, & BSC.
xDai Bridge for bridging DAI to XDAI and XDAI to DAI on Ethereum.
xPollinate State Channels for DAI, USDC, USDT, bridging between XDAI, POLYGON, BSC, & FANTOM.
Hop.Exchange focus on USDC and bridging between XDAI, POLYGON, & ETH.
In addition to DeFi on xDai, this week was packed full of other news. Here are some additional highlights and developments!
July 23 Weekly Highlights
SushiSwap announced $2M in reward incentives for various pools on xDai. Kashi lending protocol is also up and running. STAKE 🥩 + SUSHI 🍣 is here!
Curve rewards on xDai are currently up for a vote. The vote is overwhelmingly in favor of adding rewards to the 3pool at the moment, and we expect to see incentives for Curve shortly. Trading volume on Curve is up significantly.
The HOPR team introduced gamified staking on xDai. This unique incentive program includes NFT Boosts for long time hodlers and other features. Staking APR for the xHOPR token starts at a base rate of 18.25% APR.
Project Galaxy is now available for xDai devs. Galaxy gives users the ability to build credential-based NFT loyalty campaigns, providing a new utility for NFTs.
Peerion is the latest project to add a validator candidate pool on POSDAO, and starting with epoch 66 they are actively validating blocks. Peerion offers a liquid staking pool, where users can stake smaller amounts (20 STAKE) through Peerion and share in the validator incentives, including xDai Tx fees! A community pool was also added by Gimlu, the first to start a pool with the new minimum amount of 2000 STAKE.
Brownie added an xDai integration to their latest release v1.15.0. Brownie provides a sweet suite of tools for smart contract development and deployment. This video playlist by Curve shows you how to get up-and-running quickly.
Coin98 Wallet v5.4.0 added xDai support. Their extension wallet includes integrations with many chains across the ecosystem.
OmniBridge updates included a UI enhancement for network switching (see arrow below) and functionality for asynchronous cross-chain data transfers. The bridge experience continues to get smoother with each new iteration.
Finally, we had a chance to catch up with many friends at EthCC this week. It was amazing to see how many projects in the Ethereum space are also using xDai to help with scalability and innovation. It is truly a symbiotic relationship, and we look forward to continuing to enable users and projects as they experiment and iterate towards a multi-chain future.
Visit xDai.world to find all the apps, Dapps, and projects available within the xDai ecosystem! Follow us on Twitter to receive real-time updates and subscribe to this newsletter to get updates straight to your inbox ⬇️