[Informal Poll] Why deploy on xdai?

Great stuff, this is a better ground to support the deployment there.

Do you know if the TVL mentioned in DEFI pulse is only related to assets on Ethereum side?, or it can be assumed it is the TVL used within the xDai network?

Please start from here: Projects & DApps - xDai STAKE

I believe you’ll find a positive answer to all your questions.

1 Like

image

it is more like 25M USD.

https://blockscout.com/poa/xdai

1 Like

Follow the link of @Kukkio : xDai (xDAI) Explorer
and look at the top-left. You’ll see something like this on the “i” below “Market Cap”:

  1. All xDAI in circulations are created from locking real DAIs on mainnet: currently about 3.25m

  2. You can bridge ERC20 tokens from mainnet to xdai. Currently about 22.6 (worth in usd) of tokens have been bridged.

These are onchain data, always up–to date.

I have used Perp protocol on xDAI and it has been a great user experience. I highly recommend trying out xDAI.

2 Likes

Don’t get me wrong here.

I am a liquidity provider on Honeyswap for quite some time alraedy. I know it works. But a database on AWS and BNB works as well until it isn’t.

ETH gas fees are not a problem. It is a feature.
ETH gas slows the velocity of money on mainnet just enough, that people are not exiting from their ERC20tokenxxx/WETH pools when the market dumps. It just is not worth it, unless you are a whale. But even a whale might be OK with the profit from a pool. The ETH Gas fee also keeps the not qualified investors away.

Maker has an instance on ETH Mainnet. It is the most secure, and should have the biggest vaults.

But a high velocity of money environment is also needed.

And the Maker vaults were a solution for me, when the fees were low (it is still a solution, because i did ride the wave). But i cannot recommend it to most of my friends, who are just starting in crypto.

3 Likes

Dude I just tried HoneySwap --wanted to Swap xDAI for MANA, but it has 39% slippage?

What gives?

2 Likes

All big things start small. In this pool is not much liquidity yet.

This is your opportunity. Take some MANA and WETH from Ethereum mainnet. Add to this pool on Honeyswap…You will hold a big proportion of that pool and earn a big chunk of the fees.

Still, the risk is yours.
Instructions for the bridge are on the xDai homepage.

1 Like

Yes exactly it works just as Uniswap.

LP need to find xDAI advantageous enough to move their funds there. It’s a bootstrapping problem. Clearly not an easy one, but I think there is some organic growth.

xDAI has been building around for quite sometime already. Some of the guys I worked with in my previous company were behind the creation of the poa network, which is at the inception of xDAI. It’s a very solid team.

Don’t forget to vote or propose a different solution.

MANA and a lot of tokens just don’t have liquidity for a largish type trade.

Fortunately network fees are low enough you can do it piecemeal if you really want to do that trade over time. I have 6 LPs there and basically manage/arb them between main net and Honeyswap. I am not even sure MANA is listed in the default token list. I own some of that but really have not seen a reason to move my liquidity to xDAI yet.

So yes liquidity is still bootstrapping and as volume comes LP returns will increase and this will enable more liquidity and volume. Even uniswap had to start somewhere.

BTW: If you add the xDAI native tokens (HNY for example) total value on the network is approximately 40M. Yeah not billions but give it time. A lot is being built pretty quickly given EVM compatibility. There also is a pretty strong support group on 1Hive discord.

1 Like

Is there any accessible write-up on the security properties of these L2 sidechains? What happens when an asset is wrapped up and sent to xDAI or BSC and what risks does validator fraud on the sidechain pose to MKR/collateral tokens on the ETH chain?

1 Like

I think one of my main concerns here is that other popular/useful protocols are building on more popular Layer 2s, such as Synthetix deploying staking of SNX on Optomism’s L2, and BadgerDAO yesterday announcing a future deployment on StarkNet (StarkWare). And then there’s Compound announcing what I think was a DPOS blockchain + Compound Cash stablecoin.

So, it seems like the composability is starting to spread out all over the place… It’s going to become a Layer 2 battle royal

1 Like

The Dai remain in a multisig wallet on ETH mainnet (i am researching, who holds it and how)

https://www.xdaichain.com/for-stakers/staking-protocol/terminology/operational-terms#ban

"Ban

A ban occurs due to validator misbehavior. This may include:

  • not revealing a secret number more than 55 times in a staking epoch

  • not revealing a secret number on the last reveal round of a staking epoch

  • reported malicious behavior by other validators

(for example releasing 2 blocks at the same step or releasing a block out of order)

  • too many calls to the reportMalicious function (spam calls)

When a validator is banned, they are immediately removed from the current staking epoch and moved to the inactive pool list. They do not receive any rewards from the staking epoch. The current validators (minus the banned pool) are reinstated and rewards are distributed among the remaining validators at the end of the staking epoch.

Any funds in the pool (validator and delegator stakes) are frozen for a period of 90 days. During that time, the mining address of the banned validator is prevented from participating in an active pool. At the end of 90 days, the funds are released and can be withdrawn or moved to another pool, and the ban is lifted.

To reactivate a banned pool after the 90 day ban is complete, a candidate must increase their stake by any amount, as long as the total amount is equal to the minimum candidate stake requirements. Adding stake calls the stake function and reinstates the pool."

Yeah a number of people are working. Personally I think the first chain with bridges (i.e. the L2 hub is going to become the prime player(s)).

I really would like to see a small knowledgeable team tracking these with reports as I think following developments in the L2 space is going to be demanding.

I have been wanting to see a matrix list of L2s and features with grades/check marks for a while now.

2 Likes

In retrospect, I now wish the entire Ethereum Community would have rallied together and supported xDAI. We fell asleep as the wheel and now Binance is eating our lunch. If there is a PoA that should have been supported while Gas Prices are what they are, it should have been xDAI and not Binance Smart Chain.

The sad part is I was under the impression BSC was using the Tendermint client (Cosmos) and it’s actually GETH.

Not sure how we missed this golden opportunity… Do you think it is too late? Can we rally Eth heads to move liquidity to xDAI?

Ethereum Layer 1 can still remain the playground for Whales, arbitrage bots, and miners and retain it’s Value, IMO.

6 Likes

BSC was bootstrapped by Binance users themselves. There was probably a critical point with the amount of people using the network, after which it simply exploded. Now is in a stampede, it has gone from millions to 10 billions in less than 1 month.

We sadly cannot have the influence that Binance had over their users, because not many users in fact uses our interface to interact with MakerDAO (and now is even less probable that they do anything there - GAS and DUST to blame).

This was told before and IMHO the first step we gave causing us loosing influence over retail investors (many of them probably flying toward BSC now) was a lack of solidification of our UI / UX.

I don’t think that it is late though, I propose to reach out the teams in Defisaver and Instadapp, probably the bigger platforms being used to access MakerDAO vaults?, and if we manage to compromise them to help us to promote xDai through their platforms (after we deploy something there of course), then I think we have a good chance to start gaining traction again. With proper UI preparation in those platforms (and in oasis.app) we could route the users toward a deployment in xDai.

We’re not guarantee to succeed, but if we don’t try, we’ll don’t have even a chance to know.

1 Like

Here you go.

6 Likes

So zkRollups seems to be the best L2 solution right?

I see xDai usefull just as a payment method, not DeFi or Money Legos as we have on Mainnet, mostly because of the liquidity inside xDai, things like this one can happens:

But for example, in Vzla we are currently using xDai in exchange for Dai or Bolivares (FIAT) because of the low costs, so as a payment method we can for sure think in a bridge or some service for the ppl.

4 Likes