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Poly Network

Poly Network AMA Recap With xDai

The stable payments blockchain, xDai (@xdaichain), was invited to Poly Network (@PolyNetwork2) AMA,taken place on 16th November in the Poly Network Telegram Community. From the Live AMA with Mojmir, CM of xDai, this recap fully grasps the useful information discussed during the AMA.

Moderator: Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $14 billion USD involving more than 270K cross-chain addresses on different blockchains.

Mojmir: xDai chain is a stable payments EVM blockchain designed for fast and inexpensive transactions. The chain uses a unique dual-token model — — $xDai is a stable token used for transactions, payments, and fees; and the $STAKE token is used to support the underlying POSDAO Proof-of-Stake consensus.

🐦Official Twitter: https://twitter.com/xdaichain

🚀Telegram community chat: https://t.me/xdaistable

🚀Dev focused Discord: https://discord.gg/mPJ9zkq

🚀Docs: https://www.xdaichain.com/

Q1: What is unique about xDai compared to other similar projects out there?

Mojmir: A lot. First of all we are a stable chain, so the price of transactions doesn’t change depending on token price. This allows projects to plan for expenses if there are lots of transactions, and for regular users always know the cost of a tx without needing to do any conversions or wait for more favourable circumstances. xDai is very energy efficient too, so projects minting NFTs for example can feel ok about their extremely small carbon footprint.

There are also many unique projects on xDai. Dark Forest is a multi-player real-time-strategy game that takes place on xDai. Circles is a big UBI project, Nifty.ink has a solid, homegrown community of talented artists creating NFTs. There are also a ton of DAOs that call xDai home, in large part because community voting can be conducted quickly and with low, stable fees. There are some unique DEXs as well with unique incentives, so all of these things add up to a chain that is quite different from any other in the space.

Q2: xDai has issued $xDai and $STAKE. How shall users get started? Are there any events regarding the two tokens for our members to join?

Mojmir: To get started users just need a little bit of xDai. Bridging any token to the xDai chain using the Omnibridge will give the user a bit of xDai automatically. It’s also possible to use the community faucet. Details on this are in the xDai discord. xDai.world is a great place to get started using apps on xDai.

For STAKE, users can get it on Ethereum or on the xDai chain. If on Ethereum, it will need to be bridged to xDai first to use it on xDai. It can be traded on Ethereum using Uniswap v2, or on xDai with DEXs like Sushiswap, HoneySwap, or Swapr. It can also be purchased directly on xDai with the Ascendex exchange.

STAKE can be staked on Ethereum using EasyStaking, or on xDai directly with POSDAO staking.

To get involved with the community, we recommend joining Twitter / Telegram / Discord and community members are happy to help you get started. All the information related to our social channels and how to work with xDai and STAKE is available at https://www.xdaichain.com/

Q3: How do you guarantee users’ asset security?

Mojmir: We are big proponents of security, and as such regularly commit to security audits for all of our infrastructure. These can be found here: https://www.xdaichain.com/for-developers/security-audits

xDai has been in production since 2018 without any major security incidents. We are open-source and also have a $2,000,000 bug bounty for our Omnibridge infrastructure on Immunefi, one of the largest bug bounties in the space. https://immunefi.com/bounty/xdaistake/

Q4: Why did xDai choose Poly Network among others for partnership?

Mojmir: We are firm believers in a multi-chain future (actually a multi-chain right now). Just as chains are important for different reasons, interoperability options are also a necessity. We believe in an open, decentralized future and share those values with the Poly Network.

Q5: Any roadmap to illustrate? What’s the future plan of xDai? What can we expect?

Mojmir: There’s a lot going on right now. We just implemented 1559 on xDai, which maintains alignment with the Ethereum 2.0 roadmap and creates burn opportunities during times of high chain usage. We have some cutting-edge privacy preserving solutions we are working on right now that involve zksnark technology with the bridge infrastructure.

There’s also an important proposal on the table right now for a possible Gnosis / xDai merge. If you are interested in what the future looks like with a future Kusama-like beacon-chain network for Eth2.0, we recommend you check it out!

In addition, we are following other items on our roadmap, and have already accomplished so much in 2021. Examples include a Universal NFT bridge, Metrics integrations and Arbitrum on xDai. You can find the base roadmap here: https://www.xdaichain.com/about-xdai/roadmap/2021-roadmap

Note: 5 questions were chosen and answered by the AMA guest in this session. The AMA Rewards for this session was $400USD in total.

Q1: How can I buy this token? Is it available on any exchange?

Mojmir: As it has been already said, xDai have a unique dual token model. If you are referring to native xDai stablecoin, here is how you can obtain here: https://www.xdaichain.com/for-users/get-xdai-tokens#how-to-get-xdai-stable-tokens

When talking about STAKE, it is listed on many centralized exchanges and also it is possible to buy it on multiple DEXs mainly on xDai or ETH mainnet. https://www.xdaichain.com/for-stakers/stake-token/get-stake

Q2: Can you please tell us more about the xDai Ecosystem and what DApps are available there?

Mojmir: xDai Ecosystem is growing fast and we see more and more projects deploying on the chain and utilizing its key advantages like stable gas fees, many interoperability options — including Poly Network of course as well. Currently there are almost 200 various DApps live on xDai. You can see the full overview here: https://www.xdai.world/

Q3: ‘’STAKING’’ is one of the strategies to attract users and hold them in the long term. Does your project have any plan about staking?

Mojmir: Multiple staking options are available right now! You can either choose EasyStaking which is on Ethereum mainnet or you can bridge your STAKE tokens to xDai Chain and directly help to secure the chain when staking in POSDAO staking as a delegator. You can see the comparison of multiple staking options here: https://www.xdaichain.com/for-stakers/stake-token/stake-reward-mechanics/staking-rewards-comparison

Q4: What are your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

Mojmir: Current year has been packed with the new development. We have released Universal NFT OmniBridge between ETH mainnet and xDai chain. We have activated both Berlin and London hard forks. Onboarded a lot of new projects. Established Bug Bounty program. Undergo several security audits and now we are focusing on the launch of the Beacon Chain which will offers a new consensus opportunity for the xDai chain. You can read more about it here: https://www.xdaichain.com/for-validators/consensus/sbc

The AMA with xDai came to an end, along with more AMAs coming next weeks. Please stay tuned!

For more info about Poly Network

Website | Telegram | Medium | Twitter | Discord | Github| Forum



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Poly Network

Enhancing connections between ledgers by providing interoperability in Web 3.0.