Xave is adding EUROC support to continue building liquid FX markets for DeFi
Today we’re excited to announce the launch of our EUROC:USDC FXPool on Avalanche. Liquidity providers can now earn trading fees and token rewards, while traders benefit from FX accurate swaps between EUROC and USDC stablecoins.
Why EUROC?
EUROC is issued by Circle, one of the most widely trusted stablecoin issuers, and is fully backed by Euros and related instruments (government bonds). Originally launched on the Ethereum blockchain, EUROC was recently launched on Avalanche to take advantage of near-instant settlement alongside low fees; and to tap into growing demand from across DeFi (Avalanche boasts $680 Million in TVL).
LP Rewards for Balancer’s Launch on Avalanche
As those in our community may be aware, Xave has built our FXPool as a custom pool type on the Balancer V2 Vault. Balancer has recently deployed its’ protocol on Avalanche’s C-Chain along with a number of protocols, including Xave. In line with this, there will be a 12 week program that rewards the EUROC:USDC FXPool with USDC and AVAX rewards (see Balancer’s governance vote here).
FAQ:
Q: What is the specific USDC/AVAX rewards amount being given out over the 12 week period?
A: Both Balancer and Avalanche ecosystems are allocating roughly 200k USD (USDC + AVAX) worth of incentives to Balancer pools. At the time of writing, Xave’s FXPool (a Balancer custom pool type) will be getting ~10% of incentives. This is of course subject to change and/or adjustments over the course of the 12 weeks.
Q: Will there be BAL rewards on the EUROC:USDC FXPool just like on the prior XSGD:USDC FXPool?
A: More announcements will be made once the 12 week incentives program has finished.
Q: Where can I see prior FXPool audits?
A: See the FXPool audits here
See Avalanche contract addresses here
How do I supply liquidity to the EUROC:USDC Pool?
Please see our tutorial docs here
You may also see the Balancer EUROC:USDC pool page here that redirects to the Xave UI
How do I stake my BPT tokens to earn AVAX and USDC incentives?
Please see our tutorial docs here (that article illustrates BAL rewards, but in this 12 week incentive program the incentives being given are USDC and wrapped AVAX)
Users can conveniently acquire USDC and EUROC on Avalanche by bridging these stablecoins from other compatible chains or minting them directly via a Circle account. Additionally, Circle’s Cross-Chain Transfer Protocol (CCTP) provides a permissionless on-chain utility that enables the seamless transfer of USDC between different chains.
Token Name: USDC
Contract Address on Avalanche: https://snowtrace.io/token/0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6eToken Name: EUROC
Contract Address on Avalanche:
https://snowtrace.io/token/0xc891eb4cbdeff6e073e859e987815ed1505c2acd
