xDAI DAO Community Update #11: Embracing xDAI Community Building

By Rekt | xDAI | 6 Sep 2021


   

September Objectives:

✅ Monthly Airdrops
✅ RxDAI back to 0.01 xDAI
✅ Encouraging dApp Scaling
✅ Tokenomics Discussion
✅ DeFi on xDAI

Appreciate all of your patience while I carved out a more decisive plan for the community.

Admittedly, I think I was brute force attempting to materialize so much mass adoption and xDAI scaling that I lost focus on the core of this subreddit's purpose: grow the community. Trying to partner with projects to help them grow was too big of an undertaking and took away from community building.

So, here's the objectives for September (airdrops go out today).

✅ Monthly Airdrops

Remember, if you haven't PMed our mod team your xDAI address then you're not getting your RxDAI airdrops.

If you have commented or posted on this community during the month of August, you're entitled to airdrops, as an expression of your contribution to this community.

✅ RxDAI back to 0.01 xDAI.

If you held on from when it was getting slammed by Honeyswap, you will have made 2.5x in a day. The reason for a lot of the instability is that I pinned RxDAI, in a LP liquidity pool, against xMoon and some volitive cryptos. When an arbitrage opportunity happens the bots would slam it to squeeze out that 1%. When the liquidity is already low these movements put the price out of alignment.

I've spent 100's of xDAI trying to keep RxDAI stable so I'm going to implement the following provisions:

✔ The xDAI DAO will redeem RxDAI at 0.01 xDAI per token.
✔ Message the mods that you have a desire to convert RxDAI into xDAI and we'll facilitate this.
✔ If you see RxDAI below 0.01 xDAI, buy it and I'll immediately compensate you

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✅ Encouraging dApp Scaling

Omen offers an excellent pooling platform that allows one to make categorical markets, like this one that pays out based on the final price of STAKE at the end of 2021. Omen's done a great job of trying to fix the problem you may have seen with the Augur invalid markets where scammers would create confusion conditions in an attempt to invalidate a market and profit. On this platform, Kleros and other unbiased DAO bodies are doing the arbitration, even if one person requests it.

This $100 million market is particularly attractive because if it limits your downside risk. So if you have 1 STAKE then buying the "No" will give you a cushion which you can use as part of an overall asset management strategy. If STAKE continues to do well and grows then you're just out that LP position here on the Omen markets. If STAKE goes to $20 or more then you will have hedged your bets nicely.

There are lots of other interesting markets on Omen.

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If you haven't used Kashi by Sushi on xDAI, it's pretty easy to use. If you don't see the pair that you like you just create the market for it and you can get up to 75% collaterialization on it. I like that the platform uses a Chainlink Oracle, which is pretty rock solid.

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If you're worried about bot front running to your transaction, CowSwap does a good job of doing the transaction off-chain, obfuscating these transactions from falling under the praying eyes of bots. I think we'll see more and more ETH exchanges doing this Snapshot-like off-chain settlement.

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✅ Tokenomics Discussion

We continue to offer the Swapr/Honeyswap LPs, but don't forget about the Swapr farm as well!

We'll be doing this 30-day one, but will, throughout the year, be doing other ones, awarding different xDAI-specific tokens for your RxDAI/WxDAI LP tokens. We'll be making announcements in the days ahead. Much like Publish0x airdropped tokens to give to users who engage with articles on the site, we are often gifted tokens to distribute to this vibrant community in the name of growing their user case and facilitating traction.

The tokens we have slated this month for Swapr RxDAI/WxDAI LP token airdrop:

✔ STAKE
✔ HNY
✔ AGVE
✔ HAUS
✔ XCOMB
✔ DONUT

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✅ DeFi on xDAI

You may have seen the 1Hive post from Paul about Hedgey. It was one of the most liked posts of the last week, reflective of the community's good feeling about this new project. As they don't have a chat box, if you are doing DeFi trading, like trying to get coverage for STAKE over $15 until Christmas, and are looking for a market maker, we have community members that are looking to earn do a covered call on their STAKE that would appreciate the premium. Message the r/xDAI mods and I'll link you guys up to open a trade on Hedgey. I've been on a little spending spree myself.

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The platform get nails options on crypto will get a big boost in users and whales. Any efforts to hit the mark on this should be encouraged to the Nth degree.

 

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Rekt
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