xDAI DAO (r/xDAI) Community Update #12

xDAI DAO (r/xDAI) Community Update #12

By Rekt | xDAI | 17 Sep 2021


   

We’re always looking for ways to champion projects that have devoted considerable time and effort for an xdai-facing platform. We’re chosen Hedgey, after further beta testing, to hold the RxDAI tokens not currently being borrowed my collateral partners. The platform’s bespoke, audited smart contracts affording trustless control and flash loan profitability capabilities are impressive and deserved of further volume to reward their innovative efforts.

As indicated in some recent posts, the rate of appreciation for RxDAI is contingent upon the supply and demand for the RxDAI as a collateralized stablecoin. Our trading partners send in STAKE, xDAI, or other crypto, on-chain or on FTX, and for this overcollateralized position we extend RxDAI. This permits active traders a way to close out their position for the night or cash in the gains from finding arbitrage opportunities on Honeyswap, Swapr, and others versus the Ethereum mainnet or other markets. This interest gets added to a redemptive pool, designed to rebuy and retire RxDAI at 0.01 xDAI + a yearly premium rate so a year down the road might be 0.0123 xDAI. We’ll include the final redemptive rate in each month’s community update as well as the borrow volume and trading activity.

As a community, we seek to grow the xDAI community first and foremost. Whether that’s by featuring well-structured dApps, adding to robust considerations, or trumpeting xDAI’s value as a quality EVM for developers and active daily usage, it’s a priority that it’s imperative to the growth of adoption of the blockchain. The core xDAI team does a sensational job of building the blockchain’s architecture, tools, and document databases. It’s up to us, as xDAI enthusiasts, to carry the torch and be dev evangelists. Where quality dApps are users very often follow, especially if the ROIs are particularly juicy. With so many EVMs to choose from, it’s an imperative to meet developers at first blush and be vocal about the vibrant community that sustains xDAI and strong, exploit free foundation that has made so many dozens of platforms operate swimmingly.

The xDAI project feature page does a sensational job of advertising dApps to sink one’s teeth into if you’re looking to explore some innovative use cases. To help reward the hard work that these developers have poured into this code and platforms, we like to find ways to weave this subreddit into these platforms. For this reason, we’ve been working with various platforms to increase RxDAI’s utility. While we’re staked on many platforms across the xDAI ecosystem, hedgey’s seamless flash liquidation, pleasing UI, and cross-chain seamlessness was most impressive, leading to the decision to lock so great a of percentage into trustless smart contracts.

We’re using this community as an off chain DAO a la Snapshot. We carry out votes here and unless the votes are clearly being tampered with we’ll move forward with votes decisions as adjudicated by r/xDAI.

Goals for the r/xDAI subreddit:

  • Promote and support the xDAI core team and all dApps/projects that make this platform home

  • Encourage dApps through promotional tweets, posts, comments, or overall honest input that helps to reward platforms that go above and beyond in a commitment to excellence.

  • Facilitate the growth of dApps and devs though lending, on a highly collaterailzed basis, RxDAI, or help projects keep their STAKE or other xDAI-specific assets while still having resources to grow their applications. It would be a shame to have had a sizable position in STAKE or other projects and have to liquidate this position just it facilitate innovation. We’ve opened this collateral channel to offer a balm from this difficult program that many international coders face of having limited resources but an unlimited passion for a project.

Today we’re carrying out the first phase of STAKE airdrops, and will be doing more strategic airdrops to xDAI-friendly partners to reward honest, active development and xDAI-intentioned mass adoption.

If you would like to secure a collateralized RxDAI position, PM the r/xDAI dev team and we’ll connect you with our mod that works with Hedgey or FTX to facilities this. If you would like to HODL a larger bag of RxDAI beyond the airdrops, head over to Hedgey.

Thanks for all of your collective efforts making this subreddit an active, engaging crypto community, typifying that best that a side chain can deliver to community of passionate developers and blockchain enthusiasts.

The Bottom Line: If you want a position on a collateralized community coin regularly receiving airdrops with a built-in redemptive appreciation rate a la cDAI, get RxDAI on Hedgey. 

Resources: Hedgey

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Rekt
Rekt

Hard-hitting crypto reporter on the blockchain beat.


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