Tornado.Cash Deployment Proposal On xDAI
The protocol is ready to settle in a new sidechain: xDAI, here we come!
The month of June has been marked by the deployment of Tornado.Cash smart contracts on Binance Smart Chain & Polygon. Following its community members’ guidelines to settle on new chains, Tornado.Cash intends to continue conquering new horizons.
The next stop? xDAI chain.
Contribute to Tornado.Cash Deployment on xDAI
If you support this proposal, you can contribute by deploying the contracts through this app:
Tornado.Cash * xDai Chain
With this deployment, Tornado.Cash intends to broaden its usage by creating new pools to welcome xDai, the chain native stable crypto-currency. xDai holders will then have access to privacy by using either:
- 100 xDai pool;
- 1,000 xDai pool;
- 10,000 xDai pool or
- 100,000 xDai pool.
By extending the protocol’s usage, Tornado.Cash aims to enable privacy to xDai holders, attract new liquidity providers to traditional pools and continue establishing its influence as the largest privacy provider.
Moreover, entering the xDai eco-system also means joining an extended & diversified network of decentralized applications, going from DeFi protocols to DAOs.
What About xDai Chain?
Known for enabling fast & inexpensive solution, xDai is a stable payments Ethereum-based blockchain that draws its strength from the concept of POSDAO, also known as “Proof of Stake Decentralized Autonomous Organization”.
xDai Chain uniqueness comes from the introduction of a dual-token model:
- xDai on one hand, a stable token used for transactions;
- STAKE on the other hand, a governance & staking token used to support the POSDAO Proof-of-Stake mechanism.
POSDAO PoS in Few Words:
As an alternative to the “Proof of Work” concept (PoW), miners don’t need to compete through computational effort to validate transactions & append blocks.
The POSDAO PoS mechanism uses the “Proof of Stake” (PoS) concept while introducing the notion of governance within a DAO environment. Validators (i.e. miners that validate transactions) are therefore selected according to the amount of STAKE they hold. However, each validator candidate has a pool where STAKE holders can delegate their token to support the candidate of their choosing. Information about xDai validators & their pool can be viewed on Blockscout.
Other Interesting Features:
xDai Chain also provides bridges, allowing its users to move tokens between chains. Those bridges enable conversion between xDai & Dai (MakerDAO crypto-currency). They also offer the opportunity to bridge ERC20 tokens between Ethereum or Binance Smart Chain & xDai.
xDai Chain Metrics 📈
- xDai chain recorded a total of 50m transactions, with approximately 300k daily transactions on average. The chain has a total value locked of ~ $467m.
- The chain counts more than 4m wallet addresses, with a total of ~1m active addresses within the past 90 days.
- The average block time is up to 5.5 seconds (in comparison of 10 to 15 seconds for the Ethereum blockchain for instance).
- On top of being fast, transactions on xDai are also known for having a significant comparative advantage in terms of prices. The average gas fee for a transaction on xDAI is 1 Gwei (vs. 67 Gwei on average last Monday -August 23rd- on the Ethereum Blockchain).
And what About its Tokens?
- xDai, its native cryptocurrency, is a stable token derived from Dai (MakerDAO crypto-currency), which is pegged to the US Dollar. Therefore, transaction fees on xDai are always predictable and stable.
- Dai is a stable coin raking in the top 30 largest market capitalizations with more than $6bn. The correspondence between xDai & Dai is 1:1.
- xDai Chain functions with a dual-token model. STAKE is its governance & utility token, used for the underlying POSDAO Proof-of-Stake consensus. STAKE has currently a market capitalization of ~ $58m.
STAKE price chart over last year