Founder of CirclesUBI: Why choose xDAI?
Recently, my own human flesh has almost helped 1000 addresses to transfer xdai to activate CirclesUBI. In terms of personal experience, CirclesUBI chooses xDai is actually quite wise. Although the operation is too complicated for most domestic users, it is also beneficial. The development of the community—community group builders can gain more trust by helping more people activate, just like the mutual trust advocated by Circles itself. At the same time, once the operation is proficient, the transfer experience of xDai is really good. The gas fee is only a few cents, and the transfer can be completed in less than 10 seconds. If CirclesUBI is directly developed based on the ETH mainnet, at least we dare not help without restrictions. Fee!
Recently, the high gas price on Ethereum proved the importance of scalability. After comprehensively evaluating the various scaling options on the market today, we chose to use xDai because:
1. It is compatible with Ethereum and users can use Metamask to interact with it.
2. It is ready to use, and there are already some Dapps running on it.
3. It is user-friendly and quick transfer.
In addition to xDai, we also considered other scalable solutions , but most candidates for the program are unresolved problems, such as:
1. No ERC-20 bridge: For non-Ethereum chains, such as Binance Smart Chain (and other Cosmos-based chains) and Avalanche, at least when we made a decision, none of them allowed users to transfer their ERC-20 assets. Trust the ERC-20 bridge that migrates to another chain.
2. * Do not use Solidity * : For Ethereum L2 solutions (such as ZK-Rollups and Starkware), they did not use Solidity as a programming language, which means that it will bring us more development workload and higher errors Rate, because audit companies may have less practical experience with this language.
3. Metamask does not support : More than one million users use Metamask every month . As we all know, most DeFi plans are carried out on Ethereum, so Metamask (or WalletConnect) support is very important to us. Based on this criterion, solutions such as Nervos are filtered out.
4. Not ready to be used on the mainnet : Some well-known DeFi projects are testing Optimistic Rollups, but they are still on the testnet, and the mainnet is not yet ready.
xDai solves all these problems. It is also very easy to load existing Ethereum applications into it. With the development of Ethereum, easy migration to or from xDai allows us to flexibly pursue other scaling solutions.
Perpetual agreement on xDai
What is the permanent agreement on xDai? Faster and cheaper. And it is much cheaper.
According to our preliminary test, the time required to successfully open a position (below steps 2 and 3) is about 30 seconds, and the cost is less than 1 cent. Although there is still room for improvement, we are still excited about these results so far.
After merging with xDai, the following is the architecture of the permanent agreement:
From the user's point of view, compared to L1, only one additional step is required to start a transaction—deposit funds into the deposit agent:
1. Deposit USDT into the deposit proxy wallet on Ethereum (using MetaMask / WalletConnect), where it will pass your deposit to the Root Bridge contract and credit the equivalent amount of xUSDT to your xDai address.
2. When viewing positions through our user interface, you only need to sign a transaction with your wallet. The signature will be submitted to the Meta Transaction Relayer (this step does not involve any fees).
3. The location is successfully opened on xDai, and the update UI is updated synchronously.
Technical considerations
Of course, every design has its trade-offs. Here are the pros and cons of using xDai as our current scaling solution:
advantage:
1. The gas fee (ETH) is only required when the trader deposits or withdraws funds to the deposit agent wallet on Ethereum. meta provides a gas-free service for transfers.
2. Trader funds on Ethereum and xDai are all controlled by the same wallet (Metamask or WalletConnect). No additional L2 wallet is required.
3.xDai can speed up frequent operations (in our case, trading activities).
4. Tech-savvy traders can directly interact with Perpetual Protocol's architecture on xDai without going through our agents and repeaters.
Disadvantages:
1. Traders need to deposit funds first, rather than directly start trading. This adds a bit of complexity, but we hope traders will not mind, because this is a standard procedure in the CEX field.
2. By moving vAMM to xDai, we lost composability.
One thing we want to emphasize is that although using xDai to launch on the Ethereum mainnet, the entire system can be migrated to other scaling solutions (L2 and other similar chains) without causing too much trouble. You can suspend trading activities on xDai through DAO voting and take a snapshot of the status (active positions, balances, etc. of the trader), and then "paste" each trader's status to another L2/chain and resume trading activities.
We will pay close attention to the development of extended solutions, and if a more suitable solution emerges, we will let our community decide whether to migrate to the new solution.
on
ChinaDeFi - ChinaDeFi.com DeFi is a research-driven innovation organization , from the day in more than 500 high-quality Ge sources close to the 900 content , look for thinking more depth, more systematic combing content to be synchronized to the fastest speed The Chinese market provides decision-making aids.