Which Chain Do You Expect XY Finance to Support Next?

Summary:

XY Team has recently collected some of the most popular chains from this ever-changing ecosystem based on on-chain data such as TVL, transaction volume, and DAU. To determine the trend of X swap, we have decided to invite all XY DAO members to hold a vote on which chain to support next! This is the very first vote on XY DAO, to better our protocol, go vote! XY Finance’s future is in your hands.

Motivation:

Our cross-chain swap protocol - X swap - has kicked off for over half a year so far, and currently we are supporting a wide range of trending chains such as Ethereum, Polygon, Binance, Fantom, Cronos, and ThunderCore. In order to provide all users with excellent and more efficient services, we aim to seek more possibilities and continue to support as many chains as we can.

We are a firm believer that each one of your voices matters, and XY Finance can only thrive on your participation. That’s why we’re conducting this poll to gather your opinion in hope of building a more powerful and comprehensive protocol. Now, you are not just a witness. Instead, you are the one who is empowered to make the call and shape what our products will be like in the future.

As an XY DAO member, cast your vote now to decide which chain we should support next!

Candidates:

Option 1 – Arbitrum

Arbitrum is an open-source cryptocurrency platform developed by Offchain Labs. It operates as a Layer 2 solution for Ethereum aiming to bring scalability and affordable transactions for ETH network users. Read more on https://offchainlabs.com/

Option 2 – Optimism

Optimism is an EVM compatible optimistic rollup chain that aims to provide fast transactions and simplicity to Ethereum users while being secured by Ethereum’s Layer 1 security. Read more on https://www.optimism.io/

Option 3 – Metis

Metis is an Ethereum Layer 2 scaling solution that was developed and funded by Metis DAO. In their own words, Metis is solving six of Ethereum’s biggest challenges: Simplicity, speed, native storage, scalability, security and saving. Read more on https://www.metis.io/

Option 4 – Klaytn

Klaytn is a service-centric blockchain platform being developed by GroundX, the blockchain arm of Kakao, the company behind KakaoTalk, one of the most popular messaging apps in South Asia, with more than 50 million active users. Read more on https://www.klaytn.com/https://offchainlabs.com/

Option 5 – Harmony

Harmony One is a Layer 2 chain built on top of Ethereum. It started out as a company in 2018 and got funded by venture capital funds including Consensus Capital, Hong Kong’s Lemniscap VC and others. In 2019 Harmony One launched an IDO on the Binance Launchpad and promised to deliver. Read more on https://www.harmony.one/

Option 6 – Moonriver Network

Moonriver is a Solidity smart contract network running on Kusama which serves as Polkadot’s testnet. It was launched in June 2021 and has since attracted over $400M in TVL. Read more on https://moonbeam.network/networks/moonriver/

Option 7 – Ronin Network

The Ronin Network is a blockchain-based sidechain created specifically for blockchain gaming by Sky Mavis – The company behind the popular blockchain game Axie Infinity. Read more on https://bridge.roninchain.com/

Option 8 – Moonbeam Network

Moonbeam is much more than just an EVM implementation: it’s a highly specialized Layer 1 chain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. Read more on https://moonbeam.network/networks/moonriver/

Option 9 – Astar Network

Astar Network is a scalable and interoperable infrastructure for Web3.0. Since Astar Network is built with Parity’s Substrate framework, it can be a future Polkadot parachain that also acts as a scalable smart contract platform. Read more on https://astar.network/

Rules & Calculation

The first poll will be conducted via weighted voting method on Snapshot. The quorum threshold is 10,000 veXY. Members are allowed to choose multiple options and cast as many votes as they want for the option that they prefer. Upon casting your vote, each member’s total veXY will be distributed to the options according to the percentages on the option boxes. Members are able to edit their votes even if they have already voted.

Example:

User A has 1000 veXY and there are 3 options (X, Y, Z): Cast 2 votes for option X Cast 3 votes for option Y Cast no votes for option Z Result - veXY distribution to each option: Option X: (2/5)1,000 = 400 veXY Option Y: (3/5)1,000 = 600 veXY Option Z: (0/5)*1,000 = 0 veXY

As the poll ends, XY Finance will schedule a plan and take prompt action to support the chains that are most popular with users ASAP; meanwhile we will update our roadmap to keep all the XY community posted on what our next step is. As XY Finance is getting closer to decentralized governance, we would like to further benefit the XY community by making everyone’s wishes come true.