We are happy to announce Clover’s strategic partnership with xDAI. After the integration, the Clover network will support the xDAI stablecoin, bringing a better payment experience to the Web3 DeFi ecosystem.
The xDAI blockchain is a stable payment blockchain designed especially for fast and cheap stablecoin transactions. The xDAI stablecoin is used for transactions, payments, and fees, and the STAKE token is used for Proof of Stake consensus. xDAI is an ideal cryptocurrency for daily payments and transactions, with extremely low fees, fast payments, and a stable value of about $1 per xDAI. User-friendly tools provide easy onboarding for users and developers. To complete a payment, a user only needs xDAI (a single token for the payment + fee). This feature further aligns xDai with the “DeFi ecosystem that anyone can join” that Clover is creating.
In addition, the xDAI network also designed and launched STAKE, a multi-chain staking token designed to ensure the security of the payment layer. Staking allows block producers (validators and delegators) to provide transaction consensus and obtain staking rewards for honest block production. STAKE is not necessary to perform daily on-chain transactions, that is, for regular users. STAKE is only essential for the consensus providers. Also, the price of STAKE tokens is unstable, so the market determines its value.
Currently, STAKE is traded and used on all major DeFi platforms, including but not limited to Uniswap, Huobi, AscendEx, Balancer, Bancor, 0x Protocol, etc. xDai is available by bridging Dai to the xDai network, through direct purchase or obtained on the xDai network.
This partnership is especially meaningful for the developers, who can now use Clover to develop products that support xDAI and significantly improve the payments experience for products in the Clover ecosystem.
Clover is a powerful smart contract platform that enables Ethereum developers and projects to migrate their contracts onto Polkadot. By minimizing the changes required to run existing Solidity smart contracts on the new network, Ethereum projects can simply replicate their dApp and deploy it to Clover using MetaMask, Truffle, Remix, and other familiar tools.