XDAI Freezes and XDAI / USDS Gnosis Chain

General
1

Anyone knows if XDAI has no freeze function in its code exactly like the normal DAI and there will be no option to add it so its not freezable, or do the Gnosis Validators or the Gnosis Foundation have a option to add code to freeze XDAI later on or freeze it whenever needed

Also is it true that on the Gnosis Chain all XDAI will be redeemable for USDS on the Gnosis Chain and that USDS will be the main stablecoin of the chain? Will XDAI then be completely abandoned or will it co-exist and nomatter the price fluctuation there will be 1:1 conversion from XDAI to USDS?

2

Hi @engelguy - offering a freeze function for xDAI would go against core values of Gnosis and the Ethereum ecosystem. I am not aware of such a function and currently no discussions about adding one. Same goes for replacing xDAI with USDS - no current discussions about doing so.

3

USDS is on Ethereum, while xDAI is on Gnosis Chain.
In the current xDAI bridge setup, when DAI is locked on Ethereum through xDAI Bridge, xDAI is minted on Gnosis Chain, and vice versa.
After the xDAI Bridge USDS migration, USDS is locked on Ethereum, xDAI is minted on Gnosis Chain.
DAI and USDS is 1:1 convertible on Ethereum.

Reference: https://github.com/gnosischain/tokenbridge-contracts/blob/feat/xdai-usds-migration/USDSMigration.md
xDai Bridge | Gnosis Chain

3 Likes
4

Really helpful

Do you guys now where can I stake XDAI with the best APY possible would just prefer only xDAI so now Pools with 2 Coins if possible

5

I prefer sDAI (Agave - Liquidity Protocol) but right now you get better rates at Spark: Earn on your stablecoins and RMM - Real estate Liquidity Protocol and you can also have a look at https://app.aave.com/ (isn’t loading for me right now)

6

okay so it doesnt seem like xDAI will upgrade its smart contract to add a freeze function but potentially it could be done if there would be a majority vote? Do GNO Holders have holding power and if so in what split, just trying to see if there is someone with significant voting power

Does anyone now if its the same situation for DAI or can the DAI Smart Contract not be added anymore at all?