xDai Nears 100,000 Transactions a Day

xdai stats oct 2020

xDai, an ethereum sidechain that significantly increases capacity has been handling some 77,000 transactions in the past 24 hours. That’s close to 10% of ethereum’s on-chain transactions, with xDai being kind of an extension of eth. Based on a system of smart contracts, you basically deposit dai, which the sidechain then “reads” and mints you xdai. Once you done, the xdai is burned and your dai is unlocked. Now, this bridging can be done with any ERC20 token following the launch of OmniBridge which performs the above process, but for all eth based tokens. The ERC20 tokens and the xERC20s are pegged with this infrastructure being just a transfer of assets from the very secure and decentralized ethereum blockchain, to the xdai Proof of Authority (PoA) blockchain. Currently, validators on the xDai chain include POA Network, Giveth, Portis, MakerDAO, BurnerWallet, SyncNode, AnyBlock Analytics, Nethermind, Protofire, Gnosis and Galt Project. These…

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