We are happy to announce that XAI is now live as the second bridge asset in the Silo lending protocol.

07 Nov 2022, 21:45

We are happy to announce that XAI is now live as the second bridge asset in the Silo lending protocol. Acting on the recent Snapshot proposal, The Core Team has seeded a total of $3M of Liquidity to the temporary XAI/USDC Liquidity Pool on UniswapV3. The actions of the team are as follows: - Deposited 1.875M USDC into the USDC silo. - Minted 1.5M XAI - Created and deposited 1.5M XAI and an additional 1.5M USDC into the UniswapV3 0.05% Pool. This Uniswap pool is temporary and will ensure smooth liquidations until our Curve XAI/FRAXBP Gauge is live. The proposal for the Gauge is currently up and we are talking with friends of the DAO to help us pass it. These include Badger, Tokemak, Yearn, Convex, Redacted, Bent, and Frax. Big thanks to Frax and Bent for the early votes! You will notice the new XAI-ETH silo. We call it the bridge silo. This silo is the cheapest way now to mint XAI at a fixed 0.1% interest per year. The silo uses ETH/USD Chainlink price feed to set the price of 1XAI==$1 in the protocol. Having a stablecoin bridge asset will open the doors to many possibilities for our future users. We will soon share simple borrowing strategies that you can execute to generate attractive yields. Last but not least, SIP-25 is executed and cbETH silo now uses Chainlink to read the price of cbETH. cbETH silo is the only risk-isolated lending market for the asset on the blockchain. Stay tuned and keep believing in Silo! References: - XAI Token address: 0xd7C9F0e536dC865Ae858b0C0453Fe76D13c3bEAc - XAI/USDC Uniswap V3 pool: - Convex snapshot (Vote ID: 228): - Dev Fund wallet: