XY Finance is Cross-Chain Bridge Aggregator with in-house bridge live on 19 EVMs. We have integrated Synapse, cBridge, Circle CCTP, and our own bridge Y Pool to help users transfer any token to any token in the easiest and fastest way
At present, XY Finance has supported 19 chains, including Arbitrum, zkSync, Linea, Polygon zkEVM, Ethereum, Mantle, Optimism, BSC, Polygon, Cronos, Avalanche, and more. We have 70K MAU and been trusted by 100+ onboarded partners, such as Rubic, Rango, Single Finance, SyncSwap, DoveSwap, MantisSwap, Mojitoswap, Hyfen Pay, Nest Wallet, Numbers Protocol, and more.
Below presenting the core members of the XY Finance:
Wilson Huang, Founder
Leo Wu, Ecosystem and Strategic Partnership Manager
Phiz Chang, Tech Lead
Rudolph Hsieh, VP
Bridge Aggregator Dapp: https://app.xy.finance/
Twitter (X): https://twitter.com/xyfinance
Telegram: Telegram: Contact @xyfinance
Discord: XY Finance
TG: Telegram: Contact @leo0628
Yes, we do.
100% of the grant will be used to the following purpose. We aim to bolster user participation and community engagement on Arbitrum through XY Finance and our own bridge called Y Pool by reimbursing bridge fee occurring amid the transfer and migration to Arbitrum.
- Reduce the net cost for end users to onboard to Arbitrum
End users that utilize XY Finance to migrate their liquidity on other chains or transfer assets on other chains to Arbitrum will get bridge fee rebate, worth 90% of their onboarding fees. It’s extremely straightforward and user-friendly. Each ARB will be used to subsidize each to-Arbitrum transaction and lower threshold of inflowing liquidity into Arbitrum.
By doing so, we are sure that XY Finance can tackle 2 major problems for users:
- High onboarding cost for user (gas fee + bridge fee)
- The friction associated with the whole onboarding journey filled with multiple steps
Address given above is a 2/3 Gnosis Multisignature wallet. The private keys are securely stored.
Specific contracts will be deployed before rebate campaign start and will be publicly available. Initially, the funds will be securely kept in XY Finance’s multisig wallet.
Reduce the net cost for end users to onboard to Arbitrum by tackling the following two major problems: High onboarding cost for user (gas fee + bridge fee) and the cumbersome onboarding process.
500,000 ARB (410,000 USD calculated by $0.82 per ARB) of this grant plan is to incentivize bridging volume of to-Arbitrum routes from competing ecosystems to hit 650,793,650.79 ~ 911,111,111.11 USD, which is calculated by the current industrial bridge fee rate (0.05%~0.07%.)
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?:
The objective of the token distribution is to supercharge our mission of making cross-chain easier and user onboarding Arbitrum. The token distribution eliminates one of the biggest problems hindering user onboarding & protocol to create an accessible & prosperous Arbitrum ecosystem.
By tackling the user onboarding problems, we can further support the Arbitrum user base expansion. We do the first step to attract users and inflow the liquidity. Arbitrum partners will do the second step to keep liquidity, serve newcomers, and convert them to loyal Arbitrum users.
This grant targets the importation of $650~$911 million of liquidity migration to the Arbitrum economy, which can make transfer liquidity into Arbitrum very cheap, which is much less than the average gas cost of competing ecosystems. Rewards target to subsidize 90% of the bridge cost of each to-Arbitrum transfer. This reward is meant to be distributed when the real user transfers the liquidity from the competing ecosystems to Arbitrum. That’s to say, only Arbitrum believers can get the rewards. What’s more, the rewards will continuously subsidize the users to support their liquidity migration until the grants are fully distributed without a specific deadline. At the time of writing, 500,000 ARB is expected to boost the liquidity migration of up to $911 million.
XY Finance will see 100% of the allocated grant distributed as bridging subsidy that will be distributed fully to end users who utilize XY Finance to migrate their liquidity to Arbitrum. A distribution contract will be updated weekly with ARB token rewards, and the allowance for each address. End users can freely claim ARB rewards anytime.
From time of first tranche receipt, estimated timeline:
- Announcement of rewards program and building awareness: 2 weeks
- Build, test, deploy rewards contract & UI: 2 weeks
- Incentive period: it depends on the trading volume and it is first come first served.
- Prepare report on grant plan results: 4 weeks (requires 30 days’ data post grant)
Provide details about the Arbitrum protocol requirements relevant to the grant. This information ensures that the applicant is aligned with the technical specifications and commitments of the grant.
XY Finance is the cross-chain bridge aggregator and has integrated 19 different EVM compatible blockchains, including Arbitrum.
Currently XY Finance supports the following chains to allow our users to bridge & swap any assets across all these chains seamlessly:
- zkSync Era
- Polygon zkEVM
- Avalanche C-Chain
- Scroll (Coming Soon!).
2022/05/11. XY Finance deployed the bridge aggregator connecting Arbitrum with other 8 chains. (XY Finance Integrates and Supports Arbitrum! | by XY Finance | Medium)
XY Finance is Cross-Chain Bridge Aggregator with in-house bridge live on 19 EVMs. We have integrated Synapse, cBridge, Circle CCTP, and our own bridge Y Pool to help users transfer any token to any token in the easiest and fastest way.
At present, XY Finance has supported 19 chains, including Arbitrum. We have 70K MAU and been trusted by 100+ onboarded partners, such as Rubic, Rango, Single Finance, SyncSwap, DoveSwap, MantisSwap, Mojitoswap, Hyfen Pay, Nest Wallet, Numbers Protocol, and more. Citing DeFillama Top Protocols, XY Finance is the top cross-chain protocol on Cronos, zkSync Era, Klaytn, Astar, Linea, and Polygon zkEVM. What’s more, based on the Orbiter L2 Data, XY Finance is most popular bridge and the 4th popular DeFi project on zkSync Era in terms of 24h active users.
XY Finance’s mission is to make users transfer assets as easy as possible. Currently, our high-level goals:
- Empower new L1s & L2s, particularly zk-rollups.
- Integrate more and more third-party bridges so that we can make sure our users can find the best cross-chain routes. For now, 3rd party bridge candidates include but not limited to Stargate, Hop, Squid, Symbiosis, Across, and more.
- Develop more user-facing features inside bridge aggregator to support multichain access.
- Expand xAsset Bridge coverage to support 3rd party projects/partners migrating their tokens to strong and energetic ecosystems, including Arbitrum.
XY Finance has been audited by third parties, such as BlockSec, and been under another round of new audit. For full information, please find that here.
Provide details on how your team is equipped to provide data and reporting on grant distribution.
Yes, XY Finance will create a dedicate dashboard to track and report KPIs as part of the usage of incentives from this grant. Meanwhile, we are going to release a public explorer where everyone can track the cross-chain transactions via it.
Yes. No problem.
Does your team acknowledge that failure to comply with any of the above requests can result in the halting of the program’s funding stream?: [Y/N]: