Since we launched XSGD in October 2020, XSGD has grown to a supply of over 40M with over 300M transactions completed on-chain, becoming the #1 stablecoin in Southeast Asia. We would like to express our heartfelt appreciation to all our users for making this possible.
XSGD has also become available on several exchanges, including Liquid, Indodax and Tokenize Exchange. On the DeFi front, users can now provide liquidity with XSGD on DFX finance, Zilswap and Uniswap to earn rewards.
We have also been hard at work to address several pain points faced by users.
• Users can now have 10 verified blockchain addresses.
With XSGD having multi-chain support on both the Ethereum and Zilliqa blockchains, we have increased the number of blockchain addresses a user can have linked to their Xfers account. Users can now have 10 verified blockchain address, up from 4 previously.
• Enjoy faster on-platform ZRC-2 XSGD deposits and withdrawals.
We have upgraded our systems to better process XSGD deposits and withdrawals. Up till today, deposits and withdrawals of XSGD (ZRC-2) generally take 1 business day to review and approve. With this new infrastructure update, we can now automatically credit your account after a request is made.
At Xfers, we are committed to making payments as seamless as possible. A withdrawal of XSGD from your Xfers account to an external cryptocurrency address (usually a wallet or exchange) is an on-chain transaction. As with all blockchain transactions, they come with a network fee. Due to recent developments in the market as well as the immense volume of transactions, these network fees have increased drastically.
In order to ensure that we continue to maintain high service standards, starting 12 April 2021 12:00pm SGT, deposits and withdrawals XSGD will be subjected to the following schedule:
For any XSGD deposit over 10 XSGD, a flat 0.5 XSGD service fee will apply.
For all withdrawals of XSGD, a network fee will be charged. This network fee is dependent on the congestion on the blockchain at the time of the transfer. The more traffic on the blockchain, the higher the cost of the network fee. All network fees will be settled in XSGD and is capped at 5 XSGD for both ERC-20 and ZRC-2 XSGD tokens. Xfers will continue to cover any network fee in excess of 5 XSGD for personal accounts and 1 XSGD for business accounts.