XIDR DeFi Showcase: DFX Finance

January 7, 2022

 DFX is a decentralized foreign exchange protocol optimized for trading fiat-backed foreign stablecoins.

XIDR users can connect their wallet to swap XIDR (ERC-20) for USDC and other stablecoins at competitive rates.

Users can also become liquidity providers on DFX finance, where they can earn DFX tokens by providing liquidity into XIDR pools.

How to provide liquidity to XIDR pools on DFX Finance

  1. Go to https://app.dfx.finance/pools

       2. Connect your wallet on the top right corner.

  1. Make sure you have XIDR in your personal wallet. If you haven’t, please refer to here
  2. Choose XIDR pools you want to put liquidity into. As of writing, only the XIDR/USDC pool is available.
  1. You can choose to add either single-sided or double-sided liquidity. When adding single-sided liquidity, the contract takes a portion of your total and does a swap in the background using the DFX AMM to get the appropriate ratio to deposit into the pool. The LPT value when doing single-sided deposit is a minimum estimate and you may have some dust leftover from the conversion.
  1. When providing liquidity, there will be a total of 3 transactions. One to approve the foreign stablecoin (such as XSGD), one to approve USDC, and one to deposit the stablecoins. Once you have successfully added liquidity, you should see a balance under "Remove Liquidity". You should then click on "Stake/Unstake LPTs" to deposit your LP Tokens into the staking contract.
  1. Enter the amount of LPT tokens you want to stake and click "Stake". This is a 2 transaction process. One to approve the LP Tokens to be sent and one to deposit the LPT. The total gas used for both transactions is roughly 200k gas. Make sure you have enough ETH in your wallet for the gas fee. 
  2. After you have successfully deposited the LP Tokens, you should see a staked amount under "Unstake LPT". You will now start earning DFX tokens.

XIDR on DFX Finance V1

XIDR is now available on the latest version of DFX¹, which sees the deployment of contracts that leverage an oracle powered by Chainlink to optimize forex prices on-chain, which helps to serve as a reference point for the bonding curve. 

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