NEW: xDai and Request Partnership. Request becomes multi-chain for scalability with xDai Stable Chain
We’re excited to announce our collaboration with xDai Stable Chain. We integrated our Ethereum-based protocol, the Request Network, with their sidechain solution where block confirmations are fast, and transactions are stable and highly inexpensive. Implementing the xDai Bridge provides fast interoperability between xDai and Ethereum, allowing Request to utilize their xDai token for transactions and convert them into Dai on the Ethereum mainnet. We’ve seen tremendous results in performance with speed and throughput, as well as a 10,000x reduction cost in transaction fees.
Request faces scaling challenges amidst Ethereum network congestion
Since the launch of the Request Invoicing app on August 2020, our user base has been growing notably. With more invoices being generated by crypto freelancers and organizations using our app, there’s been a higher volume of on-chain transactions on the Ethereum network. In recent months, the number of transactions has doubled (as illustrated in the Request Activity Dashboard), and it’s projecting to grow significantly throughout the months to come.
However, following an increase in new DeFi protocols and apps running on Ethereum has created major problems with transaction cost, speed, scalability, and a congested network over the last several months. This ultimately affects everyone in the blockchain space, particularly our users who have been experiencing delays when creating, accepting, and rejecting invoices. With the highly anticipated Ethereum L2 solution postponed further until summer this year, we needed an immediate scalability solution to provide us stable, fast, and low-cost transactions.
Request becomes multi-chain with xDai Stable Chain as the first Ethereum scaling solution that Request implements
Given its growing popularity and highly used platform with 19,000,000+ transactions, it was clear from the start that xDai was a smart choice for Request as a secured and stable EVM-compatible sidechain solution. Amongst the handful of benefits that dApps and end-users get to experience with xDai, here are a few main reasons why we love the seamless integration of the xDai Stable Chain with Request Network:
- Fast to deploy, user-friendly platform and sidechain compatible with Ethereum
- Designed to provide fast transaction times (5 seconds) & low transaction fees (500 tx for $.01)
- xDai, as a derivative to the Dai stablecoin with 1:1 value ratio
- A single token for transactions and gas fees
- A growing ecosystem designed with stability, speed, security, and opportunities to scale
More benefits and features from xDai can be found on their website.
“As cryptocurrency continues to go mainstream, payments and invoicing are a huge area of potential growth. More and more people and projects want to transaction and get paid with crypto, but high fees for creating and processing invoices can discourage adoption. Request is a proven solution leading the way in crypto invoicing. We’re happy to support the Request network and help with a secure scalability solution.”
– xDai team
While the Request Network still continues to run on the Ethereum blockchain, all transactions for invoices are now recorded just on the xDai Chain since the integration. A transaction is executed for every stage that an invoice goes through during its lifecycle: creation, acceptance or rejection. The flow chart illustrated below shows how transactions move through the bridge which connects the xDai Stable Chain to the Ethereum mainnet. When a transaction is sent in xDai, this token gets converted into Dai, which then gets swapped to ETH and REQ tokens sequentially with Uniswap, and ultimately getting sent to the “burner contract”.
“Working with the team from xDai and integrating their sidechain has been a smooth experience. It was Request’s first step to scale significantly.”
– Christophe L., Co-founder at Request
Thanks to the seamless integration of xDai Stable Chain with the Request Network, users of Request are guaranteed with super-fast transactions and extremely low gas prices. This partnership has been important for Request to further enhance its user experience and support the growth of its user base for its invoicing app. In addition, the company was able to bring down their overall monthly transaction costs by the thousands in USD.
This also marks the beginning of Request to increasingly go multi-chain, leveraging on several blockchains and sidechains for scalability, interconnectedness, and interoperability. Nevertheless, Ethereum is and always will be the bloodline of Request Network, and Optimism will likely be our next step for the Layer 2 scaling solution.
About xDai Stable Chain
The xDai chain is a stable payments blockchain designed for fast and inexpensive transactions. The chain uses a unique dual-token model; xDai is a stable token used for transactions, payments, and fees, and STAKE is a governance token used to support the underlying POSDAO Proof-of-Stake consensus.Development on xDai is easy and intuitive for Ethereum developers. xDai is an EVM sidechain, and smart contracts can be written and deployed in exactly the same way simply by setting a different RPC endpoint. Any contract that works on the Ethereum mainnet can be redeployed to the xDai chain. More information on their website: https://www.xdaichain.com/
About Request Network
Request (REQ) is an open network for transaction and payment requests built on Ethereum. It’s first product, Request Invoicing, allows anyone from freelancers to small businesses and organizations to create, store and access invoices and receipts in a universal, decentralized network. Users can easily send professional, secured, compliant invoices and receive payments in traditional currencies like USD and EUR — or digital currencies such as USDC, DAI and USDT among many others in the list.
Ready to Pay and Get Paid in Cryptocurrency?
👉 Sign Up Now for Request Invoicing
Growth Marketing at Request