Group omnibridge option

🌱 Ideas
#1

Hey all,

I’m not an expert on programming, so please forgive me if this is too difficult to achieve.

I wanted to suggest that we create a bridge to the XDai chain that allows users to pool funds together, before it bridges across to XDAI and only pays for the gas fees once. The thinking behind this is that sending a token to an account is about 15 times cheaper than using the omni bridge. If low volume users want to send liquidity to XDai, this would mean they can send their tokens a lot cheaper, although likely slower.

Example of how it would work:

10 different users send 10 Stake to the group bridge > The group bridge has a limit of 100 Stake before it automatically bridges the tokens to XDai, so it is triggered and it bridges the tokens across > The group bridge sends 10 Wrapped Stake to each user minus their 10% of the bridge gas fee > User receives wrapped Stake.

We could also incentivise certain assets coming over onto the xdai/honeyswap ecosystem by covering the gas fees with HNY funding if it is voted on. That way we could look at popular tokens that reflect the 1hive values (such as badgerdao) and encourage our community to bridge them over and provide liquidity.

New users will probably come into the ecosystem with only XDai (I know I did) so if we can reduce the costs of bridging smaller values of ERC20 tokens over, then we can encourage participation.

I will happily help where I can on this idea, however I am very green to the whole coding world so this is mainly to see if there is interest and hear feedback if it is even possible.

Thanks!

1 Like
#2

This is a cool idea. Although i’m not sure how practical it would be. I mean people bridge to xDai when they want immediate use of the funds so i don’t know if people will actually be willing to spend hours or even days waiting before they get their funds.
Having said that i think its a good idea if it really catches on and will help bring a lot of liquidity to xDai especially from the little guys.
But is it possible to withdraw your fund from the pool if you feel you can’t wait any longer for the group bridge to get filled up?

#3

I guess it could be like a train with a schedule to leave at a certain time and if it isn’t full enough the train is cancelled? You can check how full it is and if it is likely to leave before making the commitment. Make them bridge every few hours or something so there isn’t too much waiting around… just one way around that problem.

Just to add in an edit… it would leave early if it reaches capacity and you can choose to stay onboard indefinitely instead of getting chucked off. It just gives you a chance to get out every few hours.