Developer Spotlight — XY Finance
XY Finance has integrated and supported ThunderCore since March 2022. To celebrate XY Finance & ThunderCore’s partnership and to invite more people to join the ThunderCore ecosystem, XY Finance launched our Trading Competition on the ThunderCore chain soon after we integrated the chain. Nonetheless, based on the data from DappRadar, XY Finance is the second-largest bridge in the ThunderCore ecosystem in terms of trading volume, following the official ThunderCore Bridge only. With the launch of single-chain trading in April 2022, XY Finance aims to become the largest DEX and bridge aggregator in the lightning ecosystem.
- Could you tell us a little bit about your background and your involvement in this industry?
I am the CTO of XY Finance, responsible for overseeing the development and dissemination of technology. With my keen interest in the world of Web3 and Blockchain, I started learning about blockchain in 2015 and have become devoted to developing projects and dApp on public blockchains since 2019. In my opinion, Web3 has strong potential and that is why I devote my career to the whole industry and delving into the different sectors, including CeFi, DeFi, GameFi and NFT. - How did you first learn about ThunderCore? And why do you develop on ThunderCore?
ThunderCore reached my radar when ThunderCore Mainnet had just launched. I did a little bit of research about ThunderCore and have it saved at the back of my mind. I know lots of projects have been developing on the chain; however, there is not a good-enough gateway to drive traffic to these projects. Hence, we decided to build bridges connecting ThunderCore and other ecosystems and to accelerate the development of ThunderCore. - Could you introduce XY Finance to us?
XY Finance is a cross-chain solution provider delivering optimal routes across multiple blockchains, covering diverse cryptos and creating ultra-fast transfers. We provide cutting-edge SDKs & APIs for token swap and a turnkey dynamic NFT infrastructure, spanning DeFi, NFTs, and Web3. Friendly for developers, easy for all. You can consider XY Finance as the crypto version of Skyscanner, providing the best route for token swapping and bridging for you!
- How did you first discover you have a talent and passion for developing DeFi DApps?
As a Web3 engineer who already has the technical knowledge to develop a variety of projects, I am naturally drawn to emerging technologies and fields. As I learned more and more about the applications of decentralized systems, I became fascinated by the opportunities that this new frontier held. As I learned more, developing in the blockchain space fueled my passion for engineering, empowering my team and I to do some great work. The best is yet to come.
- What is your inspiration for developing XY Finance?
With the current boom in decentralized blockchains, DeFi, GameFi, and NFT lovers are eager to find new opportunities on different ecosystems to maximize their investment returns.
Users need to find the best rates on the source chain and the target chain, or they will end up paying high transaction fees and may fall victim to high slippage and frontrunning. Consequently, these problems have significantly impeded the development of the Web3 world.
However, specific systemic issues are still impeding the unlocking of the decentralized world’s full potential and the unfettered functioning of its decentralized markets. Apart from archaic and cumbersome transfer processes, it is also difficult for users to exchange tokens on exchanges. As a result, it’s a massive challenge for users to exchange illiquid tokens and secure the best rates on the source chain or destination chain. Instead, Decentralized nomads are hamstrung by high transaction fees, unnecessarily large price slippage, and costly frontrunning by trading bots.
To combat these challenges and create a painless user experience when swapping assets between different chains, we created XY Finance. Our next-generation protocol seeks to maximize value to all Web3 users with a one-stop cross-chain swap that saves time, money, and hassle.
- What makes XY Finance stand out or unique from other DeFi projects?
XY Finance’s advantages are our unique cross-chain swap and bridge — X Swap & Y Pool. While X Swap provides a convenient interface for users to transfer any token to any chain easily, Y pool maintains an efficient cross-chain liquidity pool as a pillar of X Swap. With these two products, XY Finance is able to create an unbounded cross-chain environment for anyone who wants to transfer their assets to different chains and who wants to utilize their capital as liquidity for high yield return. - Moreover, we have set up a unique rebalance mechanism to maintain the Y Pool’s liquidity. XY Finance proposes a rebalancing incentive mechanism that will reward users for helping to rebalance assets on different chains. With the help of the rebalance mechanism, our platform can provide stabler services to our valued users compared with other competitors because we can significantly prevent our liquidity from drying up. That’s to say, we allow users to complete transactions smoothly and seamlessly through our one-stop cross-chain services.
- Besides, we understand that there are numerous cross-chain competitors but XY Finance is the first cross-chain service provider trying to serve DeFi power users, GameFi players, and NFT collectors! In addition to our instant cross-chain services, we support ThunderCore to deepen the business related to GameFi and NFT sectors. As one of our strategic partners, we will support the blockchain to deepen the GameFi and NFT business development. We’re looking forward to starting more collaborations with ThunderCore to increase synergy effects and achieve a win-win situation.
- What do you think is the secret to developing a successful dApp?
With the extreme volatilities and prone to exploitations, the fundamental backbone of a successful dApp is its security & reliability level, especially for a cross-chain bridge protocol. To maximize the security of our users, XY Finance has set up numerous systems. First, we have been conducting extensive testing and contracted BlockSec to audit our smart contract code. As for the audit report, everyone can see the report on Gitbook! Beside the extensive testing solutions, we also tap into an added layer of security in our contracts like transaction volume limit. What’s more, an off-chain 24/7 monitoring system can pause contracts if anything unusual happens. I believe there are no shortcuts to building well-rounded and flawless cross chain services; our team is making every endeavor to provide the most reliable Web3 solutions.
- Do you plan to develop more projects on ThunderCore?
XY Finance does look forward to supporting more and more projects built on ThunderCore. As I said before, our mission is to maximize value to all Web3 users with a one-stop cross-chain swap that saves time, money, and hassle. Hence, we’re glad to connect ThunderCore and other ecosystems and drive traffic to all ThunderCore projects. - What is the ultimate goal of XY Finance?
The ultimate goal of XY Finance is to provide the fastest & most reliable cross-chain solution for all Web3 natives. On top of that, as the Web3 world is constantly changing, the team also strives to detect the most recent market trends and develop new products accordingly. The XY Finance team is equipped with the knowledge, technology & passion to achieve our goal. - What benefit does XY Finance bring to ThunderCore and our users?
Evidently, ThunderCore’s users have been growing rapidly recently, with that said a reliable & easy-to-use dApp is necessary for users who want to bridge assets in and out of the ThunderCore ecosystem. Having a reliable dApp, like XY Finance, will help ThunderCore to expand its outreach and with XY Finance, the outreach is across 14 and growing blockchains including ThunderCore! What’s more, XY Finance is going to integrate non-EVM ecosystems, such as Solana, Cosmos, and new layer 1s. With the help of XY Finance and our strong partnership, the team believes that both projects can synergize well and attract users for both sides to create a win-win situation.
About ThunderCore
ThunderCore is a powerful and ultra-fast layer-1 chain that delivers elite performance and cost-effective scalability for thousands of crypto projects. Its superior proof-of-stake (PoS) architecture and strong development support provides a battle-tested home for the next generation of crypto builders, artists and dreamers to create in Web3, DeFi, NFT, GameFi and the metaverse with limitless scope.
The growing ThunderCore ecosystem is powered by its popular TT native asset, which can be stored in the feature-rich TT Wallet, together with other supported project assets.
ThunderCore’s breakthrough consensus protocol “PaLa” overcomes the scalability “trilemma”, helping the ThunderCore network generate up to 4,000 transactions per second (TPS) with 1-second confirmation times and ultra-low gas fees at a fraction of a cent.
Created in 2017 by Silicon Valley entrepreneur and tech genius Chris Wang to help solve Ethereum’s scalability issues, ThunderCore has an international user base that spans across more than 100 countries and measured over 500,000 monthly active users in December 2021, making it one of the most actively used chains in the world according to DappRadar.
