Xion Partners with Agave Lending Protocol
Xion has recently announced their strategic partnership with Agave, the no.1 lending protocol on the layer 2 xDAI chain. Bringing forth new interest-bearing opportunities for Xion Global merchants and xDAI enthusiasts.
Agave rewards depositors with passive income and lets them use their deposits as collateral to borrow and lend digital assets. Currently, achieved an astonishing $4M+ in total value locked!
By leveraging Agave’s xDAI lending protocol contracts with an est. 13% interest rate on xDAI deposits, and Xion’s sophisticated layer 2 subscription contracts, Xion Global merchants will be able to earn interest on their sales revenue and XGT rewards without even lifting a finger.
Taking their stagnant single or recurring xDAI sales revenue and automatically depositing it into the Agave lending contracts for a seamless interest-bearing experience.
Now let’s jump into exactly how it will work on Xion Global and what additional incentives it’ll be bringing to Xion Global merchants and Xion Finance traders.
First, we have the automatic interest on xDAI sales revenue:
Merchant selects the option in Xion Global to automatically deposit their xDAI sales revenue into the Agave lending protocol contracts to earn xDAI interest and additional XGT rewards.
The process is as follows:
- xDAI will go from consumer to Xion Global subscription contracts under the defined merchants wallet address
- Subscription contract automatically deposits xDAI into Agave lending protocol contracts
- Merchant decides to withdraw revenue + interest earned using the Xion Global frontend(Agave lending contract > merchant subscription contract > merchant xDAI wallet)
- Merchants can also easily purchase B2B products using their Agave lending protocol tokens(Only applicable to Xion Global merchants and/or consumers)
Secondly, traders can earn interest on their xDAI on Xion Finance:
Xion Finance recently supported the compound protocol interest bearing contracts on the really expensive ETH mainnet… this was not sustainable nor profitable. To facilitate the demand for the xDAI community and inexpensive interest-bearing fees, Xion decided to swap Compound to the booming Agave lending protocol.
The process is as follows:
- Traders deposit xDAI directly into the Agave lending contracts
- Deposits earn an est. 13% interest on their xDAI & get rewarded with XGT(APY yet to be disclosed)
As Xion Global merchants & Xion Finance traders earn interest and XGT on their deposits, whether automatic or manual, will also be indirectly building up their borrowing power to borrow different crypto assets directly on Agave.
These features are expected to go live by Q1 2022 and the Xion team couldn’t be more excited to be partnered with such an incredible lending and borrowing protocol… Agave.
About Xion Global
By combining the irresistible perks of a Web3 environment, cross-chain capability, loyalty programs and cashback rewards, Xion readies itself to be the game-changer in the global e-commerce and finance industries. Essentially, Xion aims to be a Web3 Stripe facilitating crypto payments for thousands of merchants and their customers when they shop online and at almost zero costs.
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For more information, please visit us:
Start Accepting Crypto Payments • DeFi Website • Commerce Website • Telegram (Group) • Telegram (Announcements)
About Agave Lending
Agave DAO is a decentralized non-custodial money market protocol where users can participate by borrowing or lending money through the application. The native token is Agave (ticker $AGVE).
The three main pillars of utility for the Agave token are Governance of the protocol, Rewarding contributors for their work, and Security of the lending protocol.
Holding Agave means holding a share of the DAO; with it any holder can shape the direction of the platform and community by creating, voting, or disputing on proposals. Smart governance alongside a strong community are the main reasons to be part of the Agave ecosystem, which should lead to an increase in demand for the token and the lending platform.