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[Proposal]Xave Deployment Grant Proposal


Xave has brought liquid FX markets to DeFi, via its’ novel FXPools built on the Balancer v2 Vault. Stablecoin issuers (Circle, Stasis and StraitsX) have created 3 FXPools on Xave and have seen ~$37M worth of forex trades settled on the platform across EUROC, USDC, EURS and XSGD stablecoins.

Xave now intends to bring liquid FX markets and unlock 24/7 FX trading (even on weekends!) to XDC’s enterprise network.

Ecosystem Benefits

Deploying Xave’s FXPools on XDC would unlock major use cases, such as 24/7 Real World Asset (RWA) trading and tokenization, cross border settlement (such as bonds and remittance), 24/7 stablecoin FX and basically anything that requires real world asset liquidity beyond just USD pegged stablecoins.

The “FX Invariant” vs StableSwap vs Constant Product

Read detailed behaviour here

The novel “FX Invariant” is built and optimised for;

  1. 24/7 FX trades (even on weekends!)
  2. auto rebalancing FX LP ranges (unlike Uni v3 that needs manual range management)
  3. Bringing live off chain price on chain
Property FX Invariant StableSwap Constant Product Concentrated Liquidity
Type of Trading Real World Assets (gold, silver, oil, currencies, etc)

Any tokenized asset where pricing is off chain
For like-priced stablecoin trades Volatile tokens where pricing is on chain Volatile tokens where pricing is on chain
Capital Efficient for FX Yes

“$1M TVL enables ~$300k FX accurate trading”

Needs multiple millions of USD to enable ~$300k FX accurate trading

Needs multiple millions of USD to enable ~$300k FX accurate trading
LP Management Passive

Real time FX market pricing via Chainlink integration Auto LP range adjustment via Chainlink
Passive Passive Active

FX LPs have to manually adjust LP range based on off chain FX markets

Deployment Cost Rationale

Typically, Xave expands to new chains only where the Balancer v2 Vault is present (takes roughly 1 week). Expanding to XDC would require the Xave team to fork and deploy the Balancer contracts, significantly adding to the work and time needed.

See Component Dependencies here


Role FTE / mo Rate / mo (USD) Cost / mo (USD)
Senior Front End Dev 1 7,000 7,000
Senior Full Stack / Solidity Dev 1 8,000 8,000
Technical Project Manager 0.5 6,000 3,000
Product Manager 1 10,000 10,000
Technical Lead/Architect 1 10,000 10,000
Total 4.5 38,000


Phase Estimated Time (weeks) Component(s) Activity Estimated Man Months
0 - Kick off T Identify stakeholders to participate in “pilot FX transaction” 0
1 - Pre Pilot T + 2 Testnet Deployment:
  • Xave’s FXPools,
  • Balancer’s Token Vault
Stakeholders to see demo of FXPool (FX swaps, arbitrage incentives, fee structure, etc) 0.5
2 - Production Pilot T + 6 Deploy Xave’s FXPool, Token Vault, Incentives Module and FX Feed on XDC mainnet Chainlink to setup FX Feeds for production

Identify initial liquidity provider for at least 1M USD (like 50:50 EURS:USDC)
3 - Seed + Incentivise Liquidity for more FXPools T + 8-10
(Depending on comms/logistics)
Non gauge rewards contract for single token rewards
Allocate incentives to FXPools
Determine list of initial FXPools to seed
Acquire incentives / decide what target incentives APR is competitive on XDC network
Total 2

Total Cost

Cost / mo (USD) Man Months ( + 10% margin) Total Deployment Cost (USD)
38,000 2.2 83,600

About Xave

Xave Finance (pronounced “Save Finance”) has built liquid FX markets for DeFi. Xave's core product, the "FXPool", integrates our novel "FX Invariant" with the Balancer V2 Vault.


App Links (Ethereum, Polygon POS, Avalanche):

Original FXPool Announcement with Balancer (under old brand):

See upcoming upgrade to FXPools:

Traction Elsewhere

As of August 2023:

  • ~$37M FX trades
  • ~$3.6M TVL/AUM


  • Ethereum Mainnet
  • Polygon POS
  • Avalanche

Past Integrations:

Discussion (1)

chris_xave profile image
chris_xave Author • Edited on

As an initial step to fulfill the "1 - Pre Pilot" stage, the Xave team has deployed test pools on Apothem while mocking the required Chainlink oracles. Swaps and LP deposits/withdrawals may now be tested.


  1. Test tokens for the pools may be requested here (pls drop your Apothem address and specify which pools you'd like to try out in the comments)
  2. FX rates may not be correct on the Apothem testnet. The required Chainlink integrations were mocked and are not being updated in real time

App Links: (switch network to Apothem)
Swap (
Pool (