Liquid enables Zilliqa XSGD as part of Multi-Chain ecosystem

In Announcements

Liquid is pleased to announce the growth of our Multi-Chain ecosystem with the support of the Zilliqa version of XSGD.

XSGD is a stablecoin backed 1:1 by the Singapore dollar — Southeast Asia’s largest stablecoin by market capitalization founded by Xfers. Over 1 billion XSGD was transacted on-chain in June 2021, just three months after it crossed its first 100 million, according to Xfers. 

The XSGD token is built on both Ethereum’s protocol as an ERC-20 token and Zilliqa’s protocol as a ZRC-2 token. Liquid is now the second exchange to support both ERC-20 and ZRC-2 protocols for deposits and withdrawals as part of our Multi-Chain initiative.

To celebrate the new addition to our Multi-Chain feature, Liquid is waiving the withdrawal fees for XSGD (ZRC-2).

Aymeric Salley, Head of StraitsX at Xfers said: "We're thrilled to have Liquid supporting the interoperability of XSGD across multiple blockchains. With XSGD (ZRC-2) support from Liquid, more users can now tap into various decentralized applications in the growing Zilliqa ecosystem."

Seth Melamed, COO of Liquid shared: “Blockchain interoperability is a centerpiece of Liquid’s mission to support the development of financial services on the blockchain. XSGD has established itself as an important part of the digital economy of South East Asia, and Zilliqa blockchain offers high TPS and low-cost on-chain transactions.

By supporting ZRC-2 XSGD, market participants can use Liquid as a bridge connecting banking and traditional finance with the evolving DeFi ecosystem on Zilliqa blockchain.”

Liquid’s Multi-Chain support for single assets will allow our users to enjoy lower fees and faster withdrawals for tokens across different chains while entirely abstracting away the technological challenges of dealing with multiple wallets and private keys.

Enjoy fast and affordable XSGD deposits and withdrawals via Zilliqa

One of the most significant problems cryptocurrencies and their blockchains face today is scalability. Zilliqa’s main draw is its ability to clear thousands of transactions per second, allowing advanced financial instruments to be built on top of it. 

Zilliqa is a high-performance, high-security, and low fee blockchain platform built for business, catalyzing open commerce with its secure-by-design smart contracts and low-cost transactions for digital assets.

Since Zilliqa’s operational capacity is much greater than Bitcoin or Ethereum, the transaction fees are bound to come down within this system. 

The Ethereum network’s (ERC-20) gas fees fluctuate based on how congested it is. Zilliqa’s fees, on the other hand, are relatively low due to its ability to handle transactions at a much quicker rate.

More blockchains and tokens are coming

Currently, Liquid supports XSGD (ERC-20, ZRC-2), USDC (Stellar and ERC-20), along with USDT (TRC-20 and ERC-20). And we don’t stop just there! 

Going forward, Liquid will extend the benefit of its Multi-Chain support to other assets and blockchain networks. Stay tuned for further updates!

To learn more about XSGD, please visit our blog post

To learn more about the Multi-Chain initiative, visit our guide.

Visit our help desk article to guide you with your Multi-Chain deposits and withdrawals.

Deposit XSGD

All guest authors’ opinions are their own. Liquid does not endorse or adopt any such opinions, and we cannot guarantee any claims made in content written by guest authors.

This content is not financial advice and it is not a recommendation to buy or sell any cryptocurrency or engage in any trading or other activities. You must not rely on this content for any financial decisions. Acquiring, trading, and otherwise transacting with cryptocurrency involves significant risks. We strongly advise our readers to conduct their own independent research before engaging in any such activities.

Liquid does not guarantee or imply that any cryptocurrency or activity described in this content is available or legal in any specific reader’s location. It is the reader’s responsibility to know the applicable laws in his or her own country.

WRITTEN BY

Liquid

Providing liquidity for the crypto economy.