Hi guys. Jason here. A new topic for discussion is brought up by me today:
What should we do/build to attract Monero holders and help them use the Incognito network more?
It seems to be a valid question at the moment because, since April, there have been influxes of XMR users into Incognito. The proposal for attracting Monero users to join our network last month is bringing positive influences and now we are witnessing this nice growth in XMR shield volume.
Privacy activities Monero users can do with their XMR
1. The experiment: Multiply your XMR by adding it to the Incognito DEX
The experiment borrows the concept from the DeFi products Uniswap & Compound on Ethereum and adds privacy, to create the first DeFi for Monero. You add liquidity for the PRV <> XMR pair on Incognito DEX (pDEX) and earn the interest of 62.7% APR on PRV and 10% APR on XMR, which is equal to the interest of ~ 35% APR on XMR only at the current rate.
It’s such a good way to both provide privacy with your XMR and multiply your XMR at the same time.
We posted it on the Monero Reddit page and XMR users joined to discuss actively.
In the Incognito DEX, XMR users can privately trade XMR <> other cryptos back and forth with the large liquidity pools. The list of trading pairs includes:
XMR <> BTC
XMR <> USDT
XMR <> USDC
XMR <> ETH
XMR <> DAI
XMR <> BNB
Use PRV as the middleman to trade and no one can track your trading activity. Trading XMR privately is the advantage the Incognito DEX offers that you would hardly find in other trading platforms.
Read more on it in the discussion we have with XMR users on the Monero Reddit page.
USD is the offline’s default currency, ETH is the Dapp’s default currency and PRV can be seen as privacy’s default currency.
PRV provides you the ability to buy any crypto privately, including XMR. The only thing you need to do is to have some PRV upfront, head to the DEX and trade PRV to pXMR. No one can know if you have bought any, or even how many XMR have you bought privately.
Feedback from XMR users?
What I have recognized when e-talking with XMR users is that they are the most privacy-aware crypto users; they understand the privacy problems Incognito is working on right away and are willing to try out XMR-related features in the app. So, in this piece, I hope to get feedback from you guys, the XMR users who joined the Incognito network from the Monero community.
How have your experiences with Incognito been so far and which other privacy features should we prioritize building to serve XMR users? It would be very cool to hear some real thoughts from XMR users here