Introducing the Smart Chain Rewards Program by XFai
During the past few weeks, XFai has witnessed an overwhelming amount of support and interest from investors, partners, and the community. The initial interest witnessed during the private sale was extremely high with $3.8 million USD being raised in just under 12 hours, followed by the explosive growth of the community since then which has been truly phenomenal. In preparation for the upcoming XFai Liquidity Generation Event (LGE) scheduled for launch on April 15, XFai is launching the Smart Chain Rewards Program, designed to significantly reward those who continue to support the XFai ecosystem and the DeFi revolution it brings.
Expanding to Secondary Smart Chain
The current model of XFai is built on Ethereum. While the bond between XFai and ETH allows for XFai’s technologies such as the Potentializer and the DLO to work seamlessly with other ERC-compliant tokens, the shortcomings of the ETH network such as high gas fee has undeniably persuaded other tokens to build on a different smart chain such as the Binance Smart Chain (BSC).
In order to make XFai’s technologies more accessible to the new wave of promising projects with strong fundamentals, the team at XFai has decided to chart the future expansion path of XFai onto smart chains alongside Ethereum. The approach will ensure that the XFai-supported projects can take full advantage of the Potentializer and DLO, creating ground-shifting opportunities for the onboarding projects to raise capital, launch and continue to grow through liquidity, composability and discoverability. The Smart Chain Rewards Program has thus been designed to reward the early supporters and community members of XFai and those who continue contributing to XFai moving forwards!
Community Rewards Breakdown
Participants of the XFai LGE will be given a unique opportunity to benefit from XFai’s continued expansion by receiving free XFIT tokens on the newly supported smart chain — yet to be announced — equivalent to their contribution to the XFai ecosystem. The community rewards breakdown is as follows:
- A snapshot will be taken at the end of the initial 6 month farming period, taking into account the number XFIT rewards accumulated by the farmers.
- The amount captured in the snapshot will then be utilized to grant additional rewards to the wallet holder in the form of XFIT tokens on the supported smart chain.
- Taking BSC as an example, the community rewards program would be facilitated in the following manner:
- If a liquidity farmer who participated in the XFai LGE holds 5% of LP tokens including the XFIT rewards in the pool, the liquidity farmer would receive 5% of the community allocation of the XFai native tokens on BSC.
- The exact percentage ratio will be announced closer to the expansion of XFai onto a new smart chain.
- XFai is committed to a continued expansion onto other smart chains, and rewarding the XFai community for their support.
The XFai DEX Liquidity Oracle (DLO) and the upcoming pipeline products are geared to drive the “Buy and Make” mechanism for upward price pressure before the end of the 6-month farming period, allowing participating liquidity miners and supporters to witness the true value of XFIT before XFai’s expansion onto a secondary smart chain.
How to Get Involved
XFai’s priority is seamless and frictionless experience for its supporters.This is reflected in the one-click interface provided for the XFai LGE, along with how the Smart Chain Rewards Program is designed. To get involved and be eligible for the community rewards, participants can simply:
- Participate in the XFai LGE, scheduled for launch on April 15
- Take the opportunity to earn over 500% initial APY on their staked liquidity
- Experience the true potential of XFIT as stage 1 of the LGE completes, and benefit from the pent-up demand in the market, driven by the Potentializer
- Continue farming throughout the 6-month farming period
At the end of the 6-month farming period, a snapshot will be automatically taken and be utilized to determine the amount of community rewards given to each participant. There is no minimum amount of LGE liquidity provision required, allowing anyone to earn throughout the LGE, the farming period, and the smart chain expansion.
Interested community members may find more information about how to participate in the LGE by clicking here.
XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DLO is set to invite mid and small-cap tokens to start earning APY on their token holdings, while the XFai LGE is set to become industry-first in providing a more efficient, transparent, and fair way for everyone to get involved at an early stage. The LGE for XFai’s native token, XFIT, is set to launch on 15th April 2021. We invite everyone to join the DeFi revolution, spearheaded by XFai.
In regard to the Smart Chain Rewards Program by XFai, XFai reserves the right to decide on any additional funding raised via a secondary smart chain LGE. For the sake of full transparency, the team at XFai expects the token allocation on the secondary smart chain to be of a significantly smaller percentage in comparison to the XFai LGE on ETH.