XFai Community AMA recap
Hope you had a great weekend XFai community!
Last week we had an awesome AMA within the community. We want to thank each of you for your constant support and trust, as we continue to work on our groundbreaking DEX. We are working 24/7 to develop the platform, coding and checking coding around the clock. Our team are working on establishing strategic partnerships with reputable blockchain market players to achieve our long-term goals.
In case you missed it, here is a run down of the AMA questions and answers:
What is the current circulating supply of XFIT?
Taulant: 134.5M XFIT, if you consider that theoretically everyone can redeem their farmed tokens from the farming contract.
What is your elevator pitch for XFai?
Daniel: I always say this to our partners: The next version uniswap or what a dex should be.
Taulant: Yeah, I always say the last DEX. There is a theoretical maximum efficient DEX.
Where is the marketing? We haven’t seen any marketing since the token launch. How do you plan to attract retail investors into the product? How do you plan to market this, and when will we see this take shape?
Daniel: I plan to first have legit partners before any marketing. So far even with little marketing projects are open to XFai. I joined after the launch and made a decision to first lay out the foundations before any heavy marketing.
Attracting retail investors depends on the price action or a significant development in terms of a product. So far as our dex is looking very sexy, if the users cannot use it, marketing is pointless. Before launch I plan to first gather partners to help is mold this and prior few weeks before a presentable project then we can effectively market anything
The whitepaper and website are now outdated with the introduction of the DEX. Is there a plan to update these? If so, when?
Taulant: We plan to release the new paper with the release of the Kovan testnet launch which we plan to do in 1–2.5 months from now. Because the competition has very deep pockets we can’t speak publicly about our approach until the initial tetnet launch. We have seen in the case of Uniswap vs Curve how they copy one another strategically to siphon off liquidity from one another. I would even argue that both Uniswap V3 and Curve V2 are worse at what they did best in their respective previous versions, simply to try and compete at the domain of their competition. We could totally see something similar happen if we released details at this point before our releases.
On top of that, the website will obviously change to accomodate the product and public testnet work with the community. In terms of testnet to public net transition we plan on doing a similar approach to what Futureswap did (ie incentivizing people to do trades/actions on testnet) to iron out any possible issues before the public net launch.
The information for XFai is unclear and often scattered amongst multiple sources such as blog posts and messages on telegram. How do you plan to bring this up to date in one clear consolidated medium so that newcomers can actually understand the project?
Daniel: I plan to write every detail possible for this. But it is not possible to fully understand the project in one clear medium for now as the market changes and when it changes the problem and solutions changes as well. The concepts and ideas are all on the whitepaper which is a single article.
We will continue to have deep dive series and have q&a sessions for any question related to the project to have more clarity in depth — but to be fair you can always ask here and we will compile it and have it on medium
Shyla: I agree with this. Daniel and I are working closely with the dev team to ensure that we have medium posts for the community. You will see more consistency and will receive more timely information
The DEX will be launching on multiple chains. We know that it will launch on Binance Smart Chain and Ethereum. What other chains are you planning to launch on?
Taulant: The DEX was from the ground up designed to not have any external dependencies. This means that we do not rely on any other smart contracts to already exist on a chain to be able to deploy our DEX. This means that we can deploy our DEX on *any* EVM compatible chain, which is *most of them*. The only bottleneck atm ironically is access to quality chain API providers similar to Infura (in the case of Ethereum). Keeping each DEX and token separate also makes multi-chain deployment straightforward. Most other chains don’t seem to have quality API providers, which creates issues to onboard the chain smoothly onto our UI. This is however a solvable UI/UX problem.
What will be the BSC allocation, and when will the dashboard showing this be implemented? Will there be allocation for any additional chains that you launch on?
Taulant: Users currently farming with XFIT as well as users which have not sold XFIT after redeeming their farmed XFIT will be allocated airdrops on BSC. Other EVM compatible chains are currently under review.
Airdrops will be done algorithmically:
1. The DEX is launched on the new chain
2. A liquidity aggregation period starts on that chain (this is not classical farming but similar)
3. Addresses on Ethereum which have farmed and/or held XFIT (without selling) are weighted by the duration they farmed/held. If you held from the start to the very end you get a score of 1. The less you held the closer to 0 the score.
4. Those addresses get the airdrop on the new chain when the liquidity aggregation period ends (which will be weeks, not months). If their score is 1, they get the same number of XFIT on the new chain. If their score is lets say 0.1 they get 10% the number of XFIT they currently hold.
5. The actual percentage allocation of the total supply of XFIT on every chain at the end of the Liquidity aggregation period will be identical to the Ethereum one initially, and then diverge based on activity on each chain.
6. As a result the supply of XFIT will be different on every chain, as well as the price.
We are currently reviewing how to best incentivize XFIT holders for all the other EVM compatible chains.
We hold the right to make changes to the above system before the launch on BSC, depending on what happens in the ecosystem until then (e.g. regulation, hacks, other projects, etc).
To reiterate, XFIT on every chain is independent and not fungible with other XFIT on other chains. We have made this decision months ago, fully expecting that governance tokens will be rekt by bridge and interoperability hacks. We can see this already happening now (see the example of Poly https://www.rekt.news/polynetwork-rekt).
Dashboard for the BSC XFIT allocation will be implemented just before the launch on BSC.
It’s been said since the early days that there will be a high level roadmap released. When will you be releasing your roadmap?
Daniel: We hope to have it within october-november. It will give us an approximate timeline by then. Currently we are focusing on development and partnerships.
When will the form of staking be implemented? Will this be single sided?
Taulant: We think it is best to have the single sided “staking” as part of the DEX, rather than the farming. This will be similar to single-sided liquidity provisioning from a UX perspective. XFIT “stakers” (need to find a more fitting word for this) will then receive APY as part of *every swap* between *any* tokens on the DEX. Every swap will also lead to burning of XFIT, ie supply reduction. We are internally discussing whether we should implement a similar staking mechanism with the testnet launch already or whether we should wait for the mainnet launch.
Will there be any future boosted APY weekends?
Daniel: This is actually a good idea. Whenever there is a significant milestone or achievement. We will let the community know.
When will there next be allocation in a partner project? We saw this once with Polkally.
Daniel: It was a pre-ido project at that time — for sure we will pursue that as well.
When will farming end, and what will happen during the transition from farming to stage 3? How do you plan to maintain this liquidity after farming ends?
Taulant: Due to the 30+ cent price spike initially we did not achieve to disburse the 200m circulating supply as intended via the farming contract. This gives us some wiggle room with the remaining allocation to top up the farming contract during the Kovan testnet launch to incentivize users to give us feedback on the testnet. This means we have wiggle room to extend stage 2 until the mainnet launch. When the DEX launches on the mainnet the interface will be updated to make it possible for current farmers to transition their current liquidity via one click from uniswap over to the DEX. That’s where they will receive the swap fee based APY as well, which is equivalent to the stage 3.
Thank you to those who tuned into our AMA and contributed with questions. Your ongoing support and passion in XFai is truly appreciated.
We look forward to seeing you at the next AMA which will be announced next week.
XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DEX 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, was launched on 16th April 2021. We invite everyone to join the DeFi revolution, spearheaded by XFai.