XFai LGE: Gas Fee Reimbursement Program
During the first hours of the Day 1 of the XFai LGE, the overwhelming demand from the supporters of XFai effectively rendered the Ethereum chain almost unusable by taking more than 25% of the global Ethereum network demand. While the high demand allowed XFai to witness the sheer force of the community, it also meant that some community members could not complete the transactions. These community members had to pay ETH gas fee on failed transactions, when this should not have happened. To take full responsibility and show our appreciation for the community, the XFai team has decided to reimburse 100% of the gas fee paid by the community members affected by this particular problem on Day 1 of the LGE..
Reimbursing the Gas Fee
The team at XFai has made a unanimous decision to reimburse the gas fee in full for the LGE participants who have been affected by the issue within the interface and thus having had to pay gas fee on their failed transactions. This should not have happened, and XFai would like to take the full responsibility and amend the inconvenience by issuing a full reimbursement. There are no conditions attached, and the reimbursement will be issued in ETH, to the wallet involved in the transaction recognized on Etherscan.
An email will be sent to all those who filled out the form, with either reimbursement information or description of why the user has not qualified for the reimbursement program. All decisions are final, unless the user is able to produce further proof.
Measuring the Impact
Upon the conclusion of the XFai LGE Day 1, the team issued a Google form to collect the Etherscan transaction hash of those who may have experienced the UI bug that led to failed transactions. XFai has received 153 responses from community members claiming having to pay gas fee on failed transactions. Each of the responses was studied by the XFai developers team along with the Chief Scientist, and input from independent third parties.
The extensive research revealed that out of the 153 responses, 23 failed transactions have occurred due to the UI bug. That is about 15.03% of those who submitted a Google form, which translates to an extremely small percentage of the entire LGE participants.
Majority of the responses showed that the LGE participant did approve the contract, yet simply did not initiate the next farming step, possibly due to the LGE being their first time in liquidity mining, and perhaps their first time in DEX exposure.
The next biggest group of the total responses showed that these people simply did not have enough ETH in their wallets. This data can be seen by the “out of gas” error message, along with the fact that their set gas limit was incredibly low in comparison to the normal gas limit. Possible explanations may suggest that these users have had DEX exposure previously, yet have never participated in liquidity farming before and thus were unable to calculate the accurate gas costs.
The smallest minority of the group are either those who have simply dropped and replaced their pending transactions with a new one, or those who were using third-party tools other than Metamask in which the third-party tool in use failed to account properly for the gas fee.
XFai LGE: In Progress
The XFai LGE is still in progress. This means that interested participants are still eligible to participate in the LGE, and benefit from liquidity farming with minimum slippage and high APY rewards. We are confident that the LGE offers various incentives for experienced liquidity miners to participate, as it revolutionizes the current liquidity mining model. XFai has also witnessed a new inflow of first-time liquidity miners taking the benefit of one-click liquidity mining and lower total fees involved in comparison to liquidity mining on other platforms.
Further Community Rewards
XFai is determined to not only make the current LGE a success, but also further engage with the community to continue providing additional community rewards and incentives. Additional utility for XFIT and the XFai LP, along with additional technology that will generate revenue to be put back into XFIT to result in a constant upward pressure within the market. We plan to announce these developments in the coming days.
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, was launched on 16th April 2021. We invite everyone to join the DeFi revolution, spearheaded by XFai.