XFai August Update : A glimpse of the DEX
Good day to all our community members for patiently waiting for the update. We had much to discuss and decide but rest assured, we are going to make this “epic.”
As we all know, XFai’s vision is to allow holders of small-cap tokens to earn returns on their tokens when providing liquidity and therefore increase their position in those projects by using our DEX and holding XFIT. With XFai, holders of small-cap tokens provide liquidity and sustainability to initiatives and projects that will improve the crypto space we develop on!
That is why we need to focus on partners that are emerging DeFi projects that are not YET big in terms of market cap but have the potential to grow with DeFi friendly community members.
Now without further delay, here are this week’s key updates.
Partnerships and Collaborations
- Seeder Finance
As you all know, Seeder is a DeFi Farming Protocol that currently has over 7M USD locked for farming. With stable TVL and the need to manage their liquidity in DEX tradings, we have secured a potential community that can trade 7M USD. We are now currently prioritizing tasks, action items, and co-marketing strategies for both parties.
- When is the next partner being announced?
As mentioned before, we are partnering with projects that are DeFi friendly and have the need to use a DEX. We have already secured a partnership with a promising DeFi platform that is going to give us much more opportunities in the future. We cannot disclose more but they are backed by multiple institutions and showing growth in their platform. We will announce the details as soon as possible.
- We have received precious feedback regarding marketing and will deliver the values we propose to a wider audience. We have started to plan and organize AMAs and other communities to increase awareness as we develop our product.
XFIT Burning Update
- The development team is currently working on the burning mechanism of the XFAI DEX. Burning on DEXFai works very differently from conventional burning strategies. It is in fact an inherent mechanism for how the DEX manages to reduce slippage.
- Architecturally speaking, XFIT serves as the bridge token for all trades between all DEXFai pools. Or simply put, every pool has a token pair only with XFIT. Whenever a trade is performed, the given amount of XFIT tokens that flow out of a given pool gets essentially sent to a slippage optimization contract.
- XFIT, therefore, is not really burned from the system, but for all practical matters, it is burned from within the DEX system.
- This process has two significant effects on XFai’s DEX:
- The value of XFIT goes up with every single swap.
- Swaps between pools will have a minimized slippage due to the slippage optimization contract that assists with every DEX swap.
That’s it for this week. We will upload several contents this week and we hope to see you on our FIRST internal AMA.
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.