Xfinance price

XFI

Apart from a line on its Medium page description stating that it is “built by NowEx.io,” there is no detailed information on the project’s team members. However, it has struck partnerships with notable platforms such as LID (Liquidity Dividends Protocol), which offers high-end solutions in providing liquidity on DeFi networks, and DEX Tools, which focuses on improving users’ experience of crypto trading platforms.

Additionally, the protocol has links with NowEx, a derivatives exchange.

Xfinance claims to bring a new dimension to the Ethereum DeFi industry as a full-stack network that is not limited to only one product, which opens it up to many more use cases in the ecosystem.

For instance, the network supports NFT trading through its xNFT feature. In addition, its xPerp offering allows the trading of perpetual contracts. XSwap is another Xfinance product handling automatic market-making (AMM).

The protocol’s use of transaction fees from its various products is among the few firsts in the DeFi space. Transaction fees from the xNFT and xPerp features go to buying back and burning the platform’s native currency, XFI.

Xfinance supports many coins and rewards both parties interacting with liquidity pools, i.e., borrowers and lenders.

The Xfinance mobile application makes it easy for anyone to interact with the DeFi ecosystem. The protocol’s revenues come from fees charged on different products such as XSwap and activities such as staking and unstaking. The protocol also aims to unlock the full value of the Xfinance ecosystem by buying back and burning XFI tokens claimed as trading fees.

Finally, the XFI token supply is also fixed, thereby offering a non-inflationary and limited supply of XFI tokens.

The protocol was launched in September 2020 in collaboration with LID to conduct an XFI initial launch presale. The sale involved exchanging the native token for Ethereum (ETH) at a rate of 1 ETH for 3.8 XFI coins when trading on Uniswap.

A 60% allocation of the proceeds went to providing liquidity on Uniswap, while 15% went to buying back and burning the network’s base asset. Notably, the buyback option was meant to reduce the supply and boost the value by increasing the coin’s demand.

The max supply of the native currency is capped at 50,000. The presale event subtracted 30% (15,000) of the supply. The team accounts for 29% XFI tokens while 21% goes to the ecosystem fund, and 5% was set aside for listing, developments, marketing, and airdrop.

The team’s token allocation has a 10-months unlock period where ten percent is unlocked every 30 days.

Xfinance uses the base currency to power a host of services and rewards on the platform. To elaborate, it can be used to pay for transaction charges, receive rewards for liquidity providers, and staking.

Daily staking rewards vary between 0.2% and 0.3%. XFI staking took off in September 2020, and 1,050 XFI coins from the ecosystem fund were marked to provide rewards to stakers. Furthermore, the platform charges a flat rate of 2.5% for every stake or unstake event.

The protocol runs on the Ethereum blockchain, the second-largest blockchain platform, which currently uses the dual consensus mechanism (proof of work and proof of stake). Furthermore, its native token, XFI, is built using Ethereum’s ERC-20 standards. As such, being an Ethereum-based token means that XFinance sits on tried-and-tested technology.

The token can be stored on all major cryptocurrency wallets supporting ERC-20-based currencies. This includes TrustWallet and hardware wallets.

Learn more about Uniswap (UNI).

Learn more about FTX Token (FTT).

Learn more about dYdX.

Check out the CMC blog.