Xion Launches A Novel “1-CLICK-TO-DEFI” Platform
STATE OF THE ART TECHNOLOGY
Xion Global is building its platform at the forefront of technological innovation. They leverage the latest advances from the blockchain space, including upgradeable smart contracts, cross-chain communication channels, and meta transactions. Adapting to new changes and trends through their smart contracts’ upgradeability allows Xion Global to secure its position as one of the leading platforms in the DeFi space.
Their unique way of understanding users and combining these insights with the latest technological advancements has been the main driving force behind their success.
EXCEPTIONALLY LOW FEES
At Xion Global, customer and merchant satisfaction is our most important goal, building sustainable solutions for our users. While they are true believers in distributed technology and blockchain, they have spent a significant amount of time finding a perfect solution catering to their specific needs. By leveraging the xDai chain (run by PoA Network), the Xion Finance platform can be run at exceptionally low fees for users.
While a swap between two tokens on the Ethereum mainnet currently costs more than $50, we can provide the same functionality at a transaction cost of a mere fraction of a cent. This allows for faster and more efficient interactions with the blockchain. It also enables anyone to participate – not just the rich. We have already seen users invest one xDAI worth of tokens into our pool – something unthinkable on the Ethereum mainnet.
FULLY-FUNCTIONAL CROSS-CHAIN TOKEN
More and more projects are shifting their development towards more affordable and sustainable solutions like the xDai chain. However, there are plenty of projects unable to leave the Ethereum mainnet due to its composability aspects. While we want to provide the best experience for our users, we are firm believers of highly-decentralized networks and the composability aspect of Ethereum.
This is why we developed our token with a fully-function cross-chain mechanic. Our users can freely transfer their XGT tokens between the Ethereum mainnet and the xDai chain, leveraging the unique bridge system of xDai. Triggering a transfer from the xDai chain to the Ethereum mainnet, a signed message is being submitted to the Ethereum mainnet by a set of independent validators, enabling cross-chain communication.
This way, our users can benefit from the low-cost swaps and attractive liquidity mining while also participating in the greater DeFi system’s various opportunities on Ethereum.
A TOKEN WITH A REAL USE CASE
There are plenty of tokens out there that promise a lot but don’t deliver. With XGT, the Xion Global team is creating a platform that offers the various benefits of the DeFi space while at the same time providing a real use case. Users can buy real products through subscriptions and one-time payments. Not only will users be able to benefit from great discounts as holders of the token, but they will also be able to pay for the full product in XGT.
The smart contracts that are driving the platform have been implemented with these use cases in mind. The process of using XGT for payments is a lot more efficient and user-friendly compared to traditional token transactions, as functionalities like the token allowance have been streamlined in the process.
A tremendous amount of work has been put into developing a platform that allows for these features and implements them in the most user-friendly way possible. A necessity if we want to reach the mainstream with blockchain technology.
INCENTIVIZED LIQUIDITY MINING
To allow users and traders to swap between two tokens efficiently, a high amount of liquidity inside the pool is necessary. Xion Global has put tremendous effort into designing and implementing a sustainable and attractive incentivization model to attract liquidity in the long term. The novel platform rewards users who provide liquidity in the form of XGT and xDAI (a stable token equal to 1 US-Dollar) with a steady income stream of XGT.
As more and more users enter the system, the amount of XGT rewards is reduced over time. During decreasing user participation and low liquidity, the distribution rate is automatically raised to attract more users.
A relatively high amount of XGT is currently distributed at an APY of over 50% to new users providing liquidity to kickstart the platforms’ growth and reward early believers. As we are also planning to expand our liquidity pools to more pairs like ETH/XGT, users will even be able to earn multiple rewards at the same time!
SOLID FOUNDATIONS
Even the most advanced DeFi protocols don’t need to reinvent the wheel. We are leveraging the outstanding work of OpenZeppelin and Uniswap to enable our users with a safe and sound protocol. Building on top of battle-tested smart contracts and improving them is not only the safest and most efficient way but also allows our users to really quickly understand what we are providing.
Our smart contracts have been developed by proven veterans of the Ethereum community and have undergone rigorous testing before being deployed. Utilizing the upgradeability mechanisms provided by OpenZepplin and the safety of a Gnosis Safe, we always have an ace up our sleeves in case a bug is discovered. This way, our users’ funds are not at risk.
Our liquidity pools are based on a slightly modified version of the Uniswap V2 contracts, which are currently processing roughly 1 billion USD worth of tokens on a daily basis. Our cross-chain communication is based on the arbitrary message bridge provided by the team of xDai, which has proven to work and to be trustworthy in various circumstances.
STAKING FOR EVERYONE
Xion Global wants anyone to be able to participate in DeFi in a matter of seconds. To facilitate this, all of the transactions on the Ethereum mainnet can be done via so-called meta transactions, where users just sign a message and our backend service executes the transaction in their name. This way, users can stake their DAI through our smart contract, which lends their DAI to the interest-earning protocol of Compound, rewarding our users with interest rates of about 8%.
As if this would not be enough, again, our users are rewarded with a hefty XGT reward on top, driving the overall APY up to > 25% for staking and a whopping 50% for farming. Combining all of this with a smooth and fast fiat-on-ramp by Ramp.network, we can enable anyone with a bank account to go from zero to DeFi in less than a minute. Also, this does not only apply to the Ethereum mainnet, as on the xDai chain the same possibilities are available with USD to entering the liquidity pool for farming XGT is even faster.
OMG, NFTs!
With the current rise in popularity of so-called NFTs, non-fungible tokens, the team of Xion Global is already working on its next big thing. NFTs are already a great way to capture a lot of value in the art and design space. In the near future, our current subscriptions and products will be tokenized and part of a broader NFTbased system, where users will even be able to pay for their favorite streaming service subscription with an NFT piece they are holding. The possibilities of NFTs in this space are truly endless, and we are working on some great new features!
Starting this week, our users will automatically be rewarded with beautiful and unique NFTs powered by POAP (POAP.xyz) if they are active on our platform. But be aware: only the most engaged farmers will be eligible for the really rare ones, so stay tuned to be one of the first!
TIME TO START FARMING
Xion Finance DeFi Dapp: https://xion.finance
Xion Global Website: https://xion.global
Whitepaper: https://bit.ly/3juZIPU
Token Info: https://bit.ly/2LvXGma
Telegram: https://t.me/xionglobal
Discord: https://discord.com/invite/EuhnYbU97C
Twitter: https://twitter.com/xion_global
xDAI Chain Listing: https://www.xdaichain.com/about-xdai/project-spotlights
