x0 network is launching an automated market making decentralized exchange called x0swap. x0swap is built and supported on multiple layer-one blockchains namely Binance Smart Chain, as well as layer-two Ethereum scaling solutions like Matic and xDAI. We will continue to add more layer-ones, as well as layer-two blockchains into our ecosystem as our user base grows. x0swap aims to be the liquidity and exchange platform that focuses on stablecoins and central bank digital currencies, or CBDCs. Moreover, the network will leverage x0swap to provide interoperability between real-world economies with stablecoins across different blockchains, as well as integrating upcoming CBDC without a need for commonly accepted standardization.
As the backbone of this vision, x0swap is designed to be secure and flexible, all while operating on as many blockchains as possible. We have completed a security audit from a leading blockchain security firm Hashex and secured their certification.
In addition to cross-chain flexibility, x0swap will also feature the ever-popular liquidity mining programs and staking programs. Participating as a liquidity provider in x0swap farming pools rewards with the native token x0. To reward longer participation, x0swap will also introduce a time lock function in our farming pools that rewards much higher multipliers for longer lock periods. Currently, bonus multipliers are set for six months, and nine-month lock periods are up to 4x throughout the timelock period.
There are a total of 153 million x0 tokens and will be released on three separate blockchains with initial allocation of 51 million on BSC, 51 million on xDAI and 51 million on Matic. All these tokens are Ethereum Virtual Machine compatible and we will announce listings in several major decentralized exchanges, as well as centralized exchanges in the coming weeks. There is currently no other way to obtain x0 tokens besides participating as a liquidity provider in our farms.
x0 tokens minted will follow the block cycle of each of the blockchains stated above, with halving adjustments introduced to ensure that token scarcity is maintained. (Source: x0swap white paper, 2021) The token will also be used as a governance token. If you have some tokens, you will be able to vote on the improvement proposals. In this way, you can participate in the open governance and determine the future of this token.
In addition to the farming pools, staking x0 tokens in pools will also provide attractive rewards in the form of xUSD tokens. xUSD token is USD-based stablecoin with a rebase function that ensures that the circulating supply adjusts automatically to maintain the token value pegged to the USD. xUSD will be interchangeable with Tether (USDT)-USD Coin (USDC) and the future CBDCs and be used as payment in our linked x0 app. xUSD will be natively supported on x0swap and interchangeable to x0 token as well as other USD stablecoins.
We at x0 believe that our world will increasingly be interconnected and geographical boundaries will become less apparent. Workplaces of the future will be virtual and decentralized; participants of the future economy will be paid with digital currencies and spend digital currencies on their daily needs. To facilitate the inevitable transition to that world, digital currencies will dominate the economy and x0 network’s long-term vision is to create a seamless framework that will replace the existing global payment network that is dominated by SWIFT alliance as well as VISA and Mastercard, all while offering much higher participation from every layer of the financial sector.
To support this vision, the x0 network will introduce various x0 wallet apps in multiple countries starting with Singapore in a pilot sandbox program supervised by the Monetary Authority of Singapore. The aim of this x0 wallet is to offer our users the ability to buy stablecoins as well as exchanging xUSD and x0 tokens with existing CBDCs and fiat currencies, allowing everyone to participate in the liquidity pools and leverage x0swap as a global medium of exchange for digital assets. The team will also work on real-world acceptance for x0 wallets with merchants and retail partners.
x0 network will also build a platform that allows for CBDCs and other digital assets to be onboarded into the x0swap ecosystem and x0 wallet apps, allowing for global interoperability without border restrictions as well as without prior agreed standards.
x0swap’s official website and community channels