Announcing Phase 2 of the Xena Finance Launch Event
Table of Contents
· Phase 1: A Great Success
· Phase 2: xXEN Bootstrapping Event
· About XENA
TL;DR
We are excited to welcome all warriors to Phase 2 of the Xena Launch Event!
- The Phase 2 Launch Event will begin at UTC 2pm Wednesday 8 November at http://xena.finance/. Epoch number 1699452000
- All XEN rewards must be claimed prior to the beginning of Phase 2. Users who fail to claim their tokens will have to abide by the new XEN vesting conditions as part of the Phase 2 incentive structure.
Phase 1: A Great Success
The Xena Finance Launch Event began with Phase 1 and thanks to our warriors who supported us from day 1, it has been a great success. Some of the key takeaways from our Phase 1 Launch:
- Over $80,000,000 in trading volume
- More than $6,000,000 in TVL
- Over $80,000 in fees
- We became the 2nd most liquid non-stablecoin token pair on all of BASE
- For more details, check our Phase 1 achievement thread 👇 https://twitter.com/XenaFinance/status/1721496277563969654
Phase 2: xXEN Bootstrapping Event
Phase 2 will be a rolling launch and will see the debut of the Xena governance token, xXEN. Before we introduce the xXEN token, however, we will mark some changes to our incentive structure from Phase 1 to better align all users with the longer-term vision of Xena Finance.
This means the following:
XLP Rewards
- Existing Phase 1 XLP locks will no longer receive bonus XEN rewards unless they accompany a 30% equivalent in XEN-ETH LP, locked for 3 months.
A ‘migrate’ button will allow existing XLP lockers to migrate their XLP to a new farming contract to then provide the equivalent XEN-ETH LP. Should the ratio of XLP: XEN-ETH LP fall below the required threshold, users will stop earning XEN rewards until they meet the minimum threshold again. Migrated locked XLP will maintain the same unlock date. - Existing Phase 1 XLP locks who do not wish to provide additional XEN-ETH LP to earn XEN rewards will continue to receive standard XLP platform benefits and do not need to migrate their XLP.
- New XLP Locks will earn XEN rewards if they lock an accompanying 30% equivalent in XEN-ETH LP for 3 months.
- Existing XEN-ETH LP locks do not count towards new XLP lock rewards.
XEN-ETH LP Rewards
- XEN-ETH LP staking will no longer be natively offered and will no longer receive XEN rewards. A ‘migrate’ button will be provided, enabling users to lock their LP into the locking contract to continue earning XEN rewards if they wish to do so.
- New and existing XEN-ETH LP locks will continue to receive XEN rewards.
XEN Rewards
- All XEN rewards earned during this phase must be vested for 90 days.
- Accumulated XEN rewards may be withdrawn early, resulting in a 25–90% penalty scaling linearly with elapsed time.
To ensure users have adequate time to transition to the new incentive structure, the xXEN token launch will follow shortly after. Other reward mechanisms will also be announced as the Phase 2 event unfolds.
A follow-up announcement will be made for the exact timing of the xXEN launch, so stay tuned.
Again, we’d like to thank our warriors and partners for their continued support.
About XENA
Xena Finance is a KYC-free decentralized perpetual DEX platform on BASE network focused on delivering the best user trading experience together with unique LP solutions and programmatic liquidity tranches, enabling capital efficiency with near-zero market impact for traders. Xena Finance addresses the lack of transparency in traditional exchanges by offering an on-chain trading experience. All trader positions and balances, as well as the protocol’s entire liquidity and treasury, are accessible, promoting an open and honest trading environment.
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