FlowX Finance’s IDO schedule update

Since the exciting launch of Sui Mainnet in May, FlowX Finance has also joyfully unveiled its own mainnet in early July. After three months of dedicated development and operation, we have made significant improvements to our products, which have been widely acclaimed by both our supportive community and the esteemed Sui Foundation.

According to our previously announced plan, the GenesiX Farming program will be concluding on October 6, 2023. Once the program comes to an end, Liquidity Providers will have the option to either withdraw their Liquidity or continue holding it within FlowX Finance.

However, please note that you will not be able to claim the rewards of FLX and xFLX from the GenesiX program once GenesiX ends. These rewards will become available after FlowX carries out the IDO Token FLX.

Moreover, you may be curious about the time for when FlowX Finance plans to conduct the IDO.

Past

As you may know, the Sui Ecosystem was still in its early stages and faced some criticism from the community due to a few events, including:

• Concerns about transparency in Sui Tokenomics.
• Significant price reductions for IDO events of protocols launched on Sui in its early stages.
• Not enough on-chain activities.

Launching the mainnet at that stage was a bold decision for FlowX Finance, considering the number of other DEXs that appeared and eventually disappeared during that period, such as Bayswap, Flameswap, and Animeswap.

However, thanks to the amazing support and assistance from the community, FlowX Finance had a promising start, attracting nearly $800K Total Value Locked from early liquidity providers who believed in the future of FlowX Finance.

As a project focused on community involvement, FlowX Finance has been developed entirely without any financial support from venture capitalists. As a result, to continue delivering value to the community, we constantly face the pressure to issue FlowX Finance’s governance token, FLX.

That is why the FLX Initial DEX Offering (IDO) is planned to be implemented in early October, right after the completion of the GenesiX Farming program.

Present

We have planned and prepared for it, even if the Sui Ecosystem does not have positive developments, although this is quite risky. However, good signals have come. During August and September, the Sui ecosystem has achieved significant milestones:

• Total Value Locked of the Sui ecosystem has grown from $12.6m to $38m
• Total Active Accounts on Sui have surpassed 6 million users.
• There are over 5 million daily transactions.

All of these activities are the result of the dedicated efforts of the Sui Foundation in implementing Incentive Grant Programs for DeFi protocols and airdrops for users through Bullshark Quest.

Specifically for FlowX Finance, the core team has also identified strategies to drive growth by collaborating and supporting other community projects such as Sacabam. The development team has found that introducing unique features such as Analytics, Farming As A Service, Real-time Price Chart, and Notification Bot etc will set FlowX Finance apart from other DEXs on Sui.

And the hard work of the FlowX core team has been recognized, as FlowX Finance is one of the remarkable projects in the Sui ecosystem to receive a grant from the Sui Foundation.

Given the current state of affairs, we strongly believe that FlowX Finance can achieve even greater success with the positive developments in the Sui ecosystem if we had more time to focus on developing brand exposure and increasing traction for FlowX in terms of Total Value Lock, Trading Volume, and active Wallet Address.

Future

We have a solid plan in place to ensure the successful launch of the FLX token, while being careful to avoid any mistakes. The brand new FLX IDO schedule is expected to take place in November, based on our carefully crafted product development plans, roadmap v2, well-thought-out marketing strategies, and thoroughly analyzed market predictions. This new plan allows our team to have the necessary time to create innovative features for FlowX Finance, making the FLX token more valuable.

We want to keep growing FlowX Finance while considering the impact on GenesiX participants and early adopters who are eagerly awaiting the FLX airdrop. However, we believe that by aiming for the same goal of success for FlowX Finance, the core team and the active community will be able to find a consensus.

Therefore, the core team will provide FlowX Passes to Liquidity Providers in the GenesiX Event, early users of FlowX testnets, and individuals who perform well in the TradeX and LoyaX events.

Those who receive these special FlowX Passes will have the opportunity to join a private discussion group. In this group, they can actively participate in lively discussions and make important contributions to the ongoing development plans of FlowX. They will also have the privilege to test beta versions of upcoming features in FlowX Finance.

The distribution of FlowX Passes, which will be completely free for eligible individuals, is expected to happen very precisely in the second week of October.

Conclusion

FlowX Finance is a project that focuses on the community. The features of FlowX Finance are created to serve the community, and we also encourage users to actively contribute their ideas and play a role in the project’s success. This shows our dedication to decentralization, a philosophy that we always aim for.