Watermelon (Xigua)— IOST’s Uniswap + MarkerDAO is Here! 400,000 IOST Airdrop Awaits! 🍉
Disclaimer: All IOST DApps are developed by third-party developers. The information provided here does not constitute any investment advice, all content provided here is intended for educational only. IOST bears no responsibility or liability for any loss which players may experience. Please contact the DApp team directly for any questions.
After a month of hardwork and preparation, Watermelon a.k.a Xigua will start liquidity mining on October 27th, 2020 at 8PM (UTC+8).
Let’s take a look at the key details and highlights of Watermelon below so that you better understand what Watermelon offers and able to make a more informed investment decision.
What is Watermelon? 🍉 🍉 🍉
The mission of Watermelon (Xigua) is to be the Uniswap + MakerDAO of the IOST blockchain and provide decentralized trading and stable coin lending services. Xigua adopts a dual token system in which:
- XG is the platform token with a total supply of 4,000,000 tokens, from which 90% will be available for farming (mining)
- XUSD is a stable coin, which is generated through the collateralization of IOST on a 2.5 IOST : 1 XUSD ratio.
Watermelon is currently under final public testing and will be launched soon.
Website: https://xigua.ist
Screenshots:
Watermelon Contract- Review and audit from the IOST technical team
In the spirit of protecting and being responsible to investors, the IOST technical team conducted a preliminary internal audit on this project, and the conclusion is that the code is mature and stable, and there are no risks related to the smart-contract code. The Watermelon team is working with a well-known third-party professional team for the second round of audit.
In addition, Watermelon has been under public testing for a week, and thanks to the help of community members, many bugs have already been fixed.
Why Watermelon? Key Highlights & Benefits
1) Silky smooth experience & Zero transaction fees
High transaction fees and low speed are now the most known characteristics of Uniswap. Gas wars and losses due to the slow transaction speed happen on a daily basis. Thanks to the lightning-fast speed of the IOST blockchain that powers Watermelon, users don’t need to pay transaction fees.
The second half of the DeFi match has just begun. We believe that in the next 6 months, more DeFi projects will emerge on the IOST mainnet bringing more high-quality off-chain assets.
2) Interest-free minting of stable coins
On Watermelon, thanks to the rewards given to partner nodes on the IOST mainnet, minting is free and interest-free.
After you pay off the loan, you can choose to wait for the 3 days freezing period to get back the staked IOST for free or to withdraw immediately for a small fee (about 0.5%).
3) Wealth management with stable coins
Watermelon has a unique economic model in which the IOST collateralized for minting will be transferred to the Liebi Pool to generate incomes. Then, 90% of these incomes will be given back to users who stake stablecoins as interests.
In addition, while staking XUSD, users are also participating in liquidity mining and can earn platform tokens XG.
4) Liquidity Mining
Liquidity mining pools available now:
XUSD Pool, with an allocation of 1 point
- Coin Voyage Diamond ZS token / XUSD Pool, with an allocation of 1 point. ZD is the token used in the popular IOST blockchain game Coin Voyage
- TPT / XUSD Pool, with an allocation of 2 points. TPT is the token used in the popular wallet app TokenPocket
- PPT / XUSD Pool, with an allocation of 2 points. PPT is a Yield Farming project on the IOST mainnet
- IOST / XUSD Pool, with an allocation of 4 points. The $IOST. No need to introduce
- Liebi VOST / XUSD Pool, with an allocation of 4 points. VOST is the token used in the Liebi ecosystem
- XG / XUSD Pool, with an allocation of 25 points. Xigua’s platform token. It will be launched 3 days later than the rest of the pools to help investors reduce the risks
5) Repurchase and Burning of XG
Revenue of the platform comes from listing fees, transaction fees, dividends from Liebi, and so on. All the revenue mentioned above will be used to buy back and burn XG.
6) Potential cooperation with major exchanges
According to the Watermelon team, major exchanges considering to add financial products to their catalogs will give priority to cooperation with Watermelon Finance. However, the IOST foundation cannot confirm this news on behalf of Watermelon. We will keep our community up to date as always.
How to participate in Watermelon (Xigua)?
First, you will need an IOST compatible wallet and to register for an IOST mainnet account. We recommend Citadel wallet, TokenPocket or DappBirds for mobile and iWallet or Jetstream for desktop. For more information, please visit
1) Users with low-risk preferences may participate in stable coin based wealth management.
- Buy IOST from your favorite exchange
- Transfer them to your IOST wallet
- Use IOST to get XUSD in Xigua
- Stake XUSD in [Wealth management] and enjoy high rewards plus additional XG mining
2) Users with high-risk preferences have more options and may participate in liquidity mining in other pools.
Stake XUSD with a pair of your choice (Usually we would go for one with high APY)
Watermelon Detailed Guideline- Farming Tutorial
When you participate in market making, a farm-related token to a certain trading pair can be earned a farming reward — XG. The following 7 LP farming pools were initially provided:
- 1 point: Xigua.ist stablecoin XUSD single deposit pool, which requires XUSD (the pool also obtains XUSD as the passive income)
- 1 point：Coin Voyage Diamond ZS token / XUSD Pool, with an allocation of 1 point. ZD is the token used in the popular IOST blockchain game Coin Voyage
- 2 points：TPT / XUSD Pool, with an allocation of 2 points. TPT is the token used in the popular wallet app TokenPocket
- 2 points：PPT / XUSD Pool, with an allocation of 2 points. PPT is a Yield Farming project on the IOST mainnet
- 4 points：IOST / XUSD Pool, with an allocation of 4 points. The $IOST. No need to introduce
- 4 points：Liebi VOST / XUSD Pool, with an allocation of 4 points. VOST is the token used in the Liebi ecosystem
- 25 points：XG / XUSD Pool, with an allocation of 25 points. Xigua’s platform token. It will be launched 3 days later （ It will open at 20:00 on October 30 Beijing time）than the rest of the pools to help investors reduce the risks
Description: The XG reward for the 7 mining pools is XUSD: ZS +XUSD: TPT+XUSD: PPT+XUSD: IOST+XUSD: VOST+XUSD: XG +XUSD= 1:1:2:4:4:25
On October 27 at 20:00 (UTC+8), Xigua.ist will start the liquidity farming. Besides the XG liquidity pool, the six first-batch farming pools will be officially started.
Xigua.ist 🍉 farming tutorial
Mobile
0. Preparation
0.1) Download wallet: With a wallet supporting IOST applications, such as TokenPocket and DappBirds
0.2) Account creation: take TokenPocket wallet as an example, to open IOST account through Token Pocket wallet, and to open IOST account requires a small amount of payment via WeChat or Paypal.
0.3) Deposit IOST: Please trade the IOST through Huobi/Binance or any trading platform that supports IOST, and transfer the token to the newly opened IOST mainnet account.
0.3) Get enough IGAS and IRAM: Since watermelon runs decentralized on the chain, the transactions require enough resources. Click [Resources] to deposit a small amount of IOST to get enough IGAS and IRAM.
0.4) Enter xigua.ist: Use the wallet that supports IOST, take TP wallet as an example, click [find] at the bottom to enter DApp interface, and search https://app.xigua.ist/ at the top
1. For Low risk & stable return
Watermelon has five functions, Swap,Pool, XUSD, Vaults and Data. After entering the app, you can directly enter the trading page. At the bottom is the user’s mainnet account, and at the top is the function option. Click to switch different functions.
1.1) Deposit some IOST (e.g. 10,000 IOST) in the XUSD function
1.2) Lend some XUSD in the XUSD function (the loanable amount is about 40% of the IOST/USD price)
1.3) In Vaults function, find XUSD pool and click Management to open the following interface
1.4) Select the maximum and then click Stake
1.5) Mining will start automatically after 8 pm Beijing time on October 27.
1.6) You will earn XG and XUSD at the same time from this pool
1.7) As XUSD is lent with over collateral IOST, when IOST price slide by 40%, there will be a risk that you might not able to get your collateral asset back. Please keep an eye on the current price of IOST. refund the XUSD loan or stake more IOST if the market change.
2. For High risk and high yield: liquidity mining
In “POOL”, click “Add Liquidity” to participate in the market making by stake the relevant token. You will receive the XLP token, similar to the UNI-V2-LP token in Uniswap. In “Vaults”, stake the XLP token that has just been acquired.
- Note 1 ：If you want to take some risks to get more XG tokens, we suggest you learn about the theory of AMM based DEX (e.g. Uniswap), and understand what is “impermanent loss”.
- Note 2: Although XUSD is a stable coin, the price is still affected by the supply, and may fluctuate between 0.8 and 1.2 USD. We suggest that you do not buy XUSD from the market, but stake IOST to get it yourself. Otherwise, you may lose money if XUSD drops.
- Note 3: The XG-XUSD trading pair will start at 20:00 on October 30, Beijing time, and the farming times of this pool will be 25 times. You can reserve some XG in advance, but be careful of the high price fluctuation.
- PC — iWallet
- How to use iWallet:
Refer to this tutorial
1. Make sure your iWallet have login your IOST account, open the Xigua website 🍉 URL: https://xigua.ist/
2. Farming steps: same as above
Watermelon Launch Event- 400,000 IOST airdrop reward awaits!
Join Watermelon Community!
For more details and if you have questions or need support please contact Watermelon on their various social media sites
- Official Telegram group https://t.me/xigua_finance
- Official Twitter: https://twitter.com/XiguaFinance
- Official Website：https://xigua.ist/
- Click for Watermelon Whitepaper
- Official Wechat: Add Watermelon WeChat Admin: finebanana, join the Watermelon community, and communicate with other users
We wish you success in mining. As a last reminder: Liquidity mining is a high-risk investment. Please join and participate after you read the whitepaper and fully understand it. Losses may occur! Please do due diligence and invest at your own risk.
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IOST- A Home to Build Your Ideal DeFi dApps!
Decentralized finance, or in short DeFi, is a notion that the traditional financial system can be replicated on a decentralized, open-source, resilient environment, seamlessly operating without a middle man. Compared with other projects, DeFi has a lower threshold, relatively transparent investment environment, and considerable interest rates, which drive its rising popularity in the crypto market.
For DeFi dApps to satisfactorily compete with traditional applications, the underlying network must be fast, meeting the objectives and expectations of the dApp developers. In the mid of competition, IOST — an enterprise-grade, decentralized, and ultra-fast network oiled with the Proof-of Believability (PoB) consensus algorithm has what it takes to build a vibrant ecosystem by offering developer-friendly features and environments.
As one of the world’s leading public blockchain platform, IOST’s original PoB consensus mechanism can ensure better scalability and faster speed on the basis of decentralization. At present, IOST mainnet has shown a peak TPS of up to 8000. IOST offers developer-friendly features that improve product development efficiency. No congestion and no high gas fees as seen in Ethereum, the reason many developers choose to launch DeFi projects on IOST. A zero transaction fee also guarantees users the convenience and accessibility of using DeFi applications on the IOST chain.
By inking symbiotic deals with strategic partners and promising on-chain projects such as PowerDeFi, otbTRADE, ProDeFi from all over the world, IOST will gradually cement its position, even supplement activities of competing platforms for the better good of the space.
With the establishment of the Noah Oracle One-Million Dollar Fund and the additional Six-Million DeFi Fund, IOST gears up to unlock the potentials of more DeFi projects on its vibrant network.
