Empowering the Community: xBank Secures $PYTH Airdrop and Unveils Distribution & Utilization Strategy
Our team at xBank is thrilled to announce that xBank has been selected as a recipient of the $PYTH airdrop through Pyth Network’s retroactive airdrop program. In this article, we will shed light on our collaboration with Pyth Network and outline our strategic plans to utilize the $PYTH airdrop for the further growth of xBank.
Introduction to xBank 🏦
xBank is a decentralized non-custodial liquidity market protocol. xBank manages deposits for lenders and facilitates lending of the deposited asset for borrowers while conducting appropriate risk management to protect the lenders from risks of illiquidity and insolvency. The lenders earn passive interest income from the algorithmically derived interest rate while the borrowers take out a loan of the supplied assets in an overcollateralized & perpetual manner by paying a floating interest rate as determined by the supply and demand for the asset.
Pyth Network serves as the exclusive oracle service provider for xBank, playing a crucial role in managing risks for the protocol:
- Determining Borrow Limit: When users deposit collateral at xBank, the platform calculates the borrow limit based on the value of the deposited collateral. This valuation is made possible by Pyth’s reliable and tamper-proof price feed.
- Managing Liquidation: In cases where the loan amount surpasses the liquidation threshold, xBank liquidates the user’s position to protect depositors from default risks. Pyth Network’s oracle provides real-time valuations on the loan amount, enabling xBank to conduct fair and timely liquidations.
Why Pyth? 🔮
- Latency and Frequency of Updates: Pyth Network Oracles provide low-latency and high-frequency updates, ensuring that xBank can access real-time and accurate price data for various assets.
- Security Measures: Pyth Network’s robust security measures, including reliability efforts outlined here, enhance the overall security of xBank’s decentralized lending operations.
- Ease of Integration: The Pyth oracle’s design facilitates seamless integration with xBank’s infrastructure, streamlining the implementation process and reducing development complexities.
- Presence Across Multiple Blockchains: As xBank explores opportunities for cross-chain expansion, Pyth Network’s established presence across multiple blockchains perfectly aligns with xBank’s future plans. This multi-chain support enhances xBank’s accessibility and usability for a wider user base.
xBank’s Utilization of the $PYTH Airdrop 🪂
As part of our commitment to transparent and community-centric approach in distributing airdrops, we are excited to outline the distribution plan for the 100,000 $PYTH tokens received from the retroactive airdrop program. This distribution will be executed as follows:
- 40% or 40,000 $PYTH (~$24,000) will be distributed to the community based on their $esXB balance
- 40% or 40,000 $PYTH (~$24,000) will be reserved for future incentives and initiatives.
- 20% or 20,000 $PYTH (~12,000) will go to the development fund to further develop and maintain xBank.
Distribution Timeline ⏰
We will be taking a snapshot of $esXB balance for each user at February 29th, 10AM UTC.
How do I qualify? 🤔
If you’ve been a loyal xBank user, you’ve likely already received $esXB simply by depositing assets or borrowing funds within the xBank platform.
For newcomers, the opportunity to earn $esXB is still open. By making a deposit or borrowing assets through xBank, you can start accumulating $esXB.
It’s important to note that $esXB cannot be purchased externally; it can only be earned through participation in xBank product.
Explore Pyth Network Further 🔮
If you’re eager to delve deeper into Pyth Network, make sure to connect with them through their official communication channels:
- Website: https://pyth.network
- Price Feeds: https://pyth.network/price-feeds
- Documentation: https://docs.pyth.network
- Twitter: https://x.com/PythNetwork
- Discord: https://discord.com/invite/PythNetwork
