xBank Launch Details

Published in

xBank Finance

4 min readJun 6, 2023

Dear xBankers,

We are almost ready for the launch of xBank on ZkSync. We hope you are as excited as we are for this important milestone. In this article, we will go over all you need to know about the launch to take full advantage of all the upcoming yields and rewards opportunities.

Without further ado, let’s dive in the details

⏰Timeline:

xBANK will go live on June 8th at 8 AM UTC. You will be able to access the app via app.xbank.finance.

📦Product Features:

Supported Assets:

At launch, the platform is going to support two assets: USDC and ETH. We will add other major assets in the future as their circulating supply on zkSync ERA increases.

Functionalities:

xBank Money Market will features the following functionalities:

Lend: passively earn interest with ability to use deposited asset as collateral for borrowing
Borrow: borrow asset in an over-collateralized manner
Cross-margin: share margin balances between deposited assets under the same account
Toggling Collateral On/Off: specify whether a user wanted the deposited assets to be counted as collateral. While off, assets would still continue to earn yields, but will not be counted towards your borrowing power.

Advanced users can also participate as liquidators to earn bounty rewards when they successfully liquidate accounts with high risk positions as determined by the parameters set forth by the protocol.

Interest Rate Model:

xBank will use a double-slope interest model similar to other Money Market protocols. For more information on the interest rate model, please visit our docs.

85% of the borrowing interest paid will be distributed to lenders while 15% will be retained to fund the project’s operating and development expenses.

🧧 Rewards:

As mentioned in our announcement article, we plan to incentivize our early adopters in two ways:

#1 esXB tokens

esXB token represents an IOU that can later be converted to the xBank’s Governance token.

esXB token can be converted up to 2.5% of the Governance token total supply — the protocol Governance token. The exact percentage will depend on the traction of the protocol in ~3 months after launch.

We will take a snapshot on 30th September 2023 and based on the statistics at the time of the snapshot, we will determine the total tokens allocated to the users. Governance token will be allocated on a pro-rata basis based on the esXB held by users.

Conversion Schedule

The % of the Governance token unlocked will be based on the simple average of the Deposit TVL + Total Borrowed Amount over the 14 days prior to snapshot. Below is the table summarizing the percentage of token allocated based on the deposit & borrow requirements.

For example, if 14-day avg. prior to 30th of September, xBank has the following stats:

Total Deposits: $7.25 Mn
Total Borrowed: $3.00 Mn

In this scenario, Deposit + Borrowed = $7.25 + $3.00 = $10.25 Mn, which exceeds the 10Mn threshold. Thus, the whole 2.5% will be unlocked and awarded to the esXB holders.

Note: esXB token will be non-transferable

Rewards Distribution

esXB will be emitted at the rate of ~0.127 esXB / second, and will be allocated to the different participants according to the table below:

#2 Airdrop of zkSync’s Governance Token

As previously mentioned, we are committed to sharing the majority of any airdrops to our early adopters. Although Matter Labs has not confirmed an airdrop of their native tokens, they have confirmed their intention to launch a governance token in the future. If xBank receives a portion of this governance token airdrop, we will distribute them to our community as bonus incentives, with a significant portion retroactively allocated to our early adopters.

Here is our distribution plan for the airdrop:

40% of the airdrop will be allocated to esXB token holders.
40% will be reserved for future incentives and initiatives.
The remaining 20% will be allocated to the development fund.

We look forward to welcoming all the old and new community members to embark on this journey with us. Join our community to discuss and ask questions. Follow us on our social media for the most up to date information

🔗 Official Links

Below are the official links for xBank:
Website: https://xBank.finance/
Twitter: https://twitter.com/xBankFinance
Discord: https://discord.gg/Ywh9hJg6xv
Telegram: https://t.me/xBankFinance